What are the Global Growth Factors?
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 Biosurgery Market is expanding with the emergence of new products and applications.
What The Experts Says about the Market Growth?
The biosurgery market is expected to reach $15.58 billion by 2023, at a CAGR of 6.5 %
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The bone-graft substitutes segment accounted for the largest share of the biosurgery market in 2017
On the basis of product, the biosurgery is broadly segmented into bone-graft substitutes, soft-tissue attachments, hemostatic agents, surgical sealants & adhesives, adhesion barriers, and staple-line reinforcement agents. In 2017, the bone-graft substitutes segment accounted for the largest share of this market. The large share of this market can be attributed to a large number of commercially available bone grafts and their higher utilization (as compared to other biosurgery products) by surgeons in various surgeries. Advantages such as cost-effectiveness, biocompatible, bioresorbable, osteoconductive, and osteoinductive properties of bone-graft substitutes make them more preferred as compared to other biosurgery products.
The reconstructive surgeries segment is expected to register the highest CAGR during the forecast period
Based on applications, the biosurgery market is segmented into gynecological surgeries, general surgeries, cardiovascular surgeries, orthopedic surgeries, neurological surgeries, reconstructive surgeries, urological surgeries, and thoracic surgeries. The reconstructive surgeries segment is estimated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing focus of players on developing surgical sealants for reconstructive surgeries.
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The biosurgery 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 biosurgery 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 biosurgery market.
Key Market Players:
Key players in the market 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).