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Orthobiologics Market Overview
The global orthobiologics market would experience significant growth in the coming years, driven by the increasing number of road accident and sports injury victims, rising obesity incidence, surging awareness about the issue, and booming geriatric population. Orthobiologics are therapeutic substances taken from the human body, to help with bone and tissue injury healing and pain relief.
Demineralized bone matrices (DBM), bone morphogenetic proteins (BMP), allografts, synthetic bone substitutes, machined bones, viscosupplementation, and stem cell therapy are the various products available in the industry. Historically, viscosupplementation has held the largest orthobiologics market share, due to the favorable reimbursement policies for such products, as many of these are U.S. Food and Drug Administration-approved. Further, the high incidence rate of hip joint and knee osteoarthritis and cost effectiveness of viscosupplementation are also responsible for its dominating position. In the coming years, the patient preference for synthetic bone substitutes and stem cell therapy is predicted to increase considerably.
Spinal fusion, reconstructive surgery, and trauma are the major applications of orthobiologic products. Among these, reconstructive surgery would account for the highest orthobiologics market CAGR in the coming years, as a result of the high volume of surgeries for hip and knee replacement, due to the increasing prevalence of osteoarthritis. As per the Organisation for Economic Co-operation and Development, from 2000 to 2015, hip replacement procedures rose by 30% in member countries, while the number of knee replacement surgeries increased twofold. The agency also reported that 10% men and 18% women above the age of 60 have symptomatic osteoarthritis.
Across the world, North America and Europe are currently the most productive regions for the global orthobiologics market, as they have the highest geriatric population around the world, owing to the increasing life expectancy. Further, the incidence of age-related disorders is rising, thereby further leading to the industry growth here. In the coming years, Asia-Pacific (APAC) would experience the highest CAGR, as a result of the expanding medical tourism niche, untapped patient pool, low cost of treatments, rising disposable income, increasing research and development (R&D) activities, and escalating awareness on such products.
Orthobiologics Market Dynamics
The most prominent among the orthobiologics market drivers is the growth in the geriatric population. The United Nations Department of Economic and Social Affairs (UN-DESA), in its 2019 version of the World Population Ageing report, estimates that the number of people above the age of 65 will increase to 1.5 billion by 2050, from 703 million in 2019. With age, the body weakens, and the bones sometimes become too dense or too less dense, thereby leading to several orthopedic issues, such as osteoporosis, osteopetrosis, and osteopenia. Further, the elderly are also more prone to falling down and fracturing their bones, which requires immediate surgery.
Orthobiologics Market Competitive Landscape
The major orthobiologics market players are Medtronic PLC, Exactech Inc., Synthes Inc., Stryker Corporation, Zimmer Biomet, Smith & Nephew PLC, Tornier Inc., and DePuy Synthes Inc. (Johnson & Johnson). In recent years, many of them have taken strategic measures, such as product launches, regulatory approvals, partnerships and collaborations, mergers and acquisitions, and geographical expansions, to reach a wider consumer base and better their position in the industry.
Global Orthobiologics Market Segmentation
By End User