BRUSSELS, BELGIUM, Nov. 16, 2022 (GLOBE NEWSWIRE) --
Description:
Orthobiologics employs biomaterials and cell-based therapies to rapidly heal musculoskeletal injuries and support tissue healing and restoration through their regenerative potential. These products are derived from components that are naturally present in the body and interact dynamically with the musculoskeletal system to facilitate the healing of bone, cartilage, ligament, and diseased or injured meniscus & tendons.
Technological Advancements in Orthobiologics Market to Fuel its Global Market Demand
Consistent advancements in orthobiologics have enabled to develop efficient products with advanced patient healing capabilities and increased applications, among others. Such advancements tend to provide a competitive edge to all global manufacturers and therefore, all major players are continuously focusing on investing in research activities for new product development and expanding their geographic reach to strengthen their position in the orthobiologics market. Some of the technological advancements are listed below:
- In June 2022, Istos Biologics launched the Influx Fibrant line of 100% cortical allograft products featuring a patented technology from TheraCell and designed to advance patient healing.
- In March 2022, SeaSpine launched new orthobiologic products- NorthStar cervical facet fusion and Flash navigation lumbar facet fusion, with an aim to streamline reproducible procedural workflow while maximizing the area for fusion.
- In September 2020, Cerapedics received approval for its i-FACTOR+ Matrix bone graft from Health Canada. This next-generation bone graft is based on P15 osteogenic cell-binding peptide that supports bone growth through cell attraction, attachment, and activation.
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Key Growth Strategies Adopted by Leading Market Players operating in Orthobiologics Market
Leading market players working in the global orthobiologics market have adopted acquisition and partnership as key growth strategy to expand their product offerings, enhance their geographic presence & distribution capabilities, and to co-develop advanced products. Some of these developments are listed below-
- In August 2022, Orthofix Medical Inc. entered in a strategic partnership with CGBio, a synthetic bone grafts developer, to co-develop and commercialize Novosis recombinant human bone morphogenetic protein-2 (rhBMP-2) bone growth materials and other tissue regenerative solutions for the Canadian and US markets.
- In July 2021, Celularity Inc. and Arthrex, Inc. entered into a supply and distribution agreement for the distribution and commercialization of multiple products including placental-derived biomaterial products from Celularity for orthopaedics and sport medicine in the US.
- In March 2021, SeaSpine Holdings Corporation entered in an agreement to acquire 7D Surgical, Inc., a Canada-based medical device company. This acquisition was aimed at combining spinal implant and orthobiologics portfolios to advance spine surgery.
Irrespective of the market challenges such as unfavorable reimbursement scenario and pricing pressure on market players, the global orthobiologics market is growing strongly and is expected to gain further momentum in the upcoming years due to a strong emphasis on spinal fusion segment, focus on demineralized bone putties with excipients, increasing usage of viscosupplements, and innovations addressing the entire procedure, among others.
For instance, during the forecast period, the viscosupplements segment is anticipated to be driven by advancements in hyaluronic acid-based therapies, rising prevalence of lifestyle-induced disorders, high effectiveness in delaying total knee replacement procedures, and growing preference for non-surgical treatments for osteoarthritis. Additionally, conventional techniques such as autograft and allograft are difficult to manage, painful for the patient, have fairly contrasting outcomes, and may require repeat surgeries. Hence, an easier-to-use solution is likely to be accepted by doctors and healthcare providers which has greater success rate from a medical and financial standpoint, providing opportunity for market players in this space.
Competitive Landscape Analysis: Orthobiologics Market
The global orthobiologics market is marked by the presence of established market players such as Medtronic Plc (Ireland); Zimmer Biomet Holdings, Inc. (US); Arthrex, Inc. (US); Bioventus (US); DePuy Synthes (Johnson & Johnson Services, Inc.) (US); Stryker Corporation (US); MTF Biologics (US); and others.
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