Orthobiologics Market COVID-19 Impact, Current Industry Figures With Demand by Countries and Future Growth 2030
Orthobiologics are substances used for the fast healing of broken bones, injured muscles, ligaments and tendons. They are also known as regenerative cellular therapies. There are different types of orthobiologics available that relies on different mechanism of actions, such as platelet-rich plasma, bone marrow concentrate, birth tissues and certain fat grafts.
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Top Companies: Stryker Corporation, Zimmer Biomet Holdings, Inc., Wright Medical Group, Inc., Integra LifeSciences Holdings Corporation, Arthrex, Inc. (Arthrex), Johnson and Johnson (J&J), Exactec Inc., Medline Industries, Inc., Globus Medical, Inc., and NuVasive Inc.
Market Dynamics and Trends
The growth of orthobiologics market is primarily driven by the increasing number of geriatric populations across the globe which gives rise to the higher incidence of osteoarthritis and musculoskeletal disorders. According to the WHO, 9.6% of men and 18.0% of women aged over 60 years are estimated to have osteoarthritis globally. Also, factors such as surging number of accidents, sports injuries and rising obesity fuels the market growth. Moreover, the orthobiologics market growth is benefitting from the rising awareness of orthobiologics and increasing demand for advanced treatments around the world.
However, stringent approval process, high cost of orthobiologics treatments and limited reimbursement policy are the factors expected to hinder the market growth during the forecast period. On the contrary, increasing R&D investment by biotechnology companies for developing advanced medical devices and growth potential in developing nations are expected to create lucrative opportunities for the orthobiologics market.
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Market Segmentations and Scope of the Study:
The global orthobiologics market is segmented on the basis of product, application, type, end-user and geography. On the basis of product, the market is categorized into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others. On the basis of application, the market is classified into osteoarthritis & degenerative arthritis, spinal fusion, fracture recovery, soft tissue injuries, and maxillofacial & dental applications. On the basis of type, the market is divided into knee, ankle, hip, wrist & shoulder, spine, and others. On the basis of end-user, the market is fragmented into hospitals & ambulatory centers, research & academic institute, and dental clinics. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
North America holds the lion share of the orthobiologics market. This is attributed to factors such as increasing geriatric population, prevalence of spinal disorders and rising adoption of orthopedic surgeries. Besides, factors such as availability of high reimbursement policy, and advanced treatment procedures also boost the market growth in this region.
However, Asia Pacific is expected to witness the highest growth rate in terms of market size and share during the forecast period. The growth is most likely to be fueled by increasing healthcare expenditure, growing awareness regarding the use of orthobiologics and development of public health infrastructures. Also, other factors such as presence of large number of osteoarthritis patients and surging number of road accidents are driving the market growth in this region.
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