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What is the future growth analysis of global Biosurgery Market?
The overall biosurgery market is expected to reach USD 20.12 billion by 2027 from an estimated USD 11.36 billion in 2018, at a CAGR of 6.6 %.
What are key factors driving growth of global Biosurgery Market?
The rising geriatric population, increase in the volume of surgeries and sports-related and trauma injuries, increasing clearance of biosurgery products by regulatory authorities, and growing need for effective blood loss management in patients which, in turn, help in the growth of the market. The market is expanding with the emergence of new products and applications.
What the growth opportunities are in Biosurgery market?
1. Untapped Emerging Markets
2. Rising Need for Effective Blood Loss Management
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Global Market Segmentation:
In the current market scenario, there is a growing demand for biosurgery products. The market has been categorized based on product, application and region.
Biosurgery products are used to aid surgeries and repair weakened and damaged tissues and bones. Some commonly used biosurgery products include surgical sealants and adhesives, hemostatic agents, adhesion barriers, soft-tissue attachments, bone-graft substitutes, and staple line reinforcement agents. These products are intended to control blood loss, aid wound healing, and assist the healing of surgical sites during various surgeries.
The biosurgery market has been segmented, on the basis of product into bone-graft substitutes, soft-tissue attachments, surgical sealants and adhesives, hemostatic agents, adhesion barriers, and staple-line reinforcement agents. The market for surgical sealants and adhesives is expected to grow at the highest CAGR between 2018 and 2027. The increasing demand for polymeric hydrogel-based sealants contribute to the rapid growth of the biosurgery market.
Orthopedic surgeries is one of those applications where the procedures are associated with significant blood loss owing to the dissection of bony and fibrotic tissues. Bleeding management and the effective regeneration of tissues and bones are the common challenges faced by orthopedic surgeons. Biosurgery products such as surgical sealants, hemostats, bone-graft substitutes, and soft-tissue repair products are some of the commonly used products to overcome these challenges.
The price of biosurgery products is a major factor restraining the growth of the biosurgery market. With the unfavorable reimbursement scenario, makes them unaffordable for a large section of the target patient population. The cost of surgical procedures has increased considerably over the years due to factors such as consolidation of healthcare providers, rising expenses owing to the use of complex medical procedures, changing government regulations, and constrained resources. This has adversely affecting the affordability of various surgical procedures for patients.
Geographic Growth Analysis:
The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the fastest-growing market for biosurgery products. The rising healthcare expenditure, growing volume of surgical procedures, and rising need for effective blood loss management, has increased the growth of market in this region.
The increasing penetration of biosurgery products and the influx of global players, along with the emergence of native players, are contributing to the growth of the market. As a result, APAC holds a significant share of the overall market.
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Key Players In Global Biosurgery Market:
Key players include Baxter (US), Johnson & Johnson (US), and Medtronic (Ireland), Sanofi (France), C.R. Bard (US), Integra LifeSciences (US), MAQUET (Sweden), Cohera Medical (US), Hemostasis (US), Stryker (US), B.Braun (Germany), CSL (Australia), Pfizer (US), and CryoLife (US). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and prducts in the market.