by The Biosurgery Market is estimated to be valued at US$ 13,887.5 Mn in 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period (2022-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Biosurgery Market involves the use of surgical and non-surgical techniques to aid in the healing of injuries and the prevention of infections. This includes the use of biomaterials, surgical sealants, hemostatic agents, soft tissue repair products, and bone graft substitutes. These products have various applications in different medical fields, such as general surgery, orthopedics, cardiovascular surgery, and neurosurgery. They are used to enhance wound healing, control bleeding, prevent adhesion formation, and promote tissue regeneration. The increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, along with the growing geriatric population, is expected to drive the demand for biosurgery products.
Market Dynamics:
The Biosurgery Market is driven by two main factors: technological advancements and the increasing prevalence of chronic diseases. Technological advancements in biosurgery products have led to the development of innovative and more effective products. For example, the introduction of minimally invasive procedures and advanced biomaterials has improved surgical outcomes and reduced patient recovery time. These advancements have increased the adoption of biosurgery products by healthcare professionals. Additionally, the rising prevalence of chronic diseases, such as cancer and cardiovascular diseases, is fueling the demand for biosurgery products. These products aid in the treatment of these diseases and promote faster healing and recovery. Furthermore, the growing geriatric population is also contributing to the market growth, as this population is more prone to chronic diseases and often requires surgical interventions.
Segment Analysis
The Biosurgery Market can be segmented into various sub-segments based on product type, application, and region. One of the dominating segments within the market is the surgical sealants and adhesives sub-segment. This segment is characterized by the increasing adoption of surgical sealants and adhesives in various surgical procedures. These products effectively control bleeding and provide a secure and rapid closure of surgical wounds. Surgical sealants and adhesives have significant advantages over traditional methods such as sutures and staples, as they minimize the risk of infection and reduce the healing time.
PEST Analysis
Political: The biosurgery market is influenced by political factors such as regulatory policies and government initiatives to promote better healthcare infrastructure. For example, governments across the globe have implemented strict regulations regarding the approval and usage of biosurgical products.
Economic: The economic factors impacting the biosurgery market include healthcare expenditure, insurance coverage, and disposable income. Increasing healthcare expenditure and rising disposable income are driving the demand for advanced biosurgical products.
Social: The social factors affecting the market include the growing awareness about the benefits of biosurgery, increasing geriatric population, and changing lifestyle patterns. These factors contribute to the rising demand for biosurgical products.
Technological: The biosurgery market is significantly influenced by technological advancements in surgical procedures and the development of innovative biosurgical products. Technological advancements such as the introduction of minimally invasive procedures have enhanced the efficacy and safety of biosurgical interventions.
Key Takeaways
The global biosurgery market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period (2022-2028). This growth can be attributed to factors such as increasing surgical procedures, the rising prevalence of chronic diseases, and the growing geriatric population. Additionally, the demand for advanced biosurgical products and the adoption of minimally invasive surgical techniques are driving market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the biosurgery market. This can be attributed to factors such as well-established healthcare infrastructure, favorable reimbursement policies, and the presence of key market players in the region.
Key players operating in the biosurgery market include Betatech Medical, Hemostasis LLC, CryoLife Inc., CSL Limited, Medtronic PLC, Johnson & Johnson, B.Braun Melsungen AG, Baxter International Inc., Integra Lifesciences Holdings Corporation, and Becton, Dickinson and Company (CR Bard), among others. These key players are actively involved in product development, strategic collaborations, and mergers and acquisitions to maintain their market dominance and expand their product portfolio.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
