The global Orthobiologics Market is estimated to be valued at US$ 6899.6 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthobiologics products contain biologic or cellular components that are used to promote musculoskeletal healing. These products include bone graft substitutes, bone marrow aspirate concentrates, stem cells, cartilage repair, bone morphogenetic proteins and other growth factors. They help in reconstruction of joints and tissues damaged due to injuries, arthritis or other conditions. Orthobiologics offer advantages over traditional treatments such as reduced invasiveness, lower risk of infections and faster healing times. With rising incidences of osteoarthritis and osteoporosis, demand for effective joint reconstruction procedures is increasing globally, fuelling growth of the orthobiologics market.
Market key trends:
One of the key trends in the orthobiologics market is the increasing adoption of regenerative medicine techniques. Regenerative medicine involves repairing or replacing cells, tissues or organs to restore normal function. Researchers are focusing on developing innovative therapies utilizing stem cells, tissue engineering and gene therapy to induce natural healing process. For instance, bone marrow aspirate concentrate therapy makes use of concentration of platelets and bone marrow stem cells and growth factors to facilitate bone and cartilage healing. Advancements in areas of regenerative medicine hold promising growth opportunities in the orthobiologics market.
Porter’s Analysis
Threat of new entrants: The orthobiologics market requires high R&D investment and regulatory approvals which poses a barrier for new entrants. However, collaboration with established players can help lower these barriers.
Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for orthobiologics products. However, large group purchasers like hospitals and healthcare systems have higher bargaining power to negotiate on price and contract terms.
Bargaining power of suppliers: The suppliers of raw materials for orthobiologics are limited which gives them higher bargaining power. Suppliers can influence pricing through economies of scale and long term contracts with manufacturers.
Threat of new substitutes: Alternatives like orthopedic surgery pose a minimal threat currently but advances in tissue engineering or regenerative medicine could introduce innovative substitutes in future.
Competitive rivalry: The orthobiologics market is fairly consolidated with few large companies dominating the market. Intense competition exists in areas of R&D, product innovation, and market expansion.
Key Takeaways
The Global Orthobiologics Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of musculoskeletal disorders, rising geriatric population, and growing number of sports injuries and trauma cases.
Regional analysis: North America dominates the orthobiologics market currently due to presence of major players, rising healthcare expenditure and availability of reimbursements. Asia Pacific is expected to grow at the fastest pace over the forecast period owing to large patient base, improving access to healthcare facilities and rising medical tourism.
Key players operating in the orthobiologics market include Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, ATEC Spine, Inc., XTANT MEDICAL, Johnson & Johnson Services, Inc., Exactech, Inc., Integra LifeSciences, Medtronic, NuVasive, Inc., Orthofix US LLC., SeaSpine, ChitogenX Inc., Spine Wave, Inc., Molecular Matrix, Inc., Isto Biologics, Baxter, Locate Bio Limited, Cerapedics, Ossifix Orthopedics, and Aziyo. Major players are focused on developing innovative products and exploring opportunities through partnerships for long term growth.
