Orthobiologics Market Report: Information by Product (Demineralized Bone Matrix, Bone Morphogenetic Protein), Application (Osteoarthritis & Degenerative Arthritis, Spinal Fusion), End User (Hospitals, Orthopedic Clinics)—Global Forecast till 2024
The Global Orthobiologics Market Share is accounted for USD 4,964 million in 2019 and expected to register 5.6% CAGR during the forecast period (2019–2024).Orthobiologics materials are made from substances naturally found in the human body. Usages of these substances help to cure injuries rapidly. Hence orthobiologics are extensively used in surgeries and treatments of osteoarthritis & degenerative arthritis, spinal fusion, fracture recovery, soft tissue injuries, and to treat other bone-related injuries such as the broken bones along with injured muscles, tendons, and ligaments.
In addition, to a speedy recovery, using orthobiologics in conservative therapies ensures the lesser impact of degenerative disease. Moreover, orthobiologic procedures can be completed in OPDs (Outpatient Department), and recovery is faster than surgery. Besides, a larger part of orthobiologic treatments is covered by insurance. As a result, the global orthobiologics market garners tremendous traction worldwide.
Moreover, the massive consumption of orthobiologics in the healthcare sector for a range of medical applications and rising awareness towards the benefits of these materials accelerate market growth. According to a leading research firm – Market Research Future (MRFR), the global orthobiologics market is projected to reach USD 4,964 MN by the end of 2019. MRFR, in its recently publishes study report, also asserts that the market would register around 5.6% CAGR during the forecast period (2019–2024).
Additionally, factors such as the increasing investments in R&D to drive product development activities are propelling the growth of the market. Also, the demand for minimally invasive procedures for the treatments of increasing cases of trauma and sports injuries would help the market to witness spurting growth throughout the review period. Moreover, emerging technological innovations in biomaterials and rising prevalence of various disorders related to bones and the overweight and geriatric population create enormous market demand.
On the other hand, poor reimbursement policies and lack of awareness among people about the advantages of these materials are likely to impede the market growth during the assessment period. Also, the prohibitive cost of orthobiologics affects market growth negatively. Nevertheless, improving economic conditions would support market growth, enabling access to improved healthcare.
Global Orthobiologics Market – Segmentations
The market is segmented into four dynamics to widen the scope of understanding,
By Product : Demineralized Bone Matrix (DBM), Bone Morphogenetic Protein (BPM), Allograft, Viscosupplementation Products, Synthetic Bone Substitutes, and others.
By Application : Osteoarthritis & Degenerative Arthritis, Spinal Fusion, Fracture Recovery, Soft Tissue Injuries, and others.
By End-user : Hospitals, Orthopedic Clinics, and others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
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Global Orthobiologics Market – Geographical Analysis
North America dominates the global orthobiologics market, owing to the technological advancements, increasing funding & investments, and rising prevalence of bone injuries caused due to accidents. Heading with favorable government regulations that are growing integration for orthobiologics, the region is would retain its leading position throughout the assessment period.
Simultaneously, rising numbers of orthopedic surgeries, alongside, the increasing geriatric populace, boost the growth of the regional market, leading to an increase in the patient population. Furthermore, increasing awareness among people and the rising demand for technologically advanced treatments and products enhances the growth of the regional market.
Europe stands second in the global orthobiologics market. Factors such as the increased research & development activities in the field backed by government support and funds, attribute to the regional market growth. The availability of innovative treatment facilities alongside, the rising research initiatives in the field of orthopedic biomaterials is fostering the market growth in the region. Moreover, increasing orthopedic surgeries with growing awareness among populations regarding healthcare.
The orthobiologics market in the Asia Pacific region is rapidly emerging as a promising market globally. Continually rising population and the burgeoning medical treatment market in the region attribute to the regional market growth. Growing markets in India and China backed by the increasing awareness & improved healthcare services provide impetus to the market growth. Besides, the improved economy in the region drives the growth of the orthobiologics market, colossally, creating various growth opportunities.
Global Orthobiologics Market – Competitive Landscape
Highly competitive, the orthobiologics market appears to be fragmented due to the presence of several well-established players. Moreover, the market attracts several new entrants, demonstrating attractive growth opportunities. This, as a result, intensifies the competition in the market, further. Manufacturers strive to develop innovative materials, utilizing advanced technologies and best practices.
To gain a substantial share in the market, players incorporate strategies such as mergers & acquisitions, collaboration, and expansion. They make substantial investments in R&D for product development and improvements. Expansions and superior product development help them in increasing sales, production capacities, and potential to fetch larger turnovers at a much-reduced logistic cost.
Players leading the global orthobiologics market include Exactech, Inc., Arthrex, Inc., Globus Medical Inc., Johnson & Johnson, Integra LifeSciences, Medline Industries, Inc., Stryker Corporation, NuVasive, Inc., Wright Medical Group NV, and Zimmer Biomet, among others.
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