The major factors driving the growth of the orthobiologics market are increased incidences of sports injury, road accidents, and osteoarthritis, and increasing adoption of minimally invasive surgeries.
– The global increase in the number of geriatrics and obese people is likely to lead to consequences, like greater incidences of osteoarthritis. Consequently, the geriatric population and population with obesity are at higher risk of musculoskeletal disorders.
– As per the World Health Organization (WHO), more developed countries have the oldest population profiles; however, the elder populations are more in the emerging markets. With that, the elder population in the emerging market by 2050 is expected to be more than 250%, compared to a 71% increase in the developed countries. Thus, the rise in the geriatric and obese populations is acting as a major driver for the growth of the orthobiologics market.
Key Market Trends
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The Osteoarthritis and Degenerative Arthritis Segment is Expected to Experience the Fastest Growth in the Market
Osteoarthritis (OA) is a weakening disease that affects 20% of the world’s population, according to the United Nations. According to the Arthritis Foundation in 2017, an estimated 30.8 million adults are suffering from osteoarthritis. It is the most common cause of disability in adults.
Due to the increasing prevalence of OA, there is an urgent need for a better understanding of the disease pathophysiology, improved early detection, strategies for disease prevention, and early management. Orthobiologics can be one such option for the treatment of OA. According to the American Academy of Orthopaedic Surgeons (AAOS), orthobiologics are biological substances found naturally in the body that help to heal injuries. These treatments include platelet-rich plasma (PRP), prolotherapy, ozone therapy, autologous conditioned serum (ACS), and many others. With the increasing prevalence of OA, as well as the development of innovative products, the market growth is expected to be augmented.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall market throughout the forecast period. This is due to the increasing incidences of spinal disorders, rising geriatric and obese populations, growing preference for minimally invasive procedures, and increasing physician and patient awareness about newly introduced treatment procedures and technologies. In the North American region, the United States holds the largest market share.
Competitive Landscape
The orthobiologics market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and high prevalence of diseases, few other smaller players are expected to enter the market in the coming years. Some of the major players of the market are Sanofi, Stryker, Zimmer Biomet, Seaspine Holdings Corporation, and Medtronic, among others.
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