Biosurgery Market to Reach $27.32 Bn, Globally, by 2030 at 9.1% CAGR: Allied Market Research
Rise in spending on R&D activities by researchers, private companies, and government organizations and surge in prevalence of severe traumatic injuries drive the growth of the global biosurgery market.
PORTLAND, Ore., April 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Biosurgery Market by Product Type (Anti Adhesive Agents, Bone Graft Substitutes, Hemostatic And Surgical Sealant, Mesh), by Application (Cardiovascular And Thoracic Surgery, Neuro And Spine Surgery, Orthopedic Surgery, General Surgery), by Source (Biologics Products, Synthetic Products): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global biosurgery industry generated $11.42 billion in 2020, and is expected to reach $27.32 billion by 2030, witnessing a CAGR of 9.1% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in spending on R&D activities by researchers, private companies, and government organizations, strategies adopted by top players such as new product launches, and surge in prevalence of severe traumatic injuries drive the growth of the global biosurgery market. However, expensive nature of biosurgery products and stringent regulations restrain the market growth. On the other hand, rise in number of surgical procedures and surge in number of sports-related injuries present opportunities in the coming years.
Impact of COVID-19 on Biosurgery Market-
- Hospitals and clinics shifted their resources to take care of patients infected with Covid-19 during the pandemic. Owing to this, the soft tissue orthopedic and urogynecology procedures were profoundly affected.
- The lockdown restrictions and possibility of cross-contamination led to reduced number of patient visits for diseases such as cancer and diabetes during the pandemic. For instance, the Tissue Regenix Group, a medical technology company, highlighted that revenue generated by biosurgery procedures declined by around 22% due to the cancellation of elective surgical procedures.
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The mesh segment to maintain its leadership status during the forecast period
Based on product type, the mesh segment held the highest market share in 2020, contributing to more than one-third of the global biosurgery market, and is projected to maintain its leadership status during the forecast period. This is due to increase in incidence of surgeries such as cardiovascular surgery and general abdominal surgery that raise the demand for anti-adhesive agents. However, the bone graft substitutes segment is estimated to manifest the largest CAGR of 10.5% from 2021 to 2030, owing to rise in demand for bone graft substituent products and increase in number of sports injuries and surgeries.
The neuro- and spine surgery segment to maintain its lead position throughout the forecast period
Based on application, the neuro- and spine surgery segment accounted for the highest market share in 2020, accounting for nearly two-fifths of the global biosurgery market, and is projected to maintain its lead position throughout the forecast period. This is attributed to increase in prevalence of the neurological disorder. However, the general surgery segment is projected to manifest the largest CAGR of 10.2% from 2021 to 2030, owing to rise in incidence of surgeries, surge in sedentary lifestyle, and increase in the geriatric population.
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North America to maintain its dominance in terms of revenue by 2030
Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global biosurgery market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to increase in prevalence of chronic disease, rise in number of surgeries, presence of key players in manufacturing biosurgery products, and surge in development in R&D activities in the healthcare sector. However, Asia-Pacific is projected to portray the fastest CAGR of 10.2% during the forecast period, owing to rise in number of sport-related surgery and injury and increase in demand for biosurgery products.
Leading Market Players
- Aroa Biosurgery Limited
- B. Braun Melsungen AG
- Baxter International Inc.
- Becton, Dickinson and Company
- Hemostasis LLC
- Integra LifeSciences Holdings Corp.
- Johnson and Johnson
- Medtronic PLC
- Sanofi S.A.
- Tissue Regenix Group
Official Press Release- https://www.alliedmarketresearch.com/press-release/biosurgery-market.html
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