Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global orthobiologics market attained a valuation of USD 6.07 Billion in 2022 and is anticipated to achieve a revenue Compound Annual Growth Rate (CAGR) of 4.3% during the projected period, as per the latest analysis conducted by Emergen Research. The market's growth is propelled by several key factors, including the increasing prevalence of orthopedic procedures, the rise in orthopedic and spinal conditions, and the upsurge in sports-related injuries and accidents. Additionally, the adoption of minimally invasive surgical techniques and the strategic investments made by medical device firms also contribute significantly to the expansion of the market's revenue.
The escalating incidence of orthopedic procedures and surgeries stands out as a pivotal driver for the market's revenue escalation. Presently, the growing occurrence of orthopedic ailments, particularly due to aging populations, has generated substantial demand for these treatments. The report reveals a notable trend—India is projected to exhibit the fastest growth rate in terms of joint replacements on a global scale. Up until June 2020, there were 712 registered surgical professionals listed in the IJR database.
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Moreover, the surge in initiatives and investments by medical device companies plays a pivotal role in bolstering the market's revenue growth. A pertinent example is Locate Bio, a regenerative medicine enterprise, which secured USD 10 million in funding on September 9, 2021, to advance its orthobiologic regenerative medicine pipeline. Notably, Locate Bio acquired FDA approvals for CognitOss and Chondro3—a biomimetic graft designed for osteochondral defects. These approvals were secured early in 2021. Similarly, Bioventus, a renowned orthobiologics company based in the U.S., made a strategic investment of approximately USD 500 million in CartiHeal, an Israeli cartilage implant manufacturer, on August 30, 2021. CartiHeal's patented implant demonstrates efficacy in alleviating pain by addressing cartilage defects in joints afflicted by both arthritis and non-arthritis conditions.
Nonetheless, the market's revenue growth is impeded by the considerable expense associated with orthobiologics treatment. Conversely, challenges related to reimbursement within the healthcare sector have the potential to hinder the market's revenue expansion. The National Centre for Biotechnology Information (NCBI) highlights that escalating healthcare delivery expenses, coupled with pre-existing constraints on government budgets, present a notable risk to both patient care and innovative biological research. Notably, instances where third parties declined reimbursement for certain protocol participants have had a significant influence on the progress of trial research.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 6.07 Billion |
| CAGR (2023–2032) | 4.3% |
| Revenue forecast to 2032 | USD 9.28 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, device type, application, end-use and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Bone Biologics Corp., Medtronic, Arthrex, Inc, Orthofix US LLC., NuVasive, Inc., Zimmer Biomet., Wright Medical Group N.V., Smith+Nephew., Stryker, Sano orthopedics |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global orthobiologics market is fairly fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective orthobiologics solutions. Some major players included in the global orthobiologics market report are:
-
- Bone Biologics Corp.
- Medtronic
- Arthrex, Inc
- Orthofix US LLC.
- NuVasive, Inc.
- Zimmer Biomet.
- Wright Medical Group N.V.
- Smith+Nephew.
- Stryker
- Sano orthopedics
Strategic Development
- On 26 January 2023, Orthofix Medical Inc., an established global spine and orthopedics firm, announced the full commercial introduction of the Mariner Deformity Pedicle Screw System, as well as the first patient cases employing it.
- On 28 February 2023, Induce Biologics USA Inc., an orthobiologics firm dedicated to the development of the next generation of bone regeneration technologies, announced the release of its NMP Strip Bioimplant. The new product is an innovative cancellous bone-graft solution that employs Induce Biologics' unique Natural Matrix Protein (NMP) method, which unlocks and bioavailable the growth factors naturally inherent in bone.
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Some Key Highlights From the Report
- The viscosupplementation segment accounted for a significantly large revenue share during the forecast period. The demand for this treatment is rising as it can reduce joint pain and stiffness in individuals, improve quality of life, and delay the need for total knee replacement surgery. Viscosupplements also can relieve osteoarthritis pain using injections that restore synovial fluid in the joint.
- The orthopedic clinics segment registered for a significantly fast revenue growth rate in 2022. Individuals can return home the same day after outpatient orthopedic surgery in orthopedic clinics. With its multiple benefits, this form of orthopedic surgery is increasingly popular among patients. The use of cutting-edge surgical technologies allows patients to recover from minor orthopedic disorders more quickly. They simply need to stay at a medical clinic for a few hours before returning home with all their orthopedic surgeons' drugs and instructions.
- The orthobiologics market in North America accounted for largest revenue share in 2022 owing to rising prevalence of different orthopedic diseases and muscular diseases in this region. According to the Osteoarthritis Action Alliance, osteoarthritis is the most prevalent type of arthritis in the U.S., affecting 32.5 billion individuals and 43% of those are 65 and older in 2020. As a result, prevalence of orthopedic conditions such as joint replacement, osteoarthritis, joint pain, and osteoporosis has increased. According to Disease Prevention and Health Promotion, Osteoporosis affects 10 million individuals who are 50 years of age or older.
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Emergen Research has segmented the global orthobiologics market on the basis of product, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Viscosupplementation
- Synthetic Bone grafts
- Bioactive glass
- BiPhasic
- Hydroxyapatite
- Others
- Bone Morphogenetic Protein (BMP)
- Allograft
- Xenografts
- Demineralized Bone Matrix (DBM)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Spinal Fusion
- Fracture recovery
- Reconstructive Surgery
- Osteoarthritis and degenerative arthritis
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals and clinics
- Orthopedic clinics
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- 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
- UAE
- Rest of MEA
- North America
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