The orthobiologics market is estimated to be valued at US$6,515.2 million in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2022-2030, according to a new report published by Coherent Market Insights.
Market Overview:
The orthobiologics market refers to the use of biological substances for the treatment of orthopedic conditions, such as bone and joint injuries. These substances include bone grafts, stem cells, growth factors, and platelet-rich plasma (PRP). Orthobiologics are used to stimulate the natural healing process and enhance tissue regeneration. They find applications in various orthopedic procedures, including joint reconstruction, spinal fusion, and trauma repair. The market is driven by technological advancements in orthobiologic products and the rising incidences of orthopedic injuries. The increasing geriatric population and the growing demand for minimally invasive surgeries further contribute to market growth.
Market Dynamics:
The orthobiologics market is driven by two key drivers. Firstly, technological advancements in orthobiologic products have led to the development of innovative and effective treatment options for orthopedic conditions. These advancements include the introduction of advanced biomaterials, such as synthetic bone grafts and tissue engineering products, which offer better clinical outcomes and shorter recovery times. Secondly, the rising incidences of orthopedic injuries, such as fractures, sports injuries, and degenerative joint diseases, have increased the demand for orthobiologic treatments. The growing elderly population, who are more prone to orthopedic conditions, also contributes to market growth. In addition, the increasing preference for minimally invasive surgeries, which rely on orthobiologic products for tissue regeneration and healing, further drives market expansion.
Segment Analysis:
The orthobiologics market can be segmented based on product type, application, and end-user. In terms of product type, the dominating segment in this market is the viscosupplementation segment. Viscosupplementation involves the injection of hyaluronic acid into the joint to provide lubrication and reduce pain in patients suffering from osteoarthritis. This segment is dominating due to the increasing prevalence of osteoarthritis worldwide. Moreover, the rising geriatric population and the growing demand for minimally invasive procedures are also driving the growth of this segment.
PEST Analysis:
Political: The political environment has a significant impact on the orthobiologics market. Regulatory policies and approval processes for orthobiologics products vary across different countries, affecting the market’s growth potential.
Economic: The economic factors influencing the orthobiologics market include healthcare expenditure, healthcare infrastructure, and reimbursement policies. The increasing healthcare expenditure in developing countries and the availability of insurance coverage for orthobiologics procedures are driving market growth.
Social: The social factors influencing this market include increasing awareness about the benefits of orthobiologics in managing orthopedic conditions, the rising prevalence of sports injuries, and the growing emphasis on maintaining an active lifestyle.
Technological: Technological advancements, such as the development of advanced biomaterials, 3D printing, and regenerative medicine, are driving innovation in the orthobiologics market. These advancements are improving the efficacy and safety of orthobiologics products, leading to their increased adoption.
Key Takeaways:
The global Orthobiologics Market Analysis is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period (2022-2030). This growth can be attributed to factors such as the increasing prevalence of orthopedic conditions, the rising geriatric population, and the growing demand for minimally invasive procedures.
Regionally, North America is expected to be the fastest-growing and dominating region in the orthobiologics market. This can be attributed to the well-established healthcare infrastructure, technological advancements, and high healthcare expenditure in the region.
Key players operating in the orthobiologics market include Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, and ATEC Spine, Inc., among others. These key players are focused on research and development activities, strategic collaborations, and product launches to strengthen their market presence and gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
