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Press Release: Orthobiologics Market to Reach US$ 8,708.4 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global orthobiologics market is predominantly driven by the global rise in geriatric population and lifestyle changes coupled with growing awareness of sports and outdoor activities among the older as well as younger generation.
Statistics:
The global orthobiologics market is estimated to account for US$ 8,708.4 Mn in terms of value by the end of 2027.
Global Orthobiologics Market: Drivers
High prevalence of chronic arthritis is expected to propel growth of the global orthobiologics market over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global orthobiologics market in 2019, accounting for 45.4% share in terms of volume, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Orthobiologics Market Share (%) Value, By Region, 2019
Global Orthobiologics Market: Restraints
Lack of reimbursement is expected to hinder growth of the global orthobiologics market. The Medicare cuts have affected the orthopedic reimbursements according to American Association of Orthopedic Surgeons.
Moreover, stringent regulatory requirements are also expected to limit the growth of the market.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 5,519.9 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.9% | 2027 Value Projection: | US$ 8,708.4 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Zimmer Biomet Holdings, Inc., Bone Biologics Corp, Harvest Technologies Corporation, Globus Medical, Inc., Smith & Nephew plc, Stryker Corporation, Genzyme, Alphatec Spine, Inc., Bacterin International, Inc., DePuy Synthes, Inc. (A Johnson & Johnson Company), Exactech, Inc., Globus Medical, Inc., Integra LifeSciences Corporation, Medtronic, Plc, NuVasive, Inc., Orthofix Holdings, Inc., SeaSpine Holdings Corporation, and Ortho Regenerative Technologies Inc.. |
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| Restraints & Challenges: |
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Global Orthobiologics Market: Opportunities
Rise in cell based matrices is expected to offer lucrative growth opportunities for players in the global orthobiologics market. Growing interest in the use of biologic agents such as platelet rich plasma and stem cell therapy is expected to have significant potential in the years of forecast. Tissue engineered bones have the potential to alleviate the demand arising from shortage of allografts for aiding the bone healing process.
Moreover, increasing adoption of platelet rich plasma, autologous conditioned serum, bone marrow aspirate concentrate, and adipose derived stromal cell therapy is also expected to aid in growth of the market.
Statistics:
The global orthobiologics market was valued at US$ 5,519.9 Mn in 2019 and is forecast to reach a value of US$ 8,708.4 Mn by 2027 at a CAGR of 5.9% between 2020 and 2027.
Figure 2: Global Orthobiologics Market Value (US$ Bn), 2016 – 2027
Market Trends/Key Takeaways
High prevalence of sports-related injuries is expected to propel growth of the global orthobiologics market. For instance, in November 2018, the study, ‘Results on sports-related injuries in children from NHS emergency care dataset Oxfordshire pilot: an ecological study’, children aged between 0–19 years accounted for 47.4% of sports injury-related emergency department attendances and around 23.5% of sports injury-related admissions for all ages.
The global orthobiologics market is witnessing fluctuations in the cost of orthobiologics. For instance, a University of Alabama at Birmingham study, published in Sports Health, in October 2019, reported significant cost variability ranging from a few hundred dollars to as much as US$ 12,000 in orthobiologics therapies.
Global Orthobiologics Market: Competitive Landscape
Major players operating in the global orthobiologics market include, Zimmer Biomet Holdings, Inc., Bone Biologics Corp, Harvest Technologies Corporation, Globus Medical, Inc., Smith & Nephew plc, Stryker Corporation, Genzyme, Alphatec Spine, Inc., Bacterin International, Inc., DePuy Synthes, Inc. (A Johnson & Johnson Company), Exactech, Inc., Globus Medical, Inc., Integra LifeSciences Corporation, Medtronic, Plc, NuVasive, Inc., Orthofix Holdings, Inc., SeaSpine Holdings Corporation, and Ortho Regenerative Technologies Inc.
Global Orthobiologics Market: Key Developments
Major players in the global 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 Drug/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.
Orthobiologics are substances used to heal injuries such as fractures and injured muscles, ligaments, and tendons within a short period of time. Orthobiologics are made from substances that naturally occur in the body. Some examples of orthobiologics are bone grafts, autologous blood, autologous conditioned serum, platelet rich plasma, growth factors, and stem cells. Increasing prevalence of injury and facture due to falls and road accidents along with increasing prevalence of chronic arthritis are expected to augment growth of the orthobiologics market
Key features of the study:
Detailed Segmentation:
*Browse 22 market data tables and 14 figures on “Orthobiologics Market - Global forecast to 2027”.
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