-- Increase in demand for advanced treatment and surge in geriatric population across the globe are anticipated to significantly drive the growth of the orthobiologics market. Furthermore, rise in prevalence of spinal injuries, osteoarthritis, soft tissue injuries, and upsurge in awareness related to use of orthobiologics among patients and athletes are the factors that augment the market growth.
"Orthobiologics Market by Product, Application, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the market was valued at $4,870 million in 2017, and is projected to reach $6,870 million by 2025, growing at a CAGR of 4.3% from 2018 to 2025.
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Orthobiologics are substances that orthopedic surgeons utilize to help injuries heal more quickly. These products are made from substances that are naturally found in human body. These are used to improve the healing of broken bones and injured muscles, tendons, and ligaments.
The key factors that drive the growth of the global orthobiologics market are increase demand for advanced treatment and rise in prevalence of osteoarthritis, degenerative arthritis, spinal injuries, and soft tissue injuries majorly drive the growth of the market. Further, rise in obesity rate, growth in awareness among the patients, and increase in geriatric population supports the market growth. However, high cost of procedures and stringent regulatory approval process restrict the growth of this market. Advancements in implant technologies and growth in demand for biological solutions create opportunities for market growth.
The global orthobiologics market is segmented based on product, application, type, end user, and region. Based on product, the market is classified into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others. Viscosupplementation products is the largest and the fastest growing segment. This is due to its application for treatment of knee pain associated with osteoarthritis. Increase in geriatric population, rise in prevalence of osteoarthritis, and growth in lifestyle-induced disorders, such as obesity, drive the adoption of viscosupplement products.
Based on type, the market is categorized into knee, ankle, hip, wrist & shoulder, spine, and others. The knee segment held largest share in the market in 2017; this is due to rise in number of aged patients undergoing knee replacement procedures. Spine is the fastest growing segment due to rise in number of sports related injuries to the spine.
Based on application, the market is categorized into application such as osteoarthritis & degenerative arthritis, spinal fusion, fracture recovery, soft tissue injuries, maxillofacial, and dental applications. Osteoarthritis & degenerative arthritis is the largest segment due to increase in prevalence of these conditions. Spinal fusion was the fastest growing segment in 2017 owing to the benefits offered by orthobiologics in the treatment.
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North America was the leading revenue contributor to the global market in 2017, garnering nearly more than half of the total market share, owing to high purchasing power, rise in the elderly population, favorable reimbursement rates, increase in the prevalence of orthopedic disorders even among younger population, and surge in number of road & sports However, Asia-Pacific is expected to grow at the highest CAGR of 5.7% from 2018 to 2025, owing to increase in disposable income; surge in obesity, sports related accidents; and rise in awareness related to different orthobiologics.
The report provides an extensive competitive analysis and profiles of the key market players such as Stryker Corporation, Zimmer Biomet Holdings, Inc., Wright Medical Group, Inc., Integra LifeSciences Holdings Corporation, Arthrex, Inc. (Arthrex), Johnson and Johnson (J&J), Exactec Inc., Medline Industries, Inc., Globus Medical, Inc., and NuVasive Inc.
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