Orthobiologics Market Expected Huge Growth in Future
Orthobiologics are substances used to heal injuries such as fractures and injured muscles, ligaments, and tendons within a short period of time. Orthobiologics are made from substances that naturally occur in the body. Some examples of orthobiologics are bone grafts, autologous blood, autologous conditioned serum, platelet rich plasma, growth factors, and stem cells.
Increasing prevalence of injury and facture due to falls and road accidents are expected to augment growth of the orthobiologics market
According to World Health Organization (WHO), 2017, fatal falls are the second-leading cause of accidental injury and factures worldwide. Every year around 646000 individuals die from falls, globally. Increasing incidence of fall is expected to increase the chances of fractures, which in turn, is expected to create a highly conductive environment for growth of the orthobiologics market over the forecast period.
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According to World Health Organization (WHO), in 2017, around 1.25 million deaths were recorded and 20 to 50 million people suffered from severe injuries and fractures. Increasing prevalence of factures due to road accidents is expected to boost growth of the orthobiologics market in the near future. According to National Institute of Health (NIH), in 2016, around 8.5%, accounting for around 617 million of the world population was aged 65 years and above. Growing geriatric population, which is highly susceptible to injuries and fractures due to fragile skeletal framework, is increasing the prevalence of orthopedic disorders, in turn, driving growth of the orthobiologics market. The major factor restraining market growth is the high cost associated with orthobiologics-based treatments.
North America is expected to hold a dominant position due to rapid development of new innovative products by key players present in region
North America is expected to hold a dominant position in the orthobiologics market due to rampant research activities and rapid development of innovative products by key players present in the region. For instance, in 2015, NuVasive Inc.—U.S.-based company—launched its new innovative biologics technology, AttraX Putty, which is a synthetic bone graft, indicated in posterolateral spinal surgery as an autograft extender. Asia Pacific is expected to witness rapid growth, owing to growing geriatric population in the region. According to The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), 2016, the Asia Pacific region recorded around 60 percent of the geriatric population across the globe. The region recorded around 547 million people aged 65 years and above, which is projected to reach up to 1.3 billion by 2050.
Major players in the market are focusing on inorganic growth strategies such as mergers and acquisitions, to enhance their foothold in the global orthobiologics market. For instance, in May 2015, Bone Biologics Corp. collaborated with the University of California for the development of Nell-1, a bone growth stimulator orthobiological product.
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Key players operating in the orthobiologics market include Medtronic Plc, DePuy Synthes, Inc., Zimmer Biomet Holdings, Inc., Bone Biologics Corp, Harvest Technologies Corporation, Globus Medical, Inc., Smith & Nephew plc. NuVasive Inc., Stryker Corporation, and Genzyme.
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