Orthobiology is a branch of science that develops bone and tissue replacement materials for fasthealing and quick recovery of injured muscles, broken bones, ligaments and tendons. Orthobiologics is considered as a highly lucrative market owing to significant growth opportunities. One of the major driver for the growth of this industry is certain limitations that are associated with autografts and allografts. Although, autografts are considered as gold standard for orthopedic procedures but the usage of autograft involves donor site morbidity and an additional surgery. While, the major concerns associated with allografts is risk of disease transmission along with the decline in theiravailability. Therefore, in order to overcome these drawbacks of the autografts and allografts, bone graft substitutes are being preferred for use in orthopaedic surgery.
According to the American Academy of Orthopedic Surgeons (AAOS), approximately 465,000 spinal surgeries were performed in the U.S in 2011. Of all the spinal fusion surgeries performed, 46% were for lumbar fusion, 42% were for cervical fusion and the remaining 13% were for thoracic or multi-level fusion procedures. This rise in number of spinal fusion surgeries has created the demand for bone graft substitutes and has consequently boosted the overall growth of this industry. In addition, rise in the incidence of arthritis, increase in geriatric population and increase in obesity rate has triggered the growth of this market. Technological advancements, growing demand for minimally invasive procedures and rising patient awareness are the other factors that has considerably augmented the growth of this market. The global orthobiologics market was valued at USD 3,754.6 million in 2012 and is expected to grow at a CAGR of 5.9%from 2013 to 2019 to reach at an estimated value of USD 5,519.9 million in 2019.
At present, viscosupplementation accounts for the largest share of the orthobiologics market. The growth in this market is attributed to growing popularity of knee treatments and its ability to act as an effective pain killer as compared to NSAIDS and others. This market is followed by bone morphogenetic proteins (BMPs) which is characterized by its ability to provide faster recovery, lesser pain and ability to stimulate patients own cells for regeneration. However, the market is expected to show a negative growth rateduring the forecast period due to decline in the sales of “INFUSE” a Medtronic product. Severe side effects associated with INFUSE due to its heavy off label usage led to recall of this product by the U.S FDA. Synthetic bone substitutes and stem cell based products are expected to witness a significant growth during the forecast period. The growth of these segments is witnessed due to reduced cost, quick recovery and eliminated risk of disease transmission.
Geographically, North America and Europe dominates the orthobiologics market. The dominance in these region is witnessed due to rise in incidence of arthritis and higher obesity rates that has surged the demand for minimally invasive procedures such as bone grafting and growth factor treatment. These treatments offer enhanced well-being and durability, with minimal side effects while eliminating the need for repeated hospital visits. However, the Asia-Pacific region is expected to show highest growth rate during the forecast period. The demand for orthobiologics in this region is witnessed due to increase in number of orthopedic disease due to change in lifestyle, change in diet which all lead to increasing obesity rate and consequently leads to arthritis and other bone disorders. Moreover, rise in geriatric population and increase in sports related injuries are other factors likely to drive the growth of orthobiologics in this region.
The major players engaged in the orthobiologics market include Medtronic, Inc., DePuySynthes, Wright Medical Technology, Inc., Stryker Corporation, Orthofix, Inc., NuVasive, Inc., and other significant players.
The market for orthobiologics is gaining increasing attention owing to the compelling benefits of these substances in expediting skeletal and tissue healing. The numerous limitations faced by allografts and autografts in the field of skeletal and tissue healing are further compelling medical practitioners to adopt orthobiologics at an increasing rate. While the rising demand for musculoskeletal procedures in the recent years has led to a substantial boost to the global orthobiologics market in recent times, the lack of effective reimbursement policies and rigorous regulations are limiting adoption of orthobiologics to a certain extent.
The report examines the various aspects of the global orthobiologics market in great detail. Each of the segments of the market is analyzed from a global as well as regional standpoint. The implications of the regulatory framework, key regulations, and policies on a variety of decisions are also studied.
The report incorporates data gathered with the help of a number of primary and secondary research methodologies and relies upon numerous industry-best analytical methods for deriving the most insightful market analysis from the data gathered. With the voluminous information in the report, it forms a valuable asset for managers, business strategists, and all other decision makers who are interested in the overall development of the global orthobiologics market.
The report states that the global market for orthobiologics will expand at a 5.9% CAGR between 2013 and 2019. As such, the market, which had a valuation of US$3.7 bn in 2012, will rise to US$5.5 bn by 2019.
The report segments the global market for orthobiologics on the basis of three broad criteria: product types, key applications, and key regional markets. Based on the type of products, the market is segmented into bone morphogenetic proteins, allografts, viscosupplementation, synthetic bone substitutes, demineralized bone matrix (DBM), stem cell therapy, and machined bones. Based on the key applications of orthobiologics, the market is segmented into reconstructive surgery, trauma, and spinal fusion. Key regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Of the key product types in the global orthobiologics market studied in the report, the report states that the market for viscosupplementation acquired the largest share in the market in 2012 owing to the mounting global demand for knee treatments. Viscosupplementation is considered a more effective painkiller than NSAIDS. The market for orthobiologics is also expected to significantly benefit from the growing demand for stem cell therapies in the near future.
Of the key regional markets, the market is currently gaining the most from the regional markets of Europe and North America owing to the high prevalence of arthritis and obesity in these regions. Over the report’s forecast period, however, the market is expected to see the fastest growth in Asia Pacific in response to the rising geriatric population base in the region.
Global Orthobiologics Market: Key Companies
The report presents a detailed overview of the competitive landscape of the global orthobiologics market, wherein it studies the detailed business profiles of some of the key businesses operating in the market. Some of the key businesses operating in the market are Alphatec Spine, Inc., Globus Medical, Inc., DePuy Synthes, Inc., Bacterin International, Inc., Medtronic, Inc., Integra LifeSciences Corporation, Zimmer Holdings, Inc., Exactech, Inc., and Biomet, Inc.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments