Wilmington, Delaware, United States, April 18, 2023 (GLOBE NEWSWIRE) -- The global orthobiologics market size was valued at USD 8.4 Bn in 2022 and is estimated to exceed value of USD 13.8 Bn by 2031. The global market is likely to expand at a CAGR of 5.5% between 2023 and 2031.
A rise in prevalence of bone disorders is anticipated to fuel the global orthobiologics market between 2023 and 2031. The global market is expanding as a result of advent of novel, technologically advanced products.
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Market development is anticipated to be fueled by higher spending on healthcare as well as greater understanding of the benefits of early diagnosis and management of bone problems. Additionally, increase in popularity of bone grafts, including xenografts and allografts as well as concentrations of bone marrow aspirate concentrate (BMAC) and platelet-rich plasma (PRP) in developing countries, is expected to fuel industry growth.
Orthobiologics are frequently utilized along with conventional orthopedic therapies, including surgery and physical therapy, to speed up the healing process and shorten recovery time for musculoskeletal injuries, regenerative medicines, and other orthopedic conditions.
Orthobiologics offers numerous benefits over conventional sports injury treatments. Stem cells, for instance, can encourage tissue repair and regeneration, and they have the capacity to develop into many cell types. Growth factors that can promote healing and decrease inflammation are present in platelet-rich plasma (PRP). These biological molecules can be injected right into the wound, aiding in speedier recovery and eliminating the necessity for invasive surgery. Numerous research has shown how well orthobiologics works to treat sports injuries.
The capacity to carry out everyday tasks, work, and engage in social and leisure activities is affected by arthritis, which is one of the main causes of disability across the globe. Additionally, arthritis has a huge economic impact, with direct medical expenses and lost productivity expected to total billions of dollars every year.
The World Health Organization (WHO) estimates that between 10% and 15% of people, worldwide, suffer from arthritis. The equivalent number of individuals, globally, is between 700 million and 1 billion. A number of variables, including lifestyle, genetics, age, and also environmental factors, have an impact on the prevalence of arthritis, which varies by region. Growing incidence of chronic arthritis is expected to drive business opportunities in the global orthobiologics market.
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Key Findings of Market Report
- Based on product, the viscosupplementation segment led the global industry in 2022. hyaluronic acid (HA) is injected into the joint space in order to lubricate and cushion the injured joint . This procedure is known as viscosupplementation.
- In terms of application, the spinal fusion segment held a significant market share in 2022. In recent years, spinal fusion operations have been using orthobiologics more frequently as it has been proven that they enhance patient outcomes and decrease the need for subsequent surgeries.
Orthobiologics Market: Growth Drivers
- Sports injuries are quite common among athletes and people who participate in physical activity. These injuries range in severity from minor sprains and strains to ligament tears and fractures. Orthobiologics, a potential field of medicine for treating sports injuries, includes biological components including platelet-rich plasma, growth factors, and stem cells. Increase in the incidence of sports injuries is one of the key factors influencing positively the global orthobiologics market.
- Increase in the incidence of chronic arthritis is estimated to fuel business growth in the near future. Orthobiologics are biological compounds that help speed up the recovery from injuries or conditions of the musculoskeletal system. Natural sources, such as blood, cartilage, or bone, or synthetic sources, such as chemical synthesis, can be used to manufacture these compounds.
Global Orthobiologics Market: Regional Landscape
- North America held a significant portion of the global orthobiologics market in 2022. The market in the region is anticipated to grow at a high CAGR between 2023 and 2031. This is attributed to an increase in orthopedic injuries and ailments. In the U.S., alone, the CDC estimates that 54 million individuals have some type of arthritis, and this figure is anticipated to rise to 78 million by 2040. Demand for orthobiologic products, such as bone graft replacements utilized in operations such as joint repair and spinal fusion, is high due to rise in the prevalence of orthopedic illnesses.
Orthobiologics Market: Key Players
- Seikagaku Corporation
- Global Medical, Inc.
- Alphatec Spine, Inc.
- Exactech, Inc.
- Zimmer Biomet
- Sano Orthopedics
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Orthobiologics Market: Segmentation
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