Biosurgery involves the application of biological materials in surgical interventions to help close wounds and control bleeding. Biological materials are derived from human, animal, or synthetic sources to augment healing and reduce the risk of infection. They are commonly used in cardiovascular, orthopedic, neurological, gynecological, and general soft tissue surgeries. Biosurgery products include sealants, hemostats, adhesives, and bone graft substitutes. Sealants are used to prevent air or fluid leakage by forming a protective barrier over surgical wounds and incisions. Hemostats help in blood clotting to control bleeding during surgery. Adhesives aid in approximating tissues together to enhance healing. Bone graft substitutes support bone regeneration.
The global biosurgery market is estimated to be valued at US$ 18,282.35 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing number of surgical procedures across the globe is fueling the demand for biosurgery products. As per estimates, over 300 million surgical procedures are performed annually worldwide. With the rising prevalence of chronic and lifestyle diseases, as well as the aging population, the number of surgical procedures is set to increase significantly in the coming years. Moreover, the growing acceptance of biosurgery products owing to their effectiveness in reducing the risk of post-surgical complications is also propelling market growth. Biosurgery products help in reducing blood loss, speeding up wound healing, and lowering the chances of infection at the surgical site. However, high product costs and risk of disease transmission from biological materials may limit their adoption in low-income regions.
SWOT Analysis
Strength:
- Biosurgery products help in faster healing and recovery of patients undergoing surgeries. They reduce post-surgery complications and chances of infections.
- The adoption of advanced technologies such as robotics and 3D printing in manufacturing biosurgery products help in improving their performance and efficacy.
- Growing geriatric population worldwide is increasing the demand for effective surgery and recovery products.
Weakness:
- High costs associated with manufacturing and development of advanced biosurgery products limit their widespread adoption.
- Stringent regulations delay the market entry of new and innovative biosurgery solutions.
Opportunity:
- Increasing investments by governments and private players in tissue engineering and regenerative medicine will drive the demand for biosurgery products.
- Rising prevalence of chronic diseases and trauma cases requiring complex surgeries provide an opportunity for market growth.
Threats:
- Alternatives like traditional wound care methods and bandages can hamper the growth of biosurgery solutions.
- Threat of new substitute products emerging from local players with reduced prices.
Key Takeaways
The global Biosurgery Market Size is expected to witness high growth in the forecast period of 2024 to 2031.
North America is currently dominating the market owing to high healthcare spending, presence of advanced infrastructure and key players. The Asia Pacific region is expected to showcase the fastest growth in Biosurgery Market due to rising medical tourism, increasing healthcare budget and growing geriatric population.
Key players operating in the Biosurgery Market are Akzo Nobel N.V., PPG Industries, Inc., Sherwin-Williams Company, BASF SE, Hempel A/S.
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