Key Factors Driving Biosurgery Market Growth:
Rising focus towards effective blood loss management and growth in the volume of elective surgeries are driving the demand for biosurgery products. Increasing prevalence of lifestyle disorders and chronic diseases and rising geriatric population can be attributed to contribute towards an increase in elective surgical procedures globally. Moreover, increasing incidence of severe traumatic injuries is also driving the demand of biosurgery products as a substitute to alternative suture and ligature-based procedures. Vendors are using organic growth strategies such as product launches and innovations, which has resulted into an increasing availability of advanced products in bio surgery market globally.
Biosurgery Market Revenue Growth Analysis:
[392 Pages Report] The biosurgery market is projected to reach USD 16.0 billion by 2026 from USD 12.2 billion in 2021, at a CAGR of 5.7%.
This report aims to provide detailed insights into the global biosurgery market. It provides valuable information on the type, procedure, application, and region in the bio surgery market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
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Opportunity in Bio Surgery Market:
Growing Adoption of Advanced Biosurgery Products
The penetration of biosurgery products is increasing across emerging countries, specifically based in the Asia Pacific, Latin America, and the Middle East and Africa. In the coming years, countries such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the biosurgery market. This is because the markets in these countries are characterized by a large patient base for target indications (such as cardiovascular, orthopedic, general/abdominal, and gynecological disorders), rising health awareness, growing healthcare expenditure, rising medical tourism, and rapidly developing healthcare infrastructure.
Over the last few decades, countries such as India and Malaysia have emerged as hubs for medical tourism. This is because the cost of medical procedures across these emerging countries is significantly less in comparison to developed countries such as the US, Germany, France, and the UK. Moreover, government agencies in several Asia Pacific and Middle East countries are undertaking initiatives to support their respective healthcare systems, which is providing lucrative growth opportunities to the biosurgery product manufacturers across emerging countries.
The Bone Graft Substitutes to Dominate The Bio Surgery Market:
Based on the product, the bone graft substitute segment accounted for the largest share of the global biosurgery market in 2020. The large share of this segment can be attributed to the increasing use of bone graft substitute products in orthopedic and dental surgeries and significant benefits offered by bone graft substitute products over conventional autograft products. The bone graft substitutes reduces the need to harvest healthy bones from patients to facilitate bone fusion in diseased or surgical bones. In comparison to autografts, the materials used for bone-graft substitutes can be sourced in sufficient quantity in the form of pellets, paste, strips, gels, putty, or blocks.
North America dominated the bio surgery market in 2020
In 2020, North America accounted for the largest share of the biosurgery market, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa. The large share of this market segment can be characterized by favorable reimbursement policies for biosurgery products, presence of a highly developed healthcare system, the significant number of prominent vendors, the increasing number of healthcare settings, the rising prevalence of traumatic injuries and lifestyle disorders.
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Key Players in Biosurgery Market:
The prominent players in bio surgery market are Johnson & Johnson (US), Baxter International Inc. (US), Medtronic Plc (Ireland), Becton, Dickinson & Co. (US), B. Braun Melsungen AG (Germany), Stryker Corp. (US), Integra Lifesciences Holdings Corp. (US), CSL Ltd. (Australia), Hemostasis LLC. (US), Pfizer Inc. (US), Cyrolife Inc. (US), Zimmer Biomet (US), Kuros Biosciences AG (Switzerland), Orthofix Medical Inc. (US), and Smiths & Nephew Plc. (UK).