According to the research authors at Transparency Market Research, the global orthobiologics market was evaluated at US$ 4.8 billion in the year of 2017 and the industry is set to mark the evaluation of whopping US$ 7.9 billion by the end of the forecast period in 2026. They also predict that the global orthobiologics market will expand at a steady CAGR of 5.5 % over the forecast period of 2018 to 2026. Key factors stimulating high growth in the global orthobiologics market include increasing prevalence of chronic arthritis as well as rising geriatric population. Furthermore, rising demand for biologics to be utilized in various types of minimally invasive orthopedic surgical procedures is also expected to fuel the demand in the global orthobiologics market in near future.
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Rising Patient Awareness Regarding Orthobiologics Boosts the Orthobiologics Market
Increase in the patient awareness regarding various orthopedic and chronic ailments as well as about availability of competent and compatible orthobiologics products is expected to favor the expansion of the global orthobiologics market in coming years. However, the products and services in the global orthobiologics market are relatively new and hence their reimbursement rate is relatively low. This factor can hamper the growth of the global orthobiologics market during the forecast period i.e. 2018 to 2026. Products offered by the players and manufacturers operating within the global orthobiologics market include demineralized bone matrix, viscosupplements, stem cell, bone morphogenetic proteins, synthetic bone substitutes, and allografts, among others. Among these, the viscosupplements segment led the global orthobiologics market in terms of demand in 2017 owing to increasing prevalence of knee osteoarthritis.
Application segments for the products in the global orthobiologics market are spinal fusion, reconstructive surgeries, and trauma repair, among others. Spinal fusion segment dominated the global orthobiologics market in terms of industry share owing to increase in the prevalence of accidents, traumatic injuries, sports related injuries, and spine injuries. Major end users for the products in the global orthobiologics market are orthopedic clinics and hospitals. Rising instances of tendon and nerve injuries, accidental injuries, sports related accidents, and orthopedic injuries are expected to create numerous opportunities in the hospital segment in global orthobiologics market during the forecast period.
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North America Holds the Largest Share in the Orthobiologics Market
Key regions assessed in the market intelligence report on the global orthobiologics market include Europe (including the United Kingdom, Spain, Germany, France, Italy, and rest of the Europe), North America (including the United States and Canada), Middle East and Africa (including Israel, Gulf Cooperation Council countries, South Africa, and rest of the Middle East and Africa), Asia Pacific (including India, Japan, New Zealand, China, Australia, and rest of the Asia Pacific), and Latin America (including Brazil, Mexico, and rest of the Latin America).
North America region held the largest share in the global orthobiologics market in 2017. This trend is anticipated to continue over the forecast period owing to emergence of latest technologies in orthobiologics. Another key factor boosting the sales in global orthobiologics market in North America is high prevalence of sports related as well as falls and accident related injuries in the region. Rising geriatric population along with high acceptance of orthopedic procedures is also anticipated to drive the global orthobiologics market in Asia Pacific over the forecast period.
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Key incumbent players covered in the research report on the global orthobiologics market include DePuy Synthes, Seikagaku Corporation, MTF Biologics, Arthrex, RTI Surgical, Inc., Exactech, Inc., Integra Life Sciences, Medtronic, Sanofi, Stryker, Johnson & Johnson, Bioventus, Zimmer Biomet, Alphatec Spine, Inc., and Globus Medical, Inc. Players and manufacturers in the global orthobiologics market are focusing their attention of developing new and advanced technologies to enhance their product offerings. Several players in the global orthobiologics market are also engaging in mergers and acquisitions to capture a larger consumer base.
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