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Orthobiologics Global Market Analysis, Trends, Growth, Research And Forecast 2033
Orthobiologics Global Market Analysis
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According to The Business Research Company's, The orthobiologics market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.08 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to the rise in prevalence of orthopedic diseases and conditions, shift towards minimally invasive procedures, rise in number of reconstructive surgeries, increase in healthcare expenditure, awareness among patients and healthcare providers, and economic development in emerging markets.
The orthobiologics market size is expected to see strong growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to the aging population and sedentary lifestyles, ongoing development of advanced products, favorable reimbursement policies, regulatory approvals for new orthobiologic products, and expanded indications for existing orthobiologic products. Major trends in the forecast period include advancements in regenerative medicine, product innovations, technological advancements, strategic initiatives, and market expansion.
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Market Drivers and Trends:
The growth in personal care and cosmetics is expected to propel the development of the palm kernel fatty acid market going forward. Personal care and cosmetics encompass a variety of products aimed at maintaining and enhancing personal hygiene, grooming, and physical appearance, including skincare, haircare, makeup, and fragrances. There is a rising adoption of personal care and cosmetics due to increasing consumer awareness and demand for health-conscious, eco-friendly, and sustainable products. Palm kernel fatty acid is used in personal care and cosmetics for its moisturizing properties, as an emulsifying agent, and to improve product texture and stability. For instance, in July 2023, according to the U.S. Department of Commerce, a U.S.-based governmental organization, in 2021, sales of beauty and personal care products in China reached $88 billion, reflecting a 10% increase from the previous year. Therefore, the growth in personal care and cosmetics will drive the growth of the palm kernel fatty acid market.
Major companies operating in the orthobiologics market are developing advanced solutions, such as dry allograft mixtures, to enhance bone healing and fusion in orthopedic procedures. Dry allograft mixtures integrate robust cortical fibers with mineralized cortical bone, providing structural support and promoting osteoinductive properties that aid in new bone formation. For instance, in May 2024, Isto Biologics, a US-based biologics-focused company, launched Fibrant Liberty allograft, a dry allograft mixture that integrates robust cortical fibers with mineralized cortical cancellous chips. Upon hydration, the graft becomes pliable and can be customized for various surgical procedures. The longer and stronger fibers enhance handling and form an intricate network that prevents graft migration while maintaining structural integrity.
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Major Key Players of the Market:
Johnson & Johnson, Medtronic plc, Zimmer Biomet, Arthrex Inc., Integra Lifesciences Corporation, NuVasive Inc., Globus Medical, Bioventus, MTF Biologics, ATEC Spine Inc., Exactech Inc., SeaSpine, RTI Surgical, AlloSource, XTANT MEDICAL, Spine Wave Inc., Bone Biologics Corp., Locate Bio Limited, Wright Medical Group N.V., BoneSupport AB, Graftys, Regenexx, Acumed LLC, Baxter International Inc., LifeNet Health
Orthobiologics Market 2024 Key Insights:
• The orthobiologics market size is expected to see strong growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Orthobiologics Market Growth Driven by Rising Sports Injuries and Road Accidents
• Innovative Developments in Dry Allograft Mixtures To Enhance Bone Healing and Fusion
• North America was the largest region in the orthobiologics market in 2023
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