March 5, 2024
Orthobiologics Market

Orthobiologics Market Is Estimated To Witness High Growth Owing To Rising Preference For Minimally Invasive Surgeries

The Orthobiologics Market is estimated to be valued at US$ 6899.6 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Orthobiologics are biological products or tissue treatments used to improve osteobiology in the body during orthopedic surgeries and procedures. They are used to promote bone growth through natural progenitor cells in healing tissues. The advantages of orthobiologics over traditional treatments include enhanced healing, reduced postoperative pain, reduced rehabilitation times and lower infection rates.

Market key trends:

One of the major trends driving the orthobiologics market growth is the rising preference for minimally invasive surgeries. Minimally invasive procedures help reduce pain, scarring, recovery times and cost. Orthobiologics are increasingly being used in minimally invasive techniques like tissue regeneration and bone grafting. For instance, orthobiologics like growth factors and bone graft substitutes are used in arthroscopic procedures for rotator cuff repair, shoulder instability repair, knee meniscus repair and cartilage repair that are less complex than open surgeries. The growing adoption of minimally invasive orthopedic surgeries is expected to boost demand for orthobiologic products over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established value chains in the orthobiologics industry pose low threat of new entrants. However, strong intellectual property protections and regulatory barriers provide some protection to existing players.

Bargaining power of buyers: The bargaining power of buyers is moderate given the fragmented nature of the market with availability of alternative treatment options. However, specialized needs increase switching costs for buyers.

Bargaining power of suppliers: A few large multinational suppliers for key raw materials exert influence over pricing and supply. However, the threat is moderate due to availability of substitute suppliers.

Threat of new substitutes: Threat of substitutes is moderate as new minimally invasive technologies and tissue-engineered products increasingly replace traditional orthopedic treatments and orthobiologics.

Competitive rivalry: The market is highly competitive with large multinational players and increasing focus on product differentiation and partnerships.

SWOT Analysis

Strengths: Growing aging population driving demand, wide range of products and ongoing innovation, strong industry expertise and R&D capabilities of key players.

Weaknesses: High costs associated, limited patient awareness, stringent regulatory norms and clinical testing requirements.

Opportunities: Untapped growth potential in developing markets, orthobiologics gaining acceptance for new orthopedic procedures, development of advanced biomaterial-based products.

Threats: Threat from alternative treatment options, reimbursement issues, IP threats, economic slowdowns reducing health spending.

Key Takeaways

The Global Orthobiologics Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing incidence of bone and joint disorders, rising number of sports injuries and technological advancements.

By region, North America is expected to dominate the orthobiologics market during the forecast period. This is attributed to rising prevalence of musculoskeletal disorders, increasing healthcare expenditure and presence of major players in the region. Asia Pacific is projected to exhibit the fastest growth rate over the next few years owing to growing geriatric population, improving healthcare infrastructure and rising medical tourism in the region.

Key players operating in the orthobiologics market are Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, ATEC Spine, Inc., XTANT MEDICAL, Johnson & Johnson Services, Inc., Exactech, Inc., Integra LifeSciences, Medtronic, NuVasive, Inc., Orthofix US LLC., SeaSpine, ChitogenX Inc., Spine Wave, Inc., Molecular Matrix, Inc., Isto Biologics, Baxter, Locate Bio

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it