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The global Orthobiologics Market is estimated to be valued at US$ 6,515.2 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthobiologics products are regenerative medicines or biological products used for bone repair and regeneration. They aid in faster healing of bone injuries, fractures and accelerates recovery. The usage of orthobiologics help in reducing pain and is a cost-effective alternative to traditional surgery.
Market key trends:
One of the key trends in the orthobiologics market is the rising number of sports injuries and trauma cases globally. According to studies, around 30 million people suffer from sport injuries each year in the US alone. Also, rise in aging population prone to musculoskeletal disorders is contributing to the growth of the orthobiologics market. With growing awareness about minimally invasive procedures and advantages of orthobiologics like less pain, quicker recovery time and lower risks, the demand for regenerative medicines is increasing rapidly. Researchers are also focusing on developing advanced biomaterials and stem cell therapies to further enhance bone healing.
SWOT Analysis
Strength: Orthobiologics are minimally invasive and help in faster recovery as compared to traditional surgeries. They promote natural healing of bones and tissues.
Weakness: High costs associated with R&D and manufacturing of orthobiologics. Strict regulatory framework for approval and commercialization.
Opportunity: Increasing incidence of orthopedic diseases and injuries due to sedentary lifestyle and aging population. Growing demand for advanced treatment options.
Threats: Availability of alternative treatment options like stem cell therapy and tissue engineering. Threat of new entrants with newer technologies.
Key Takeaways
The global orthobiologics market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing incidence of musculoskeletal injuries and diseases.
Regional analysis
North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period owing to high healthcare spending and developing technical expertise in the region. Asia Pacific is expected to exhibit the fastest growth due to growing health awareness, improving healthcare infrastructure and rising medical tourism in the region.
Key players
Key players operating in the orthobiologics market are Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, ATEC Spine, Inc., XTANT MEDICAL, Johnson & Johnson Services, Inc., Exactech, Inc., Integra LifeSciences, Medtronic, NuVasive, Inc., Orthofix US LLC., SeaSpine, ChitogenX Inc., Spine Wave, Inc., Molecular Matrix, Inc., Isto Biologics, Baxter, Locate Bio Limited, Cerapedics, Ossifix Orthopedics, and Aziyo. These players are focusing on developing innovative product launches to strengthen their market position.
