Orthobiologics Market | Exclusive Report on the Latest Revenue and Future Scope – MDC Research
North America will continue to dominate the global market in the forecast period owing to factors such as growing need of orthobiologics products and highly developed healthcare system and presence of advance therapy for orthopedic treatment.
Pune, March 31, 2022 (GLOBE NEWSWIRE) — Orthobiologics refers to the process of treatment of musculoskeletal complications with biological or natural substances found in the body, such as tendon, ligament, and muscle injuries, as well as chronic health conditions like osteoarthritis. Treatment with orthobiologic substances has the potential to decrease the requirement for pain killers, enhance recovery, and accelerate healing, making it a viable alternative to surgery. These benefits are likely to bolster growth of the global orthobiologics market in the near future. The industry is primarily driven by the increasing number of orthopedic procedures globally as a consequence of an upsurge in accidents and obesity. The rising aging population base, highly susceptible to spinal and other orthopedic disorders are also contributing to the rising number of orthopedic procedures.
According to a study presented at the American Academy of Orthopedic Surgeons in 2006, hip and knee replacements are anticipated to raise up to 174% and 673% respectively, in the next 20 years. This unprecedented growth in orthopedic procedures exemplifies the highly probable demand for orthobiologics to curb the above mentioned over the coming years. Rising R&D investments and collaborations by prominent medical device and biotechnology companies, leading to the advent of advanced orthobiologics is presumed to widen the growth of orthobiologics. Increase in awareness of orthobiologics and rise in demand for advanced treatment are other factors expected to boost the expansion of the market. Other key factors that are responsible for the growth of the orthobiologics market are surge in obesity and rise in number of sports accidents and road accidents.
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The global orthobiologics market is segmented based on product, application, type, end user, and region. Based on product type, the market is classified into Demineralized bone matrix (DBM), Allograft, Bone morphogenetic protein (BMP), Viscosupplementation products, Synthetic bone substitutes, Stem cell therapy, Platelet rich plasma (PRP) and others. Viscosupplementation dominated the product market with majority share in the global market. Based on application, the market is further fragmented into osteoarthritis & degenerative arthritis, spinal fusion, fracture recovery, soft tissue injuries, and maxillofacial & dental applications. Osteoarthritis & degenerative arthritis and Spinal fusion accounted for the highest market share in application market segment, owing to the increased use of synthetic matrices and allograft in spine fusion surgeries. Soft tissue repair segment witnessed the highest growth due to the increased cases of sports injuries and demand for orthobiologics for cartilage repair. Based on end user, the market is divided into hospitals & ambulatory centres, research & academic institute, and dental clinics. Furthermore, based on type, the market is categorized into knee, ankle, hip, wrist & shoulder, spine, and others.
Moreover, based on region orthobiologics market is segmented as North America, Europe, Asia-Pacific and Rest of World (Latin America and Middle East & Africa). North America is expected to command the largest share of the market due to the increasing incidence of spinal disorders, rising aging and obese population, growing preference for minimally invasive procedures, and growing physician and patient awareness about newly introduced treatment procedures and technologies. Also North America is the region of high frequency of sports-related, fall-related, and accident-related injuries which is another important reason for driving sales of North America in global orthobiologics market. Europe is projected to be the second dominant region with a significant share in the market owing to the new marketing approval for Cingal, a viscosupplements in Europe.
The Asia Pacific region is expected to grow at an exponential rate in the upcoming period. The presence of a large aging and target patient population, high incidence of osteoarthritis and obesity, increasing government spending on healthcare, and improving healthcare infrastructure are some of the major factors driving the growth of the Asia Pacific market. Moreover, increasing product launch across this region aside from growing competition among the key industry players is also one of the significant factors contributing toward the growth. The increasing demand for viscosupplement in India and the rising number of standalone orthopaedics clinics is driving the market. For instance, in January 2016, Bioventus launched DUROLANE, hyaluronic acid-based single-injection for joint-fluid osteoarthritis treatment, in Taiwan. This product launch led to a greater geographical presence of the company and also fueled the product penetration of orthobiological products in Asia Pacific region.
COMPANY PROFILES (Business Overview, Products/Services Offered, Financial Performance, R&D Intensity, Marketing & Sales Intensity, Recent Developments, Analyst Corner)*
- Depuy Synthes
- Sanofi
- Stryker
- Medtronic
- Zimmer Biomet Holdings, Inc.
- Arthrex, Inc.
- NuVasive
- MTF
- Bioventus
- Seikagaku
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Key Developments
Major players in the orthobiologics market are focused on approval and launch of new products to expand their product portfolio. For instance, in August 2020, Ortho Regenerative Technologies Inc. announced that Ortho-R, a Chitosan-based matrix biopolymer mixed with platelet rich plasma, is designated as a Biologic combination product, by the FDA Office for Combination Products.
Similarly, in June 2020, SeaSpine Holdings Corporation announced the full commercial launches of Mariner MIS and Mariner Outrigger, the systems used to enhance surgical flow in revision of previous fusions.
In March 2019 Bioventus launched OSTEOAMP SELECT Fibres an allograft for spine, foot and ankle, orthopedic and trauma patients, giving surgeons more options for bone healing and remodelling while delivering positive patients outcomes.
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Key Questions Answered in This Report:
- What is the potential of the Orthobiologics Market?
- What is the impact of COVID-19 on the global Orthobiologics Market?
- What are the top strategies that companies adopting in Orthobiologics Market?
- What are the challenges faced by SME’s and prominent vendors in Orthobiologics Market?
- Which region has the highest investments in Orthobiologics Market?
- What are the latest research and activities in Orthobiologics Market?
- Who are the prominent players in Orthobiologics Market?
- What is the potential of the Orthobiologics Market?
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