Transparency Market Research observes that players in the global orthobiologics market will focus on expanding their product portfolio in the coming years through strategic mergers and acquisitions. The companies will also vie to win wider consumer bases with efficient consumer services and remarkable product innovation. Some of the leading players operating in the global orthobiologics market are Medtronic, Inc., Wright Medical Technology, Inc., DePuySynthes, Stryker Corporation, Orthofix, Inc., and NuVasive, Inc.
High Prevalence of Obesity Favors North America Orthobiologics Market
According to the research report, the global orthobiologics market is expected to be worth US$5.5 bn by the end of 2019. Analysts predict that the global market will expand at a CAGR of 5.90% during the forecast years of 2013 and 2019. In terms of region, the global market will be led by North America and Europe. The high prevalence of obesity and arthritis will be the key factors driving these regional markets in the coming years. Out of all the products, viscosupplementation will witness a significant demand due to the growing need for knee surgeries.
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Changing Lifestyles Leading to Musculoskeletal Issues Stir Demand for Orthobiologics
Orthobiologics are known to fasten the recovery of tissue and skeleton, which is the primary reason for their high adoption in treating various bone-related injuries. Orthobiologics are also being preferred as they overcome the limitations of allografts and autografts in treating bone injuries and osteoarthritis. Thus the growing cases of musculoskeletal problems and the subsequent procedures required to treat them is fueling the demand for various orthobiologics products. Technological advancements, improvements in healthcare infrastructure, and favorable reimbursement policies are also augmenting the demand for orthobiologics products. For instance, viscosupplementation products will be preferred over others such as non-steroidal anti-inflammatory drugs (NSAIDs) due to their improved efficiency. The bone morphogenetic proteins (BMPs) segment is projected to be an emerging one due to the drop in the sales of Medtronic’s INFUSE.
Meanwhile, the stem cell therapy segment is expected to make an indelible impact on the global market during the forecast period. The growing demand for stem-cell-based products for research amongst medical practitioners and amongst patients for future use is expected to boost the growth of this segment. The synthetic bone substitutes segment will also show a significant growth rate in the coming years due to their increasing demand in treating musculoskeletal problems. Some of the advantages offered by synthetic bone substitutes are quick recovery time, reduced cost, and relatively minimum risk of disease transmission.
The minimal side-effects of these treatments, reduced hospital stays, and durability of these products are some of the key factors propelling the growth of the global orthobiologics market in developed regions. Asia Pacific is expected to show a significant growth demand for orthobiologics during the forecast period. The rising cases of orthopedic diseases as a result of changing lifestyles marred by obesity and lack of exercise are driving the growth of this regional market.
Biocompatibility Issues Challenge Growth of Global Market
Some of the challenges in the global orthobiologics market are the high cost of products and orthopedic procedures. This has emerged as a key challenge in developing countries, where the regulatory framework is complicated. Both these factors have discouraged patients from opting for procedures and have thus restrained the market. Furthermore, persistent issues pertaining to biocompatibility are also anticipated to restrain the growth of the global orthobiologics market in during the forecast period.
This review is based on Transparency Market Research’s report, titled “Orthobiologics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 -2019.”
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Last updated on: 28/10/2016
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