Global Orthobiologics Market Is Estimated To Witness High Growth Owing To Rising Incidences of Orthopedic Conditions
The global 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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Orthobiologics refer to the use of biological substances to promote the healing and regeneration of musculoskeletal tissues, such as bones, cartilage, tendons, and ligaments. These substances can include stem cells, growth factors, platelet-rich plasma (PRP), and other biomaterials.
Orthobiologics Market have gained significant traction in recent years due to their potential to provide safer and more effective treatment options for orthopedic conditions.
The use of orthobiologics offers several benefits, including accelerated healing, reduced pain, improved mobility, and decreased recovery time. These products find applications in various orthopedic procedures, such as joint reconstruction, spinal fusion, and trauma repair.
B) Market Dynamics:
The global orthobiologics market is driven by various factors. One of the primary drivers is the rising incidences of orthopedic conditions, such as osteoarthritis, fractures, and sports injuries. According to the World Health Organization, musculoskeletal disorders are one of the leading causes of disability worldwide. The growing geriatric population and the increasing participation in sports activities are contributing to the prevalence of orthopedic conditions.
Another driver of market growth is the continuous technological advancements in orthobiologic products. The development of innovative products, such as bone graft substitutes, synthetic bone substitutes, and tissue engineering products, has revolutionized the field of orthopedics. These advancements have improved the efficacy and safety of orthobiologic treatments, driving their adoption in the market.
C) Segment Analysis:
In terms of segmentation, the Orthobiologics Market can be categorized into product type, application, and end-user. By product type, the market is divided into demineralized bone matrix (DBM), bone morphogenetic proteins (BMP), allografts, autografts, viscosupplements, and others. Among these, the allografts segment is expected to dominate the market due to their advantages, such as reduced surgical time, availability, and convenience.
D) PEST Analysis:
- Political: The regulatory landscape plays a crucial role in the orthobiologics market, as these products are subject to strict regulations and approvals by government authorities to ensure their safety and efficacy.
- Economic: The growing healthcare expenditure and increasing investment in research and development activities in the orthopedic industry are driving market growth.
- Social: The rising awareness about the benefits of orthobiologics and the increasing demand for minimally invasive procedures are positively impacting market growth.
- Technological: Technological advancements, such as 3D printing, biocompatible materials, and regenerative medicine, are driving innovation in the orthobiologics market.
E) Key Takeaways:
Paragraph 1: The global orthobiologics market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing incidences of orthopedic conditions and technological advancements in orthobiologic products.
Paragraph 2: In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the orthobiologics market. This can be attributed to the presence of well-established healthcare infrastructure, high healthcare expenditure, and a large patient pool.
Paragraph 3: Key players operating in the global orthobiologics market include Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, ATEC Spine, Inc., XTANT MEDICAL, Johnson & Johnson Services, Inc., Exactech, Inc., Integra LifeSciences, Medtronic, NuVasive, Inc., Orthofix US LLC., SeaSpine, ChitogenX Inc., Spine Wave, Inc., Molecular Matrix, Inc., Isto Biologics, Baxter,
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