Surge in geriatric population, implementation of advanced treatment procedures, rising prevalence of osteoarthritis globally are some key factors expected to drive market growth.
Surge in geriatric population, implementation of advanced treatment procedures, rising prevalence of osteoarthritis globally are some key factors expected to drive market growth
New York, December 13, 2021 – Reports and Data has published its latest report titled “Orthobiologics Market By Product Type (Viscosupplementation Products, Demineralized Bone Matrices, Synthetic Orthobiologics , Bone Morphogenic Protein, Allografts, and Plasma-Rich Protein), By End Use, By Application, and Region, Forecast to 2028”
According to the latest report by Reports and Data, the global orthobiologics market size was USD 5.58 Billion in 2020 and is expected to reach USD 8.32 billion in 2028 and register a revenue CAGR of 5.1% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Orthobiologics are substances used by orthopaedic surgeons to aid in the healing of injuries. There are many different forms of orthobiologics on the market, each with its own functioning mechanism. Orthobiologics are used to treat a variety of illnesses, including fracture rehabilitation, spinal fusion, and more. These can be used on the hip, knee, spine, ankle, wrists, and other body areas. It is a new type of regenerative medicine that employs the body’s own cells and healing elements to help people with osteoarthritis and ligament injuries heal faster. This factor is expected to drive orthobiologics market revenue growth over the forecast period.
In addition, increasing private investments on research and development activities for advancements in orthobiologics is a major factor expected to boost market revenue growth. This include 3-D printing technology and robotic surgeries which are less invasive and promotes faster recovery of a patient. Introduction of new surgical procedures such as minimally invasive surgeries, motion preservation techniques, cement-less joint replacements and tissue-guided surgeries offer better patient outcomes. Zimmer Biomet, Stryker, Globus Medical, DePuy Synthes, and Medtronic are among the companies investing in advanced surgical procedure improvement technologies.
However, high cost of orthobiologics products, stringent rules and regulations and high capital investments on use of advanced treatments are major factors expected to restrain orthobiologics market revenue growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Hospital Segment to Lead in Terms of Revenue Share:
Hospital segment is expected to account for largest revenue share in the global market over the forecast period due to implementation of advanced orthopedic treatment procedures in various hospitals, growing number of cosmetic and spinal surgeries, easy availability of orthobiologics and government initiatives towards development of of multi-specialty hospitals in developed and developing countries.
Osteoarthritis and Degenerative Arthritis Segment to Register Significant Revenue Growth:
Osteoarthritis and degenerative arthritis segment is expected to register significant revenue growth over the forecast period attributed to growing elderly population and increasing prevalence of age-related bone disorders. Millions of people around the world suffer from osteoarthritis, a form of arthritis that occurs when the cartilage that cushions the ends of bones is worn down. Osteoarthritis can affect any joint, however it is most commonly found in the thumbs, spine, fingers, hips, knees, and big toes.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to ongoing research in technological procedures in healthcare sector, favorable reimbursement policies, presence of well-developed healthcare infrastructure, increasing number of people suffering from osteoarthritis and presence of key players in the region. According to the Centers for Disease Control and Prevention, osteoarthritis is by far the most common form of arthritis, affecting more than 32.5 million individuals in the United States.
Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 over the forecast period attributable to growing geriatric population, and favorable government polices regulation implementation of advanced treatments in healthcare sector. Further, rapid growth of targeted population and advanced surgical procedures, especially in emerging economies including Thailand, and China, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Arthrex
- Bioventus
- DePuy Synthes (Subsidiary of Johnson & Johnson)
- Globus Medical Inc.
- Orthofix
- RTI Surgical
- Sanofi-Genzyme
- SeaSpine Holdings
- Smith & Nephew
- Stryker Corporation
- Zimmer Biomet
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented global orthobiologics market based on product type, end use, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Viscosupplementation Products
- Demineralized Bone Materials
- Synthetic Orthobiologics
- Bone Morphogenic
- Allografts
- Plasma-Rich Protein
- Bone Marrow Aspirate Concentrate
End Use (Revenue, USD Billion; 2018-2028)
- Hospitals
- Orthopedic Clinics
- Research & Academic Institutes
- Dental Clinic and Facilities
- Ambulatory Care Centers
Application Outlook (Revenue, USD Billion; 2018-2028)
- Osteoarthritis and Degenerative Arthritis
- Spinal Fusion
- Soft-Tissue Injuries
- Fracture Recover and Reconstructive Surgery
- Maxillofacial and Dental Applications
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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