Orthobiologics Market Insights:
The global orthobiologics market is anticipated to grow at a CAGR of more than 5 % over the forecast period. Risk factors associated with growing aging population, obesity rate, & high rate of musculoskeletal disorders and increasing patient preference for minimally invasive procedures are expected to drive the orthobiologics market. Also, the factors contributing to this growth include increasing occurrence of orthopedic injuries and increasing number of sports injuries & road accidents.
Moreover, growing R&D investments and collaborations by significant medical device and biotechnology companies, resulting in the advent of advanced orthobiologics is assumed to broaden the base for market growth. This subsequent increase in R&D efforts prompted development of a range of pipeline products that are anticipated to provide this vertical with immense growth opportunities over the forecast period.
Orthobiologics Market - Product Insights:
Viscosupplementation accounted for the dominant share of the orthobiologics market in 2016. This significant share is ascribed to high acceptance of these products as an outcome of the easy availability of these products globally.
The high adoption rate is attributed to advantages associated with viscosupplementation such as knee movement, reduced pain, less-invasive and fewer side effects. It is also assumed to be a consequence of high demand for minimally invasive operative procedures resulting in high acceptance by the patients.
Orthobiologics Market - Application Insights:
The osteoarthritis & degenerative arthritis segment is anticipated to dominate the market over the forecast period. The substantial share of this segment is attributed to factors such as significant increase in target patient population across major markets and rising consumer awareness about the side effects of medicines.
Robust healthcare facilities for specific joint replacement surgeries and advanced clinical evidence approving the viability of biologics in OA treatment are also anticipated to aid the market growth. The increased share attained by orthobiologics is likely to be an outcome of a presence of third party insurers.
Orthobiologics Market: End-Use Insights
Based on end-use, the orthobiologics market is segmented into hospitals, ambulatory care centers, orthopedic clinics, and research & academic institutes. The hospitals, orthopedic clinics, and ambulatory care centers segment are expected to grow at a high rate over the forecast period. This growth is attributed to the increasing geriatric population, road accident injuries & bone fractures; growing incidence of spinal disorders; and growing awareness of products.
Orthobiologics Market - Regional Insights:
North America held a significant share of the global orthobiologics market in 2016. The share acquired by this region is due to the presence of a large number of prominent players engaged in promoting quality care and undertaking new product advancement strategies.
The orthobiologics market in Asia Pacific is anticipated to grow at an exponential rate over the coming years due to the rising healthcare expenditures and disposable income of the consumers. Improved healthcare infrastructure is further estimated to present the market with ample growth opportunities across the region. In addition, expanding product base across this region is also likely to be a significant factor contributing towards the growth.
Orthobiologics Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from Orthobiologics Market. The major consumers of the product are Mayo Clinic, Cleveland Clinic, and Rush University Medical Center.
Orthobiologics Market - Competitive Scenario:
Key players of the orthobiologics market include Medtronic, Stryker Corporation, Smith & Nephew plc, DePuy Synthes, Inc., and Genzyme. These companies are extensively launching new product development activities, collaborations, and distribution advancement strategies, mergers & acquisitions along with frequent product approval.
In May 2016, NuVasive Inc. released next-generation biologics technology, AttraX Putty, a synthetic bone graft. It was carried out to extend the product portfolio and gain a competitive advantage in the orthobiologics market.
In January 2016, Bioventus launched an injection called DUROLANE, for the treatment of joint-fluid osteoarthritis treatment, in Taiwan. The product launch resulted in greater geographical presence of the company and also boosted the product penetration of orthobiological products in Asia Pacific region.