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The global Orthobiologics Market is estimated to be valued at US$ 6,515.2 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 are natural or synthetic materials that are used in the bone repair and regeneration process after injuries or surgeries involving bones and joints. They provide the foundation for new bone formation by promoting faster healing of fractures and other skeletal defects. Some key orthobiologics products include demineralized bone matrix, bone morphogenetic proteins, synthetic bone grafts, bone allografts, visco supplements, and others. These products are increasingly being used in applications such as spinal fusion, trauma, dental, and reconstruction surgeries due to advantages such as faster recovery, reduced risk of infections, and lower usage of synthetic materials.
Market key trends:
Rising prevalence of osteoarthritis and other degenerative bone diseases is expected to be a major growth driver for the orthobiologics market. According to the Centers for Disease Control and Prevention, around 32.5 million people in the U.S. were diagnosed with osteoarthritis in 2018. Another key trend is the growing number of sports injuries and accidents which require bone repair procedures. Increasing number of novel product approvals and launches by market players is also fueling market growth. For instance, in August 2020, Medtronic received approval from the US FDA for Grafton DBM putty for orthopedic procedures involving the foot and ankle.
Porter’s Analysis
Threat of new entrants: The orthobiologics market requires high R&D investment for new product development. Competitive intensity is also high due to presence of established players. These factors pose moderate threat to new entrants.
Bargaining power of buyers: Bargaining power of buyers is moderate as switching costs are low for buyers and industry has several product options.
Bargaining power of suppliers: Presence of many clinical research organizations supplying biomaterials and few key raw material suppliers gives them moderate bargaining power.
Threat of new substitutes: Technological advancements have led to introduction of alternative therapies like stem cell therapies, scaffolds and grafts poses threat.
Competitive rivalry: Being a consolidated market, competitive rivalry is intense with companies competing on product innovation, quality and pricing.
Key Takeaways
The global orthobiologics market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of orthopedic diseases and rise in sports injuries and trauma cases.
Regional analysis
North America currently dominates the orthobiologics market owing to high incidence of target diseases, favorable reimbursement policies and presence of major market players in the region. Asia Pacific is expected to witness fastest growth during the forecast period due to growing obesity, improving healthcare infrastructure and rising medical tourism in the region.
Key players
Key players operating in the orthobiologics market are 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
