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Biosurgery Market 2024: Innovations, Trends, and Growth Insights
Biosurgery Market 2024
According to The Business Research Company's, The biosurgery market size has grown strongly in recent years. It will grow from $14.01 billion in 2023 to $15.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing surgical procedures, rise in chronic diseases, growing geriatric population, shift towards biodegradable product, regulatory changes and approvals..
The biosurgery market size is expected to see strong growth in the next few years. It will grow to $20.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to advancements in tissue engineering, rise in minimally invasive procedures, focus on regenerative medicine, shift towards biologics, aging population needs.. Major trends in the forecast period include growth in minimally invasive procedures, rise in cosmetic and plastic surgeries, focus on stem cell therapies, advancements in wound care, development of biodegradable products..
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Market Drivers and Trends:
The increase in the prevalence of chronic disease is expected to propel the growth of the biosurgery market going forward. Chronic disease refers to health problems that persist for a year or longer and necessitate continuing medical care, restricting everyday activities, or both. The main causes of death and disability in the US are chronic diseases such as diabetes, cancer, and heart disease. Biosurgery is used to eliminate dead tissue, lower the risk of infection, and speed up the healing process for chronic wounds. For instance, in March 2022, according to the Australian Bureau of Statistics, an Australia-based self-contained legal agency responsible for collecting and analyzing data as well as making evidence-based recommendations to federal, state, and territory governments, seventy-eight percent (78.6%) of Australians suffered from at least one chronic illness. 11.6 million individuals, or over half of the population, suffered from at least one chronic illness. Therefore, the increase in the prevalence of chronic disease is driving the growth of the biosurgery market.
Product innovations have emerged as the key trend gaining popularity in the biosurgery market. Major companies operating in the biosurgery market are developing product innovations to strengthen their position in the market. For instance, in April 2021, Aroa Biosurgery, a New Zealand-based manufacturer of medical and surgical products, launched Myriad Morcells, a Myriad Matrix morcellized (powder) configuration that easily adapts to improve interaction with uneven wound beds. It provides a burst of biologically significant ECM proteins in a format that fits the specifics of a wound in order to 'kick start' healing. A multi-layered extracellular matrix (ECM) graft with a high volume and surface area that has interstitial spaces that are quickly and easily accessible to cells is called Myriad Matrix. It makes use of the Aroa ECM bioscaffold technology, which incorporates crucial secondary chemicals and lingering vascular channels to assist the formation of new tissue.
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Major Key Players of the Market:
Baxter International Inc.; B. Braun SE; Becton, Dickinson and Company; Hemostasis LLC; Integra LifeSciences Corporation; Johnson & Johnson Services Inc.; CryoLife Inc.; CSL Limited; Pfizer Inc.; Zimmer Biomet Holdings Inc.; Kuros Biosciences AG; Orthofix Medical Inc.; Smiths & Nephew plc; Medtronic plc; Stryker Corp.; Betatech Medical; Tissue Regenix Group plc; Aroa Biosurgery Ltd.; Anika Therapeutics Inc.; Arthrex Inc.; B Braun Surgical SA; Biom'Up SA; Boston Scientific Corporation; Coloplast Corp.; Cook Medical Inc.; Endo International plc; Genzyme Corporation; Takeda Pharmaceutical Company Limited; Cerus Corporation
Biosurgery Market 2024 Key Insights:
• The biosurgery market will grow to $20.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Prevalence Of Chronic Diseases Fuels Biosurgery Market Growth
• Product Innovation To Revolutionize Wound Healing In The Biosurgery Market
• North America was the largest region in the biosurgery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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