NEW YORK, April 18, 2016 /PRNewswire/ -- Orthobiologics finds extensive application in various orthopedic diseases treatment. The orthobiologics are made utilizing substances found naturally in the human body. These products are increasing in demand as they provide quick healing, faster recovery, and lesser number of hospital visits.
According to RNCOS' new research report "Global Orthobiologics Market Outlook 2020", the orthobiologics market was valued around US$ 4 Billion in 2015. The major reason for the growth of the market is the increasing adoption of orthobiologics, especially bone graft substitutes in different orthopedic applications. In addition, rise in the incidence of arthritis and other orthopedic diseases, increase in geriatric population and increase in obesity rate has triggered the growth of this market. However, factors such as high cost of the orthobiologics and orthopedic procedures, complex regulatory framework, and the biocompatibility issues associated with bone morphogenetic proteins are expected to hamper the market growth in the forecasted period.
RNCOS, in its report has segmented the global orthobiologics market on the basis of product type, application, and geography. Viscosupplementation accounts for the largest share of the orthobiologics products market. Synthetic bone substitutes and stem cell based products are expected to witness a significant growth due to increasing number of research related activities in the stem cell orthobiologics market. Furthermore, the report also provides insights about the orthobiologics products that are in developmental stages.
Based on applications, the orthobiologics market is divided into spinal fusion, trauma and reconstructive surgery. Spinal fusion accounted for the largest share of the market owing to increasing number of spinal fusion surgeries. The reconstructive surgery market is poised to witness highest growth due to rising number of hip and knee replacement surgeries.
The market has been divided into four major regions to provide a regional analysis of the orthobiologics market: North America, Europe, Asia, and Rest of the World. Of these, North America is currently the largest market for orthobiologics owing to a high prevalence of obesity and arthritis, and higher healthcare expenditure in the region. The high share is also attributed to the wide acceptance of orthobiologics products, coupled with launch of new and advanced products in the market. The Asian market is poised to witness the highest growth in the forecasted period due to increasing focus of players in this region, and also as a result of an expanding geriatric population base and increasing number of road accidents.
After an exhaustive study of the industry, the report presents a deep dive competitive landscape covering the top players along with recent developments (new product launches and partnerships, mergers and acquisitions, and joint ventures) and growth strategies adopted by them to sustain their position in the global orthobiologics market. Zimmer Biomet, Medtronic plc, Stryker Corporation, DePuy Synthes, Inc., Smith & Nephew plc, and Wright Medical Group N.V. are some of the leading players in the global orthobiologics market.
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