Orthobiologics Market to Grow at 4.0% CAGR by 2030
Consistent surge in the prevalence of orthopaedic disorders & injuries, rapid development of healthcare facilities and rise in geriatric population are expected to drive the growth of orthobiologics industry during the forecast period of 2020-2030.
The Orthobiologics Market is expected to grow at the CAGR of 4.0% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Orthobiologics are the biological substance from the human body that accelerates the healing process for early recovery. It can heal fractures, ligament & tendon injures, muscles and helps in restoration of normal function. In some cases, the substance is derived from the human body and modified for later use in the treatment. Orthobiologics are also called as regenerative cellular therapies.
According to the report, constant growth in the prevalence of orthopaedic disorders added by the rapid growth in geriatric population which is susceptible to orthopaedic injuries are primary factors driving the market growth. In addition, there has been growth in the trauma cases and sports injuries are likely to further add on the market growth. Moreover, development in healthcare infrastructure & facilities as well as improvement in public awareness has paved the way for market growth. On the other hand, rise in the demand for advanced treatment option may cause shift in the market trends over the forecast period.
However, high cost of the orthobiologics along with stringent approval policies may restrict the market growth. Moreover, aggressive research & development activities with growth in investments by the major market players is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of product type, the orthobiologics market share is segmented into viscosupplementation products, demineralized bone matrices, synthetic orthobiologics, bone morphogenic protein, allografts, plasma-rich protein, and bone marrow aspirate concentrate. viscosupplementation products dominates the global orthobiologics market in terms of market share and will be the dominant during the forecasted period.
On the basis of application, the orthobiologics market is categorised into osteoarthritis and degenerative arthritis, spinal fusion, soft-tissue injuries, fracture recovery, maxillofacial and dental applications. Osteoarthritis and degenerative arthritis holds the major market share and expected to maintain its dominance over the forecast period.
Based on end user, the market is categorized into Hospital, Ambulatory Surgical centre, orthopaedic clinics and others. Hospitals accounts or the major market share owing to the availability of different services under single roof and allows maintaining the dominance until 2030.
North America is likely to account for the highest market size & share of the orthobiologics market in the forecast period 2020–2030 owing to the rise in public awareness with regards to the orthobiologics along with the presence of well developed healthcare facilities in the region. Europe accounts for the second leading position in the orthobiologics market size. Asia Pacific is expected to be the fastest developing region in the orthobiologics market which is majorly driven by the surge in the geriatric population as well as trauma cases. In addition, growth in the prevalence rate of orthopaedic disorders is expected to enhance the overall market growth.
According to the report, some the key players in the orthobiologics market are Stryker, Zimmer Biomet, Sanofi, Medtronic, Seaspine Holdings Corporation, DePuy Synthes (Johnson & Johnson), MTF Biologics Inc., Exactech, Bioventus LLC, Arthrex, Globus Medical, Inc., RTI Surgical, Inc., Seikagaku Corporation, Alphatec Spine, Inc., and Integra LifeSciences.
Browse key industry insights from the report at https://www.nextmsc.com/report/orthobiologics-market in detail along with the table of contents:
Key Insights from the Orthobiologics Market Report:
- Asia Pacific is the fastest growing Orthobiologics market owing to the rising healthcare infrastructure & facilities with growing prevalence of orthopaedic disorders and surge in geriatric population in addition to the high susceptibility of orthopaedic injuries.
- The osteoarthritis and degenerative arthritis application dominates the segment and spinal fusion segment is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Stryker, Zimmer Biomet, Sanofi, Medtronic, Seaspine Holdings Corporation, DePuy Synthes (Johnson & Johnson), MTF Biologics Inc., Exactech, Bioventus LLC, Arthrex, Globus Medical, Inc., RTI Surgical, Inc., Seikagaku Corporation, Alphatec Spine, Inc., and Integra LifeSciences.
The report Orthobiologics market – segmented by product type, application, end user and geography
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