Orthobiologics Market to Register 4.5% CAGR, Increasing Cases of Spine Injuries Induces Growth
Pune, India -- (SBWIRE) -- 06/13/2019 -- The global orthobiologics market is likely to gain traction on account of rising geriatric population, which in turn is indicative of the increasing prevalence of chronic arthritis. Fortune Business Insights published a report, titled "Orthobiologics Market Size, Share and Global Trend by Product Type, Application, End User and Geography Forecast till 2025" which offers valuable insights into the drivers positively impacting the global market.
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As per this report, the global market for orthobiologics was valued at US$ 5830.1 Mn in the year 2018 and is anticipated to reach US$ 8261.6 Mn by the end of 2026. The global orthobiologics market is projected to exhibit a CAGR of 4.5% throughout the forecast period.
Demand for Spinal Fusion Method Expected to Increase
A lead analyst at Fortune Business Insights said, "Spinal fusion covered the highest share in the global orthobiologics market in 2018 owing to the rising prevalence of traumatic injuries and accidents." "The advantages offered by orthobiologics regarding the treatment of spine-related injuries may fuel the demand for spinal fusion method," he continued. Another application called soft tissue repair is anticipated to witness highest growth on account of escalating demand for orthobiologics in cartilage repair. Rising incidence of sports injuries is also responsible for driving the soft tissue repair segment.
Favorable Reimbursement Policies Supports Growth in North America
From a geographical standpoint, North America is expected to lead the global orthobiologics market between 2028 and 2026. In 2018, the market for orthobiologics in North America was valued at US$ 2326.2 Mn. Favourable reimbursement policies in the U.S. and rising adoption of advanced orthobiologics therapies are key factors contributing to the market's growth in the region. The rising demand for a better quality healthcare in North America is also expected to create growth opportunities for the orthobiologics market in the region.
Trailing North America, Europe is the second most prominent region, covering a significant share in the global market for orthobiologics. Growth of the orthobiologics market in Europe is attributable to recent FDA approvals for orthobiologics products. The rising demand for viscosupplements and increasing number of orthopaedic clinics are factors driving the orthobiologics market in Asia Pacific.
BioFiber by Tornier and Similar Product Developments to Boost Growth
The global orthobiologics market is driven by emerging technologies in orthobiologics treatment. For instance, a technology called 3D printed implant offers better stability and significantly reduces surgery time. A global leader in orthopaedics called Tornier has launched BioFiber Surgical Mesh. This technology helps to repair ligament injuries and other muscle injuries.
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Growing geriatric population is another factor fuelling demand for orthobiologics products such as orthobiologics injections. The rising clearances for several orthobiologics products is driving the orthobiologics market during the forecast period. Other factors likely to boost the orthobiologics market include increasing demand for advanced treatment and high growth potential especially in emerging countries.
Stringent Regulations and High Cost May Restrict the Market to Grow
Although the orthobiologics market is growing considerably, there are some factors that may hamper the growth. These include high costs associated with orthobiologics treatment. People in low-income regions cannot afford such treatments and this may pose a serious threat to the growth of the orthobiologics market. Another factor hampering the market is strict approval process for orthobiologics treatment and products.
NuVasive's Launch of Propel DBM in 2018, to Boost its Market Position
Some of the leading players presently operating in the global orthobiologics market are Medtronic, Stryker, Sanofi, Zimmer Biomet, Bioventus, Sea Spine, Musculoskeletal Transplant Foundation, Wright Medical Group N.V., and RTI Surgical Holdings, Inc. Companies are focussing on launching new and technologically advanced orthobiologic products to increase their share in the orthobiologics market. For instance, NuVasive announced the launch of a new product called Propel DBM in 2018. This product helps to encourage bone growth among patients suffering from bone disorders.
TABLE OF CONTENT:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
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4. Key Insights:
4.1 Prevalence of Soft TissueInjuries - For Key Countries, 2018
4.2 Regulatory Scenario - For KeyCountries
4.3 Number of Spinal FusionSurgrey - For Key Countries, 2018
4.4 New Product Launch
4.5 Key Industry Developments -Mergers, Acquisitions and Partnerships