Biosurgery Market | Orthopedic Surgery is Projected to be the Fastest-Growing Application Segment

Pune, India, 2020-Mar-03 — /EPR Network/ — MarketsandMarkets forecasts the biosurgery market to grow from USD 11,365.0 million in 2018 to USD 15,581.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. The major factors that are expected to be driving the biosurgery market are the rising geriatric population, increase in the volume of surgeries and sports-related and trauma injuries, increasing clearance of biosurgery products by regulatory authorities and growing need for effective blood loss management in patients.

Orthopedic Surgery segment is expected to account for the largest share.

On the basis of applications, the biosurgery market is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, thoracic surgery, gynecological surgery, urological surgery, and reconstructive surgery. The orthopedic surgery segment is expected to account for the largest share of the biosurgery market during the forecast period. The large share of this segment can be attributed to the large number of orthopedic bone and soft tissue repair surgeries being performed globally, on an annual basis. The growing number of orthopedic surgeries is in turn expected to support the growth of dependent markets, such as the biosurgery market for orthopedic applications.

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Driver: Increasing volume of surgeries and prevalence of severe trauma injuries

Changing lifestyles and eating habits have resulted in a significant increase in the prevalence of obesity and other lifestyle disorders. This is a major factor responsible for the growth in the number of surgeries performed every year across the globe. Biosurgery products play a critical role in controlling blood loss, healing wounds, and in closing the surgical sites during different types of surgeries. Owing to the proven benefits of biosurgery products and the growing awareness for the same, the overall uptake of different surgical sealants and hemostatic agents during surgical procedures is increasing. This is one of the key contributors to the growth of the biosurgery market.

Opportunity: Untapped emerging markets

The penetration of biosurgery products is very low in the Asia Pacific, Latin America, and the Middle East and Africa. In the coming years, countries such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the biosurgery market. This is because the markets in these countries are characterized by a large patient base for target indications (such as cardiovascular, orthopedic, general/abdominal, and gynecological disorders), rising health awareness, growing healthcare expenditure, rising medical tourism, and rapidly developing healthcare infrastructure.

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Key Players:

Baxter International (US), Johnson & Johnson (J&J) (US), Medtronic plc (Ireland), Sanofi (France), C.R. Bard (US), Integra LifeSciences (US), and Maquet holdings (Sweden), lead the global biosurgery market. Some of the other leading players in this market include Cohera Medical (US), Hemostasis LLC. (US), Stryker Corporation (US), B.Braun Melsungen AG (Germany), CSL Limited (Australia), Pfizer Inc. (US), and Cryolife Inc. (US).