San Francisco, 30 October
2018: According to a report published by Grand View Research,
Inc.; the orthobiologicsmarket is expected to reach a valuation of around USD 10.2
billion by 2024.
Rise in prevalence of
orthopedic disease and musculoskeletal disease across the world, growing number
of orthopedic procedures due to accidence and obesity can propel the market
during the forecast period (2014 to 2025). In addition, increasing geriatric
population which are at high risk to spinal and other orthopedic disorders are
also leading orthopedic surgeries.
Technological developments in
biomaterials used in the manufacturing of orthobiologics are expected to
accelerate the market growth in the coming years. These developments include
modifications in graft designs, development of recombinant biologic agents,
cultured tissue scaffolds, and stem cell therapy. These advancements can offer
many benefits such as improved biocompatibility, smaller incisions, and
reduction in surgical time. Moreover, these innovative solutions are assumed to
efficiently decrease the repetition of post-operative complications. This is
likely to spur the market growth in the coming years.
Worldwide orthobiologics
market can be segmented on the basis of product, application, end-use, and
region.
As per product, the market can
be segmented on the basis of demineralized bone matrix (DBM), allograft, bone
morphogenetic protein (BMP), viscosupplementation, synthetic bone substitutes,
and stem cell therapy.
Access Research Report of Orthobiologics Market@ www.grandviewresearch.com/industry-analysis/orthobiological-products-market
The viscosupplementation segment
held for the major share in 2015. This can be credited to high utilization of
these products because of its availability and impressive use in complaints
including hip degenerative joint disease and osteoarthritis. It offers several
benefits such as pain reduction, less side-effects, minimum incision, better
knee movement. Increasing popularity of minimally invasive surgeries are also
expected to boost the segment in the coming years.
As per application, the market
can be split into spinal fusion, trauma repair, and reconstructive surgery.
The spinal fusion segment
estimated for the largest share over 50.0% in 2015. This can be attributed to
high utilization of bone morphogenetic proteins, demineralized bone matrices,
autografts and allografts in spinal fusion procedures due to its capability to
provide better stability to bone and fast bone healing. This leads to
improvement of long-term spinal disorders. Other benefits include fast
stimulation of cells to provide bone formation and avoids frequent hospital
stay and visits.
On the basis of end-use, the
market can be classified into hospitals and orthopedic clinics.
The hospitals segment
estimated for the largest share in 2015. This can be attributed to growing use
of orthobiological products in different spinal and reconstructive surgeries,
which are performed in the hospitals. In addition, convenience of specialized
patient care and easy availability of widespread range of products in hospitals
is considered as the crucial driving factors for the segment.
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Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East and Africa.
In 2015, North America
estimated for the largest market share due to the presence of key players which
are involved in encouraging quality care and are taking responsibility for new
product development strategies. Additionally, availability of better
reimbursement policies for soft tissue healing and fusion improvement products
are also supporting the regional growth.
Asia Pacific is likely to
expand swiftly over the forecast period due to increasing healthcare
expenditure, rise in disposable income, growing physician awareness levels
about the benefits of these products. Rapid development in healthcare
infrastructure is also expected to provide lucrative gains across the region in
the coming years. In addition, growing product launch across the region is also
driving the growth in this region.
Some of the leading companies
operating in the market include DePuy Synthes, Inc.; Medtronic; Stryker
Corporation; Genzyme; and Smith & Nephew plc.
Major companies are involved
in new product development activities, mergers and acquisitions, collaborations
and distribution improvement strategies, and frequent product approval to gain
traction in the market. Players are also making high investments for R&D. Increasing
collaboration between biotechnology companies and medical device companies to
develop advanced orthobiologics is expected to support the market growth.
Access
Press Release of Orthobiologics Market@ www.grandviewresearch.com/press-release/global-orthobiological-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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