Orthobiologics Market is Estimated to Witness High Growth Owing to Increasing Sports and Ortho Injuries

Bysayabonde

Orthobiologics are biological products used in orthopedic applications to promote bones repair and regeneration. Examples of orthobiologics products include bone graft substitutes, soft tissue substitutes, viscosupplementation products, and bone growth stimulators. Orthobiologics help in faster healing of fractures caused due to bone disorders like osteoporosis or injuries from road accidents, sports, and trauma cases. The global orthobiologics market is expected to witness significant growth over the forecast period owing to the rising number of musculoskeletal disorders and orthopedic surgeries along with increased adoption of minimally invasive procedures.

The global orthobiologics market is estimated to be valued at US$ 6,515.02 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 Dynamics:
One of the key drivers for the growth of the orthobiologics market is the increasing incidence of sports injuries and ortho injuries. According to estimates, over 38 million Americans suffer from a sports injury each year. Sports injuries account for over 30% of all orthopedic surgeries performed annually. The growing participation in sports and recreational activities has led to a rise in orthopedic conditions like ligament tears, bone fractures, cartilage damage etc. requiring surgical interventions. Orthobiologics help in faster recovery from such injuries. Moreover, the rising geriatric population who are more prone to bone injuries like hip fractures is expected to propel the demand for orthobiologics over the forecast period. By 2050, over 1.5 billion people aged 65 and older will be living globally. However, stringent regulatory framework and high costs associated with orthobiologics may restrict market growth during the analysis period.

SWOT Analysis
Strength: The orthobiologics market offers several advantages over traditional prosthetic implants and medical devices. Orthobiologics products are derived from biological sources and mimic natural tissues, making them more biocompatible with the human body. They help promote tissue regeneration and reduce healing time for patients. Additionally, orthobiologics are minimally invasive and can be injected directly into injuries or surgical sites, requiring less extensive surgery.
Weakness: The development and production of orthobiologics is complex and expensive. Additionally, clinical evidence for the long-term effectiveness of many orthobiologics remains limited. Regulatory hurdles also impact the approval and adoption of new orthobiologics products.
Opportunity: The aging global population and rise in degenerative diseases is driving demand for advanced treatment options. Orthobiologics allow for minimally invasive interventions that speed up recovery time. Expanding into developing markets and growing acceptance of tissue engineering and regenerative medicine can boost market growth.
Threats: Stringent regulatory pathways for new orthobiologics may delay product launches. Reimbursement challenges also impact market access in some regions. Alternative treatment options like stem cell therapy present competition. Additionally, the high production costs make orthobiologics less accessible in price-sensitive markets.

Key Takeaways
The global orthobiologics market is expected to witness high growth over the forecast period due to the rising prevalence of musculoskeletal disorders worldwide. The market size for orthobiologics is projected to reach nearly US$ 6.5 billion in 2024.

Regional analysis: North America currently dominates the orthobiologics market accounting for over 40% revenue share in 2022. This is attributed to rising healthcare investments, new product approvals, and availability of advanced treatment options in the region. Asia Pacific is expected to be the fastest growing regional market given the improving access to healthcare and rising medical tourism in countries like China, India and Japan.

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. They are focusing on new product launches, acquisitions and collaborations to strengthen their market position.