Global Orthobiologics Market Size & CAGR (2021 to 2026)
From USD 6.79 billion in 2021, the global orthobiologics market is expected to rise to USD 8.87 billion by 2026, showcasing a CAGR of 5.48% from 2021 to 2026.
Impact of COVID-19 on the global orthobiologics market:
Almost every industry in the world has suffered a setback in the last few months. This can be attributed to significant disruptions in their manufacturing and supply-chain operations due to numerous precautionary lockdowns and other restrictions imposed by governments around the world. Same as that Orthobiologics market also had negative growth during this pandemic. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets as the general economic situation of most people has been adversely impacted by this outbreak. Orthobiologics are medications used by orthopedic surgeons to aid in the healing of injuries. They’re used to help broken bones and injured muscles, tendons, and ligaments heal faster. These goods are derived from natural substances found in our bodies. As a result, the growth of this market is predicted to increase during the forecast period.
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KEY DRIVING FACTORS:
Growing R&D activities and Y-O-Y growth in the incidence of spinal fusion surgeries are majorly promoting the global orthobiologics market’s growth rate.
The global market for orthobiologics is predicted to be driven by factors such as the rising incidence of sports injuries and road accidents, and spinal fusion surgeries. The growth of the orthobiologics market is expected to be aided by an increase in the number of spinal ailments and disorders cases. In addition, increased research spending on orthopedic biologic solutions indicates that orthobiologics will rise in the next few years. Over the forecast period, an increase in the elderly population suffering from disorders and an increase in the adoption of a sedentary lifestyle in the existing population is expected to drive the growth of the global orthobiologics market.
High costs associated and strict rules are a few of the significant restraints to the global orthobiologics market.
Stringent regulatory standards associated with new research solutions and the problematic pavement of forging the way for new orthobiologics solutions due to variable cost constraints are expected to be the leading factors in the orthobiologics market slowing down in developing regions over the forecast period. Furthermore, the cost of orthobiologics-based treatments is expected to rise further, restricting the orthobiologics market’s expansion.
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KEY MARKET INSIGHTS:
- Based on the product, the market for orthobiologics was dominated by viscosupplementation in 2020. The strong acceptance of these medications is related to their wide range of availability and unprecedented popularity in conditions such as osteoarthritis and hip degenerative joint disease. In addition, the benefits of viscosupplementation are thought to be the reason for the high adoption rate. Better knee movement, pain reduction, less invasiveness, and more minor side effects are just a few of the advantages.
- Based on the application, the spinal fusion segment had a majority share in 2020. The dominance of demineralized bone matrices, bone morphogenetic proteins, autografts, and allografts in spinal fusion procedures can be linked to their capacity to provide high bone stability and quick bone healing, relieving long-term spinal problems.
- The end-use segment was dominated by hospitals in 2020. A key element contributing to the market share domination is the increasing acceptance of orthobiologics products in a wide range of spinal and reconstructive procedures conducted in hospitals. Therefore, the growth factor is expected to be specialized patient care and convenient availability of a wide range of range of orthobiologics in hospitals. In addition, high patient turnover, frequent readmissions, and substantial procedure volumes further contributed to the segment’s market share. Furthermore, the supportive infrastructure permits precise operative procedures, which is expected to boost the company’s growth potential.
- The North American market is expected to lead the global market during the forecast period based on the region. This is attributable to an increase in spinal problems, an increase in the number of geriatric and obese people, a growing demand for minimally invasive procedures, and increased physician and patient awareness of novel treatment processes and technology. As a result, the United States has the most significant market share in the North American area.
- There are several major competitors in the global orthobiologics market, which is moderately competitive. In terms of market share, a few large companies now dominate the market. Few smaller firms are projected to enter the market in the forthcoming years, owing to increased patient awareness levels and high disease prevalence. NuVasive, Inc., Bioventus.,XTANT MEDICAL, SeaSpine, Kuros Biosciences, K2M, Inc., Arthrex, Inc., RTI Surgical Holdings, Inc., Orthofix Holdings, Inc., Globus Medical Inc., Harvest Technologies are among the major players included in the orthobiologics market.
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RECENT MARKET DEVELOPMENTS:
- SeaSpine Holdings announced the limited commercial release of WaveForm L (Lateral), a 3D-printed interbody system designed to accommodate allograft demineralized bone matrix products, in June 2021.
- Bioventus introduced OSTEOAMP SELECT Fibers, an allograft for the spine, foot, and ankle, orthopedic, and trauma patients, in March 2019, giving surgeons new alternatives for bone healing and remodeling while improving patient outcomes.
- Bioventus introduced DUROLANE, a single-injection joint-fluid for the treatment of osteoarthritis, in January 2019.
SEGMENTS COVERED IN THIS REPORT:
- Demineralized Bone Matrices
- Synthetic Orthobiologics
- Bone Morphogenic Protein
- Plasma-Rich Protein
- Bone Marrow Aspirate Concentrate
- Osteoarthritis and Degenerative Arthritis
- Spinal Fusion
- Fracture Recovery
- Soft Tissue Injuries
- Maxillofacial & Dental Applications
By End Users:
- Orthopedic Clinics
- Ambulatory Care Centres
- Research and Academic Institutes
- Dental Clinics & Facilities
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Orthobiologics Market
- Europe Orthobiologics Market
- APAC Orthobiologics Market
- Latin America Orthobiologics Market
- MEA Orthobiologics Market
BROWSE RELATED REPORTS:
- Global Orthopedic Devices Market
- Global OTC Orthopedic Braces Market
- Global Knee Reconstruction Devices Market
- Global Foot And Ankle Devices Market
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