Market Research Future (MRFR) anticipates the Biosurgery Market to attain a healthy CAGR around 7.0% from 2020 to 2027 (assessment period).
Growth Boosters and Deterrents
Major growth boosters in the biosurgery market include the escalating number of surgeries, especially in emerging countries such as Mexico, India, Brazil, and Japan. Soaring number of sports injuries, rising burden of obesity cases, and the surge in spinal issues worldwide have also raised the demand for biosurgeries. With manufacturers increasingly focusing on taking up exhaustive research and development initiatives to create cutting-edge and high performance biosurgery devices, the global market is deemed to witness strong growth in the following years. Moreover, innovations with respect to healthcare technologies and their rapid adoption by the industry should also underpin the market growth during the given period.
The global market will get further boost from the expanding elderly population, which is prone to a number of diseases related to gynaecology, urology and more. Moreover, the mounting preference for minimally invasive procedures in line with frequent technical innovations can also enhance the market size in the future. Canada and the US are witnessing a considerable increase in chronic disorders as sedentary lifestyles have become common. This scenario, in addition to rising government funds to improve the healthcare infrastructure, should work in favor of the global market in subsequent years.
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Although the demand could be negatively affected by the high prices of biosurgery products, the market could still chart a relentless growth trajectory considering the upgradations in the healthcare infrastructure across developing nations.
The market for biosurgery has been studied extensively in the MRFR report, while also outlining a few segments, namely product, source, and application.
The key products discussed in the report include hemostatic agents, bone graft substitutes, surgical sealants and adhesives, soft-tissue attachments, staple-line reinforcement agents and adhesion barriers. The market for bone-graft substitutes is the biggest, mainly due to the surging popularity of these products in spine and foot reconstruction surgeries and fractures. Accelerated cases of sports-related injuries along with lower back disorders also push the segmental growth.
The sources considered in the MRFR report are biological as well as natural products.
Some of the major applications are general surgery, neurological surgery, orthopedic surgery, cardiovascular surgery, gynecology surgery, thoracic surgery, urology surgery and reconstructive surgery. The dramatic growth in the number of sports-related wounds and injuries as well as age-related disorders have intensified the growth of the orthopedic surgery segment.
The biosurgery industry can be geographically divided into APAC/Asia Pacific, Europe, MEA/Middle East Africa and the Americas.
With the biggest market size, America benefits from the rise in lifestyle disorders, and the surging count of obese individuals. The escalating number of age-related surgeries also bolster the market development rate in the region. in addition to that, exhaustive research development activities by eminent manufacturers for introducing superior quality biosurgery products enhances the market share in the United States. Trauma-related injuries are mounting rapidly in the region, as a result of which the need for biosurgical devices has soared as well. The American Association for the Surgery of Trauma estimates that trauma injuries claim more than 16,000 lives every year in the US.
Europe could emerge as the second highest gainer in the global market, backed primarily by the surge in government funding as well as support given to the healthcare industry. The German market for biosurgery is performing particularly well, due to the rising number of vigorous research and development activities.
Asia Pacific is the fastest developing market and should retain its growth pace on the back of the exploding population with high unmet medical requirements as well as the rapid economic surge. The biosurgery market in the region also profits from the lower costs associated with the surgeries and the countries in the region offering high-quality but cost-effective medical treatment. This factor is attracting patients from other countries from Europe and North America, leading to stunning growth of the medical tourism sector in the region. As a result, the biosurgery market should fare even better during the analysis period.
Hemostasis, LLC, R. Bard, Johnson Johnson, MAQUET Holding B.V. Co. Kg. (Getinge Group), Cohera Medical Inc., Medtronic, PLC., Baxter International, Inc., Sanofi, Pfizer Inc., Stryker Corporation, Cryolife, Inc., Braun Melsungen AG, Commonwealth Serum Laboratories (CSL), Kuros Biosciences Ltd, Integra Lifesciences Holdings Corporation are the top biosurgery manufacturers in the worldwide market.
Several medical instruments manufacturers are striving to adopt the latest technologies while also focusing on commercialization their products to capitalize on the emerging trends in the biosurgery industry. Prominent vendors are acquiring other companies to consolidate their rankings in the global market.
For instance, in January 2021, Arch Therapeutics Inc., manufacturer of advanced self-assembling biosurgical and wound care devices, has given sales and distribution rights to Buffalo Supply Inc., which will leverage its marketing prowess to facilitate the distribution of Arch Therapeutics’ biosurgery-based devices in the US market.