NEW YORK, Oct. 20, 2021 /PRNewswire/ -- The global biosurgery market size is expected to reach USD 17.60 billion in 2028 and register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of biosurgery can be attributed to increasing geriatric population and obesity globally. These factors are contributing to rising prevalence of neurological disorders and arthritis.
Increasing number of reconstructive and orthopedic surgical procedures is also driving demand for biosurgery products. Biosurgery products are utilized during different surgical procedures to help minimize blood loss. These products include chemical and biological products that are used to stop bleeding among others during surgeries.
Furthermore, rising number of individuals suffering from chronic disorders is driving demand for surgeries. Biosurgery can be used for the treatment, prevention, and management of infected wounds. It is beneficial for neurological, reconstructive, gynecological, and other types of surgeries. Increasing incidence of sports-injuries and ongoing development of advanced products are also expected to boost market revenue growth.
However, limitation in the number of clinical trials, lack of awareness about biosurgery in developing countries, high cost of these procedures, and poor reimbursement policies may hamper market revenue growth in the coming years.
By application, the reconstructive surgery segment revenue is expected increase at a significantly rapid rate over the forecast period. Biosurgery products provide structural support during the healing process after reconstructive surgeries. Adoption of biosurgery has had a positive success rate and these can minimize risks associated with treatment, which, in, turn, would increase demand in the market.
By end-use, ambulatory surgical centers segment revenue is expected expand at a significantly rate over the forecast period. Surgical centers provide same-day surgical care. Besides, higher incidence of sports injuries and road accidents would propel growth of this segment in the coming years.
Biosurgery market in Asia Pacific is expected to witness fastest revenue CAGR over the forecast period. Ongoing developments in healthcare infrastructure, increasing number of patients with knee injuries, increasing gynecological disorders, and rising awareness among patients and physicians about benefits of biosurgery are expected to drive Asia Pacific market revenue growth.
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In February 2020, Baxter International Inc. announced 510 (k) clearance from US FDA for its new generation Peri-Strips Dry with Veritas Collagen Matrix (PSDV) product. It has Secure Grip feature, and is equipped with 'peel and secure' technology and is a staple-line reinforcement material. It can be used for mitigating bleeding during bariatric surgeries and other surgical procedures.
In October 2020, Orthofix Medical Inc. introduced O-GENESIS Graft Delivery System virtually amid the North American Spine Society (NASS) 2020. The company also launched AlloQuent Structural Allograft Q-Pack, which is a ready-to-use, hydrated form of lumber and cervical spacers for allograft procedures. O-GENESIS, on the other hand, would provide allograft, autograft, or synthetic bone graft to orthopedic surgical sites.
Major players in the market report include Baxter International Inc., B. Braun Melsungen AG Becton, Dickson and Company, CSL Limited, Cryolife Inc., Hemostasis LLC, Integra Lifesciences Holding Corporation, Johnson & Johnson, Kuros Biosciences AG, Medtronic PLC, Smith & Nephew Plc., and Zimmer Biomet.
Antibody-drug conjugates (ADCs) market size was significantly large in 2020, and is expected to continue to register a rapidly inclining revenue CAGR between 2021 and 2028. Key factors responsible for driving market revenue growth are various advantages of antibody-drug conjugates over conventional treatment options for cancer and increasing prevalence of cancer across the globe.
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