Transparency Market Research, in its latest report, estimates that the worldwide market for orthobiologics will grow at a CAGR of 5.9% between 2013 and 2019
Albany, NY -- (SBWIRE) -- 11/13/2014 -- In its latest report, Transparency Market Research, a U.S.-based market intelligence firm states that the global orthobiologics market is estimated to be worth $ 5,519.9 million by the end of 2019. The report, titled ‘Orthobiologics Market (Allografts, Viscosupplements, DBM, BMP, Stem Cell and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,’also states that the market for orthobiologics across the world was worth $3,745.6 million in 2012 and will grow at a compound annual growth rate (CAGR) of 5.9% in the forecast period.
Nearly half of the population aged 50 years and above is afflicted by bone and joint disorders, and this number is expected to almost double by the year 2020. This has and will continue to increase the demand for orthobiologics. Other factors which have fueled the growth of the orthobiologics market are technological advances, declining usage of allografts and autografts in orthopedic procedures, change in lifestyle, increase in obesity cases, and rise in sports activities and sports injuries.
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However, the strict regulatory requirements and lack of reimbursement are expected to restrain market growth.
According to the report, the market for orthobiologics can be segmented on the basis of products, applications, and geography.
Product: The various product types of orthobiologics include machined bones, allografts, bone morphogenetic proteins (BMPS), demineralized bone matrix (DBM), stem cell therapy, synthetic bone substitutes, and viscosupplementation.
Applications: The numerous applications of orthobiologics are trauma, spinal fusion, and reconstructive surgery.
Geography: The orthobiologics industry is classified into four main regions – North America, Europe, Asia-Pacific and Rest of the World.
Among all the products, viscosupplementation make up the largest share in the market. It is comparatively more powerful and effective as a painkiller than other pain relievers and with the number of knee treatments on the rise, demand for viscosupplementation has gone up. Bone morphogenetic proteins (BMPs) follow next in terms of market share, although its growth is likely to decline during the forecast period of 2013-2019 owing to its falling sales of INFUSE – a Medtronic product with severe side effects. Faster recovery, lower costs and no risk of transmission will enable stem cell based products and synthetic bone substitutes gain significant growth in future.
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In terms of location, North America and Europe both lead the global market due to increasing popularity and demand for minimally invasive surgeries such as growth factor treatment and bone grafting. Asia-Pacific, however, is expected to witness the fastest growth rate between 2013 and 2019.
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The TMR report profiles some of the major players and their contribution to the global orthobiologics market. The leading companies include Stryker Corporation, Medtronic, Inc., Wright Medical Technology, Inc., Orthofix, Inc., NuVasive, Inc., and DePuySythes.
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