The global Biosurgery Market is estimated to be valued at US$ 15,870.09 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biosurgery consists of surgical techniques that use biological products such as allografts, xenografts, and biological adhesives and sealants to control intraoperative bleeding and substitute or support tissue during surgery. Biosurgery products replace conventional sutures and synthetic mesh and help to reduce infections and recovery time. They are useful in surgical procedures such as neurosurgery, cardiovascular surgery, reconstructive surgery, orthopedic surgery, and general surgery.
Market key trends:
The rising prevalence of chronic diseases such as cardiovascular diseases, cancer, obesity, and diabetes globally has increased the number of surgical procedures performed each year. This has generated a high demand for effective hemostats and sealants for handling bleeding and leakage during surgery. Advanced biosurgery products help in faster wound healing by providing necessary growth factors and collagen based matrices. Also, they reduce the risk of surgical site infections by serving as Bio-matrices for new tissue formation. Enhanced recovery after surgery and favorable reimbursement policies are projected to accelerate the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The biosurgery market requires high R&D investments and regulatory approvals, which increase entry barriers. However, large market size and growth prospects attract new companies.
Bargaining power of buyers: Large healthcare providers and public sector have relatively high bargaining power due to the size of their purchases. However, rapid advancements limit substitutability of products.
Bargaining power of suppliers: The market has several global suppliers that possess strong technical capabilities. However, proprietary products limit supplier substitutability.
Threat of new substitutes: Several novel technologies are emerging as alternatives to conventional biosurgery products. However, substitutes are yet to match clinical efficacy and versatility of biosurgery products.
Competitive rivalry: The market is highly competitive due to presence of large global players and niche local players. However, strong product differentiation and proprietary technologies limit rivalry to some extent.
Key Takeaways
The Global Biosurgery Market Size was valued at US$ 15,870.09 million in 2023 and is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing number of surgeries and rising demand for advanced hemostats and sealants.
The American region currently dominates the biosurgery market, with the U.S being the major revenue contributor. This is attributed to well-developed healthcare infrastructure, rising prevalence of chronic diseases, and presence of key market players in the region. However, Asia Pacific region is expected to grow at fastest rate over the forecast period, owing to rising medical tourism, increasing healthcare expenditure, and growing demand for advanced surgical techniques.
Key players operating in the biosurgery market are Betatech Medical, Hemostasis LLC, CryoLife Inc., CSL Limited, Medtronic PLC, Johnson & Johnson, B.Braun Melsungen AG, Baxter International Inc., Integra Lifesciences Holdings Corporation, and Becton, Dickinson and Company (CR Bard), among others. These companies are focusing on new product launches and increasing global presence to gain maximum market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it