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Orthobiologics products are widely used in various orthopedic treatments and surgeries such as spinal fusion, trauma fixations, and reconstruction of the musculoskeletal injuries. They provide beneficial properties including reduced procedure time, hastened recovery, and minimized post-surgical risks. The increasing geriatric population, rising number of sports injuries and road accidents, and growing adoption of minimally invasive surgeries are fueling the demand for orthobiologics products globally. The global Orthobiologics Market is estimated to be valued at US$ 6,515.02 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 key trends: One of the key drivers propelling the orthobiologics market growth is the increasing adoption of minimally invasive surgical procedures. Minimally invasive surgeries cause less trauma, reduce blood loss, and lead to faster recovery as compared to conventional open surgeries. With advancement in technology, minimally invasive orthobiologics procedures have become more efficient and accurate. Owing to benefits such as smaller incisions, less pain & scarring, and shorter hospital stay, the adoption of minimally invasive surgeries is increasing significantly. For instance, according to French National Authority for Health, the adoption rate of minimally invasive spine surgery increased from 37.9% in 2012 to 53.3% in 2017. This rising prevalence of minimally invasive techniques is expected to boost the demand for orthobiologics products during the forecast period.
SWOT Analysis
Strength: Orthobiologics are a safe alternative to traditional medical treatments and promote natural healing. They help restore bone and tissue integrity.
Weakness: High costs associated with R&D and clinical testing of new orthobiologics. Possible risks and side effects of some products.
Opportunity: Growing geriatric population susceptible to orthopedic conditions increases demand. Expanding indications and development of regenerative therapies present opportunities.
Threats: Stringent regulatory approvals and reimbursement hurdles. Competition from alternative treatment options.
Key Takeaways
The global orthobiologics market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis shows that North America dominates the orthobiologics market currently due to advanced healthcare infrastructure and greater awareness. Asia Pacific is expected to grow at the fastest pace owing to rising medical tourism, healthcare expenditures and availability of low-cost treatments.
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. The key players are focusing on new product launches, collaborations and acquisitions to expand their market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
