NEW YORK, March 1, 2017 /PRNewswire/ -- The global orthobiologics market is expected to reach USD 10.2 billion by 2025, according to a new study by Grand View Research, Inc. The orthobiologics market is predominantly driven by the increasing orthopedic disease and musculoskeletal disease burden globally. Moreover, emerging technological innovations in biomaterials, used in the production of orthobiologics are presumed to accelerate the market demand over the forecast period. These predominantly include modifications in graft designs, advent of recombinant biologic agents, stem cell therapy and cultured tissue scaffolds.
These advancements are accompanied with the benefits such as enhanced biocompatibility, reduced surgical time and smaller incisions. Furthermore, these novel solutions are presumed to efficiently reduce the recurrence of post-operative complications, which in turn is expected to boost the orthobiologics market during the forecast period.
Further Key Findings From the Study Suggest:
In 2015, viscosupplementation accounted for the largest share in the product segment owing to being a cost efficient therapeutic alternative for symptomatic management of osteoarthritis
Spinal fusion held the largest share in the application segment in 2015, owing to presence of third party insurers and reimbursement structure for fusion enhancement products thus triggering growth
In 2015, North America accounted for the dominant share owing to consistent efforts of industry players in promoting awareness pertinent to the orthobiological products resulting in significant rise in adoption rate
Asia Pacific is anticipated to exhibit an exponential CAGR as a consequence of significant surge in healthcare spending and awareness levels with respect to the availability of orthobiologics
The prominent players are consistently indulging into extensive strategies to gain competitive position including regional expansion and mergers & acquisitions to capture a greater market share
For instance, in November 2015, Bioventus acquired BioStructures, a bioabsorbable bone graft developer. This acquisition was carried out to expand orthobiologics product portfolio and grafting solutions in order to expand their market share
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