Orthobiologics are substances that orthopedic surgeons use to help injuries heal more quickly. Common orthobiologics include, platelet-rich plasma, bone marrow concentrate, certain fat grafts, and birth tissues.
The global orthobiologics market was estimated to account for US$ 5,519.9 Mn in terms of value by the end of 2019.
Global Orthobiologics Market: Drivers
Approval and launch of new products is expected to propel growth of the global orthobiologics market over the forecast period. For instance, in July 2020, Kuros Biosciences BV, the Netherland-based subsidiary of Kuros Biosciences, was granted the European patent, EP 3268058, entitled ‘Osteoinductive composites’, which covers certain combinations of polymers and granular materials and further expands Kuros’s patent portfolio relating to its MagnetOs product line.
Global Orthobiologics Market: Opportunities
Emerging economies in Asia Pacific and Latin America hold immense potential for the orthobiologics market owing to their increasing population coupled with the presence of high unmet medical needs and rise in healthcare related customer expectations brought about by improvement in economic conditions. Such scenario is expected to offer lucrative growth opportunities for players in the global orthobiologics market.
Global Orthobiologics Market: Restraints
High cost associated with orthobiologics is expected to hinder growth of the global orthobiologics market.
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.Increasing prevalence of chronic arthritis is expected to drive the market during the forecast period.
Viscosupplementation segment held dominant position in the global orthobiologics market in 2019, accounting for 58.7% share in terms of volume, followed by Demineralized Bone Matrix and Synthetic Bone Substitutes, respectively. Approval and launch of new products is expected to propel growth is expected to assist the segment growth
High prevalence of trauma is expected to propel growth of the global orthobiologics market. According to January 2018 factsheet of the World Health Organization, 20–30% of older people who fall suffer moderate to severe injuries such as bruises, hip fractures, or head trauma, in the U.S.
Major players in the global orthobiologics market are focused on launching new products to expand their product portfolio. For instance, in August 2020, SeaSpine Holdings Corporation announced the limited commercial launch of the Explorer TO System, which provides posterior interbody solution that offers both parallel and lordotic expansion options to fit patient anatomy, as well as surgeon preference.
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
Scope of the report