Increasing prevalence of spinal disorders and increase in geriatric population is driving the global spine biologics market. Demand for innovative and effective treatments for spinal conditions such as degenerative disc disease and spinal stenosis is rising.
Wilmington, Delaware, United States, June 19, 2023 (GLOBE NEWSWIRE) — The global spine biologics market is anticipated to be valued at US$ 3.5 billion by 2031, expected to incline at a CAGR of 4.2% from 2023 to 2031. An increase in the geriatric population base and a rise in the frequency of spine abnormalities are propelling the market.
The development and commercialization of advanced stem cell therapies are also bolstering the market. Stem cells have shown promising potential in promoting tissue regeneration and improving patient outcomes in spinal fusion surgeries. Various companies have developed innovative bone graft substitutes using biologic materials.
Access the sample report in PDF format @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=17444
[Discover a detailed summary of the report, encompassing market size, forecast, and research methodology]
For instance, in 2021, Medtronic offered INFUSE Bone Graft, which utilizes a recombinant human bone morphogenetic protein (rhBMP-2) to stimulate bone growth in spinal fusion surgeries. This product eliminates the need for harvesting bone from the patient’s body and has shown positive clinical outcomes.
The adoption of these bone graft substitutes is increasing, as these offer advantages such as ease of use, reduced risk of infection, and improved patient outcomes. Research and development efforts are focused on enhancing the efficacy and safety of spine biologics, which is expected to provide opportunities for companies to develop novel products and therapies during the forecast period.
Key Takeaways from the Market Study
- As of 2022, the global spine biologics market was valued at US$ 2.4 billion
- A Y-o-Y growth rate of 4.1% is expected for the market in 2023, with an anticipated valuation of US$ 2.5 billion
- From 2023 to 2031, the global spine biologics market is likely to expand by 1.4x
- By product, bone allograft-based spine biologics are likely to gain significant momentum until 2033
- Preference for minimally invasive spine biologics surgeries is inclining among patients
- By end user, hospitals are expected to remain the primary site for conducting spine biologics
Get Customization on this Report for Specific Research Solutions at https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=17444
Spine Biologics Market: Prominent Growth Drivers
- Increase in the geriatric population and rise in frequency of spine abnormalities are propelling the market. Surge in preference for minimally invasive procedures, rise in incidence of degenerative spine disorders, and surge in treatment cost are driving market expansion
- Benefits of biologics such as faster recovery, minimal postoperative time, and ability to activate cellular growth is another major factor fueling global spine biologics market demand.
- Industry players have been focusing on the development of technologically advanced and cost-effective products to gain a competitive advantage. For instance, in 2018, NuVasive expanded its biologics business line with the launch of AttraX Scaffold.
Spine Biologics Market: Regional Profile
- According to the global market report, North America accounted for significant share of the global market in 2022. This is ascribed to large geriatric population, increase in adoption of minimally invasive procedure, and rise in prevalence of spine disorders such as spondylolisthesis, spinal stenosis, and disc-related issues.
- According to the American Association of Neurological Surgeons, an estimated 17,000 new cases of spinal cord injury are reported in the U.S. every year. Thus, a large spinal cord injury population is likely to drive demand for treatment of disorders, wherein spinal biologics plays an important role in diagnosis.
- Asia Pacific is expected to witness significant spine biologics market expansion during the forecast period. This is ascribed to increase in geriatric population, rise in prevalence of spinal disorders, growing healthcare infrastructure, and improving access to advanced spinal treatments in countries such as China, India, and Japan.
Competitive Landscape
The spine biologics landscape is characterized by the presence of a substantial number of established market players. Companies focus on strategies such as new product launches, mergers, and partnerships & collaborations to compete in the marketplace. Some of the spine biologics service providers, as profiled by Transparency Market Research, include:
- Johnson & Johnson (Depuy Synthes)
- Orthofix Medical Inc.
- Stryker Corporation
- Zimmer Biomet
- Arthrex Inc.
- Exactech Inc.
- Spine Wave Inc.
- Medtronic Plc.
- NuVasive Inc.
- PUR Biologics (HippoFi Inc.)
- Bone Biologics Corporation
Key Market Developments
- In April 2023, PUR Biologics, a subsidiary of HippoFi, Inc., launched PURcore, a unique moldable synthetic with an interconnected micro-pore structure for spine surgery. PURcore allows for the rapid colonization of the patient’s own cells and growth factors which promotes bone regeneration and healing.
- In February 2022, Orthofix Medical Inc. expanded the full market launch of Opus BA, a synthetic bioactive bone graft solution for cervical and lumbar spine fusion procedures. Furthermore, Opus BA can be used to fill bone voids or gaps in the skeletal system that are not intrinsic to the stability of bony structure.
- In April 2023, Bone Biologics Corporation received approval from the Human Research Ethics Committee (HREC) for the first of a planned multicenter pilot clinical trial to evaluate the company’s NB1 bone graft in Australia. This pilot study will evaluate the safety and effectiveness of NB1 in 30 adult subjects who undergo transforaminal lumbar interbody fusion (TLIF) to treat degenerative disc disease (DDD).
Obtain a market overview from industry experts to assess and formulate growth strategies. Access your sample report here @ https://www.transparencymarketresearch.com/checkout.php?rep_id=17444<ype=S
Key Market Segments
Product
- Bone Allografts
- Bone Graft Substitute
- Platelet Rich Plasma
- Bone Marrow Aspirate Therapy
- Demineralized Bone Matrix (DBM)
- Others
Surgery Type
- Minimally Invasive Surgery
- Open Surgery
Application
- Spinal Fusion
- Spinal Non-union and Fracture Repair
- Degenerative Disc Disease Treatment
- Other Applications
End User
- Hospitals
- Spinal Surgery Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
