New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Orthobiologics Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Orthobilogics Market Size:
By expanding at a CAGR of 6% throughout the projected period, the global orthobiologics market is expected to generate sizable revenue by the end of 2033. Additionally, the market also saw a significant increase in sales in 2022. Moreover, the increasing prevalence of bone diseases across the world is estimated to drive market growth. According to the National Library of Medicine (NLM), it was found that nearly 1.5 million people suffer from fractures on account of some sort of bone disease every year. For a few years now, orthobiologics have become a common practice in orthopedic operations and sports medicine. The increase in sports injuries, the continual infusion of new products & treatment options, developments in the field of regenerative medicine, and the rise in demand for minimally invasive operations are all expected to have a positive impact on the global orthobiologics market over the forecast period.
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Furthermore, orthobiologics is an injectable therapy that utilizes biological substances to heal musculoskeletal injuries rapidly. The substances used in the therapy are made from materials naturally produced by the body. In addition to this, global orthobiologics market trends including the growing prevalence of low immunity and calcium deficiency owing to changing lifestyles and skyrocketing spending on the research and development sector and medical technology are projected to influence the growth of the market positively over the forecast period. For instance, in 2019, the research and development spending on medical technology was estimated to be around USD 30 billion.
Global Orthobiologics Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Spinal fusion segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the end-user segment
Increasing Sales of Orthopedic Devices and Rising Cases of Osteoporosis to Boost Market Growth
The market is estimated to witness significant growth over the forecast period owing to the increasing sales of orthopedic devices, backed by the rising bone fracture and growing bone infections across the globe. For instance, in 2022, the orthopedic devices segment is estimated to reach around USD 40 billion. Further, a wide array of technologies is included in orthobiologics devices to improve the functionality of the broken bone, and components including, scaffolds to reinforce tissue, cell therapies, and bone grafting materials are used in the therapy. All these components are predicted to boost market growth over the ensuing years.
In addition to this, the rising cases of osteoporosis across the world is anticipated to propel the market growth during the forecast period. It was found that 1 in 2 women and 1 in 5 men aged 50 or more suffer from osteoporosis globally and in 2017-18, around 18% of women were believed to be living with osteoporosis. Further, the increasing prevalence of diet low in calcium and the growing tendency of people towards fast food and junk food is predicted to give a boost to osteoporosis and which in turn is expected to boost the market growth over the given time period.
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Global Orthobiologics Market: Regional Overview
The global orthobiologics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Geriatric Population to Drive Growth in the North America Region
The market in North America region is estimated to hold the largest market share over the forecast period. The growth of the market can be assigned to the increasing geriatric population, backed by the rising incidences of bone fractures and bone infection among the elderly people in the region. According to the World Bank, it was observed that the geriatric population in the United States climbed by 56,545,938 in 2021. Additionally, the technological advancement in the medical industry and presence of key market players are predicted to accelerate market growth in the region during the upcoming years.
Growing Osteoporosis Cases to Drive Growth in the Asia Pacific Region
On the other hand, the market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the increasing cases of osteoporosis in the region. By 2050, Asia is expected to account for more than half of all osteoporotic hip fractures, according to research from the International Osteoporosis Foundation. Furthermore. the lower consumption of a calcium-rich diet, rising prevalence of bone diseases, and high spending in the healthcare sector are predicted to boost market growth during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Orthobiologics Market, Segmentation by End-User
- Clinics
- Hospitals
Out of these, the hospitals segment is estimated to gain noteworthy market share over the forecast period. The growth of the segment can be attributed to the increasing patient pool in hospitals across the world. It was observed that in 2019, about 7% of the US population was hospitalized. Further, the rising awareness among the people regarding bone health, increasing medical advancements, and significant investment into healthcare infrastructure across the world are estimated to drive segment growth over the forecast period.
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Global Orthobiologics Market, Segmentation by Application
- Spinal Fusion
- Trauma Repair
- Reconstructive Surgery
Among these, the spinal fusion segment is estimated to gain a significant market share over the forecast period. The growth of the segment can be ascribed to the rising cases of spinal cord injuries across the globe. As Per World Health Organization, every year, between 250 000 to 500 000 persons suffer a spinal cord injury (SCI) in the world. Additionally, the rise in spinal cord injuries, particularly those resulting from sports, is predicted to drive the segment’s expansion during the forecast period.
Global Orthobiologics Market, Segmentation by Solutions
- Bone Graft Substitutes
- Demoralized Bone Matrix
- Bone Allografts
- Bone Autographs
- Bone Morphogenic Proteins
- Bone Growth Stimulators
- Visco-Supplementation
- 5 and 3 Injection Visco-Supplementation
- Single Injection Visco-Supplementation
Few of the well-known market leaders in the global orthobiologics market that are profiled by Research Nester are Medtronic plc, Wright Medical Group N.V., Zimmer Biomet Holdings, Inc., Arthrex, Inc., Medical Device Business Services, Inc., Johnson & Johnson & Services, Inc., RTI Surgical, Inc., MTG Learning Media Pvt. Ltd., Bioventus LLC, Stryker Corporation, and others.
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Recent Developments in the Global Orthobiologics Market
- In August 2022, Johnson & Johnson & Services, Inc.’s Janssen Pharmaceutical Company to declare its acquisition of U.S. FDA approval for IMBRUVIGA (ibrutinib). IMBRUVIGA is a BTKi treatment for pediatric patients with chronic graft-versus-host disease (cGVHD).
- In July 2022, Hospital for Special Surgery and Zimmer Biomet Holdings, Inc. announce a three-year partnership (HSS). HSS/Zimmer Biomet (ZB) Innovation Center for Artificial Intelligence is to be created as a result of the partnership (AI).
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