Global Orthobiologics Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global orthobiologics market is estimated to garner robust revenue by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated remarkable revenue in the year 2022. The growth of the market can primarily be accounted to the rising cases of bone diseases across the globe. Based on the report provided by the National Library of Medicine (NLM), it was observed that around 1.5 million people suffer from fractures owing to some sort of bone disease every year.
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Global orthobiologics market trends such as, the growing prevalence of low immunity and calcium deficiency owing to changing lifestyles and skyrocketing spending on medical technology are projected to influence the growth of the market positively over the forecast period. As of 2019, the total revenue generated by medical technology was anticipated to be nearly USD 450 billion while the R&D spending on this technology was estimated to be around USD 30 billion in the same year. Orthobiologics is an injectable therapy that utilizes biological substances to heal musculoskeletal injuries rapidly. The substances used in the therapy are made from the materials naturally produced by the body. Therefore, all these factors are anticipated to propel the growth of the market over the forecast period.
Global Orthobiologics Market: Growth Drivers and Challenges
Growing Number of Bone Fractures to Boost the Market Growth
For instance, the estimated number of bone fractures received is approximately 1000 fractures per 100,000 people every year.
- Increasing Sales of Orthopedic Devices
As of 2022, the orthopedic devices segment was valued at around USD 40 billion.
A wide array of technologies is included in orthobiologics to improve the functionality of the broken bone. Components such as, scaffolds to reinforce tissue, cell therapies, and bone grafting materials are used in the therapy. Orthobiologics is associated with bone injuries, for instance, osteoporosis, osteonecrosis, bone infection, and density.
- Higher Prevalence of Orthopedic Injuries
The prevalence of orthopedic injuries can be observed by the fact that more than 6 million orthopedic surgeries are performed every year solely in the USA.
- Rising Cases of Osteoporosis Across the Globe
It is observed that 1 in 2 women and 1 in 5 men aged 50 or over suffer from osteoporosis globally. Furthermore, in 2017-18, more than 18% of women were predicted to be living with osteoporosis.
- Significant growth in the Healthcare Expenditure
World Bank published statistics showing that in 2019, the healthcare expenditure reached 1,121.9 U.S. dollars per Capita.
- Higher Cost Associated with the Treatment
- Lack of Skilled Medical Professionals and Requisite Technology
- Presence of the Alternatives in the Market
The global orthobiologics market is segmented and analyzed for demand and supply by end-user into clinics and hospitals, out of which, the hospitals segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the rising patient pool in hospitals worldwide. For instance, in 2019, approximately 7% of the US population was noticed to be hospitalized.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Orthobiologics Market Regional Synopsis
Regionally, the global orthobiologics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market is ascribed to the rising geriatric population with severe bone diseases and the ongoing development in the healthcare expenditure of the region. As per the data published by the World Bank, it was noticed that the geriatric population in the United States reached 56,545,938 in 2021.
The global orthobiologics market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global orthobiologics market includes the following segmen
Top Featured Companies Dominating the Global Orthobiologics Market
- Medtronic plc
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Wright Medical Group N.V.
- Zimmer Biomet Holdings, Inc.
- Arthrex, Inc.
- Medical Device Business Services, Inc.
- Johnson & Johnson & Services, Inc.
- RTI Surgical, Inc.
- MTG Learning Media Pvt. Ltd.
- Bioventus LLC
- Stryker Corporation