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Biosurgery Market

Biosurgery Market Size, Share, Development, Growth and Demand Forecast to 2023

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Report Code: LS10766
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Category : Healthcare

The global biosurgery market is witnessing considerable growth due to increasing geriatric population, increasing healthcare expenditure and growing sports related injuries. Moreover, growing prevalence of chronic diseases including cancer, cardiovascular disease, infectious diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases is supporting the growth of the market. Based on product type, the surgical sealants segment is expected to grow at the fastest rate during the forecast period. The increasing adoption of biosurgery products across the globe, owing to its ease of use, and its efficacy in blood loss management is driving the growth of this segment.

The rapid growth in emerging economies is expected to create opportunities for the manufacturers of biosurgery products. However, high cost of these products and lack of reimbursement are the key factors hampering the growth of the global market.

Cancer is a serious health concern across the globe. The increasing prevalence of cancer is driving the growth of the biosurgery market globally. According to the International Agency for Research on Cancer (IARC), a specialized cancer agency of WHO that promotes cancer research, as many as 12.7 million new patients were detected with cancer in 2008 globally and the number is expected to reach 21.4 million by 2030. Further, a total of 8.2 million deaths took place globally due to cancer in 2012, of which 1.6 million deaths were due to lung cancer, while 745,000 deaths were due to liver cancer, and 400,000 deaths were a result of oesophageal cancer.

Geriatric pool has weakened body functions, impaired blood circulation and are more susceptible to chronic diseases. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. In 2013, the global percentage of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.

Geographically, North America has been the largest market for biosurgery, owing to increased awareness, established healthcare industry, and easy accessibility to advanced technologies. The U.S. contributed largest revenue to the North American as well as global biosurgery market. The increasing prevalence of geriatric population and increasing volume of surgeries is the key growth driving factor for the U.S. biosurgery market.

Europe has been the second largest market for biosurgery, where the market is driven by the presence of a large pool of patients with chronic diseases, increasing healthcare expenditure and rapidly developing healthcare infrastructure. In 2015, Germany lead the European biosurgery market and it is also expected to grow at the fastest rate in Europe, during forecast period. Globally, the biosurgery market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to the increasing prevalence of chronic diseases, increasing per capita income leading to improving standard of living, increasing healthcare spending, growing demand for better quality medical care, and awareness about biosurgery products in the region.

The key players operating in the global biosurgery market are Baxter International Inc., C.R. Bard, Inc., Medtronic, Inc., Johnson & Johnson, Sanofi Group, B. Braun Melsungen AG, Cryolife, Stryker Corporation and Hemostasis, LLC.

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