The latest market report published by Credence Research, Inc. “Orthobiologics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global orthobiologics market was valued at US$ 4,919.0 Mn in 2017 expanding at a CAGR of 5.7% from 2018 to 2026.
Orthobiologics is minimally invasive procedure using biological substance to fasten the healing process during an injury. Orthobiologics have shown to improve healing of musculoskeletal injuries such as fractures, injured muscle, ligaments and tendons. Orthobiologics include range of treatment using patient’s own tissue or stem cells to produce proteins in order to artificially regenerate injured muscles. There has been a heightened usage of orthobiologics in the last two decades due to better understanding of biologics, technological advancements and skills required for the treatment; thus emerging as an significant sector in shaping the future of regenerative medicines and cellular therapies. Moreover, growing application of orthobiologics in osteoarthritis and sport medicine is the major driver for the growth of the market. Other factors that are supporting the growth of orthobiologics market include growing geriatric population susceptible for orthopedic disorders, growing rate of obesity and musculoskeletal injuries and increasing patient inclination towards minimally invasive therapies. However, high costs associated with treatment and products are the prime factor restraining the growth of global orthobiologics market.
In terms of product, viscosupplementation products held the largest share in the global orthobiologics market. Viscosupplementation also called as hyaluronic injection is the most commonly used procedure to treat osteoarthritis. The U.S. Food and Drug Administration (FDA) has approved viscosupplementation of knee arthritis only, however, it can be used for hip and other joint arthritis as off label therapy. Growing prevalence of osteoarthritis in the geriatric population is the key driver for the growth of this market. Aging is responsible for carrying out alterations in the musculoskeletal system, which tends to increase the propensity to osteoarthritis. According to Centers for Disease Prevention and Control (CDC), an estimate of 78.4 million adults aged 18 years or above will have doctor-diagnosed arthritis by 2040 in the U.S., as compared to 54.4 million adults in 2013 to 2015.These factors will further drive the growth of global orthobiologics market during the forecast period.
North America held the pole position in terms of geography in global orthobiologics market. The key drivers that will facilitate the growth of the orthobiologics market in North America are presence of giant players operating in the market, increasing number of elderly population suffering with orthopedic degenerative diseases and flourishing research and development opportunities due to strategic partnerships and collaborations between research institutes and biopharmaceutical companies engaged in novel cellular therapies for orthopedic treatment. Asia Pacific expected to grow at fastest rate during the forecast period owing to presence of high geriatric population and patient pool, increasing government spending and flourishing sports medicine in the region. Rising medical tourism in the region will further assist the growth of orthobiologics market during the forecast period. The prominent players actively engaged in the orthobiologics market include DePuy Synthes, Stryker Corporation, Medtronic plc, NuVasive Inc., Zimmer Biomet, Globus Medical, Inc., Orthofix Internamtional NV, Harvest Technologies Corporation, Seaspine Holdings Corporation, RTI Surgicals among others.
Browse the full report Orthobiologics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/orthobiologics-market
Key Market Movements:
- Growing inclination towards orthobiologics and cellular therapies in sports medicine
- Growing prevalence of osteoarthritis and number of spinal fusion surgeries globally
- Growing preference of minimally invasive therapies by patients, especially in the developed countries
- Technological advancements and R&D in cellular arthoplasty for the treatment of orthopedic ailments