Global Orthobiologics Market is anticipated to grow at a 5.2% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Orthobiologics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global orthobiologics market was valued at over US$ 5.5 Bn. in 2017. It is anticipated to grow at a CAGR of 5.2% from 2019 to 2030.
The growth of this market can be attributed to the factors such as, increase in sports injuries and road accidents, awareness among patients & athletes, rise in obesity rate, and continuously aging population. According to the World Health Organization, 2017, fatal road accidents are the second primary cause of factures and accidental injury worldwide with almost 646000 individuals die every year around the world.
Rising R&D investment to widen the base for growth
Collaborations and rising R&D investments by the prominent biotechnology and medical device companies are leading to the introduction of advanced orthobiologics which is expected to widen the base for growth of the orthobiologics. For instance, Bone Biologics Corp., is in development stages of its orthobiological product bone growth stimulator Nell-1, in collaboration (2015) with the University of California. This subsequent increase in R&D efforts led to development of a series of pipeline products that is projected to provide the vertical with profitable growth opportunities in the future.
Increasing hip and knee replacement surgeries
Osteoarthritis is one of the most disabling diseases majorly in developed countries. Substantial advances in treatment and surgical methods have provided effective options to decrease the disability and pain associated with some of the musculoskeletal conditions. Hip and knee joint replacement surgery is considered as the most effective intervention for severe form of osteoarthritis and fractures, reducing disability and pain, also restoring some patients to normal function. According to the data published by the OECD Health Statistics, in 2017, hip replacement rate is increased by 30% between 2000 and 2015 while the rate of knee replacement doubled.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Orthobiologics Market by Product (Viscosupplementation, Allograft, Stem Cell Therapy, Demineralized Bone Matrix (DBM)), Application (Spinal Fusion, Reconstructive Surgery, Soft Tissue), End User (Hospital & Clinics, Ambulatory Care Centers & Orthopedic Clinics) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/orthobiologics-market/2
Lack of reimbursement to hinder the market growth
Regulatory directives for treatment of hip replacement and knee surgery and lack of reimbursement policies are expected to delay growth in the orthobiologics market. However, the market offers profit-making prospects, especially in the developed regions where incidence of arthritis and obesity is particularly high. Demand for the minimally invasive procedures is witnessed to grow due to the rise of various diseases and bone disorders.
Key players are focusing on new product development as the major market strategy
The companies are extensively integrating new product development activities, distribution enhancement strategies, collaborations, mergers & acquisitions and frequent product approval. For instance, in 2016, NuVasive Inc. launched AttraX Putty, its next generation biologics technology. It is an artificial bone graft, specified in posterolateral spinal surgery, as autograft extender. The product launch was approved to gain competitive advantage and also to expand the product portfolio to differentiate form the other market players.
The key players of orthobiologics market are Medtronic, Stryker Corporation, Smith & Nephew plc, Genzyme and DePuy Synthes, Inc.
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