Biosurgery uses natural, synthetic, or semi-synthetic materials in order to seal surgical incisions and wounds. It is frequently used to stop excessive bleeding, provide adhesion for sealing wounds or tissues, and mend broken bones and tissues.
In 2021, the biosurgery market was worth USD 15.93 billion, and by 2030 it will reach USD 26.25 billion, growing at a 5.7% CAGR during the forecast period.
The major factors driving market growth include an increase in the number of surgeries and sports-related and trauma surgeries, growing demand for technologically advanced surgical processes, and global adoption of minimally invasive surgeries. Surgeons in fields such as cardiovascular surgery, thoracic surgery, orthopedic surgery, and ophthalmic surgery increasingly use biosurgery.
The market for biosurgery is growing due to the rising number of accidents and operations that cause significant blood loss. The high demand for items used in biosurgery is due to the entry of new companies into the market and the use of contemporary marketing endorsements. Market revenue growth is being driven by technological developments in the research and development of several products that are extremely effective, as well as an increase in surgeries because there is a huge population suffering from various types of illnesses. Rising healthcare costs also aid the expansion of the worldwide biosurgery market’s revenue.
The target patient population in growing countries prefers the conventional product during surgeries due to the high cost and hospital reimbursement scenario for these goods, which in turn is limiting and restraining the market growth. Emerging nations choose to perform surgeries using traditional methods like sutures and ligature-based treatments Owing to the high cost of biosurgery products.
Across emerging markets, there is a push to adopt advanced bio-surgery products. Large patient populations for the target indications, expanding health awareness, increasing medical tourism, rising healthcare spending, and quickly evolving healthcare infrastructure are characteristics of the markets in emerging nations. Medical procedures in emerging economies are considerably less expensive than in industrialized ones. Government organizations in these regions are also taking steps to assist their particular healthcare systems, which fosters market growth and increases opportunities for biosurgery.
The bone graft substitutes sector led the overall market with a steady CAGR. The segment is expanding due to the increase in the usage of bone graft substitute goods in orthopedic and dental operations and the satisfaction they provide over traditional autograft products. According to the article “Impact of the COVID-19 Outbreak on Orthopedic Surgery,” in 2021, out of 1,330,477 hospital discharges identified in 2020, 99,333 were orthopedic surgical procedures, accounting for 7.47 percent of all hospital discharges.
The general surgery sector ruled the biosurgery market in 2020 with an 8.6% CAGR. The overall growth of this market is driven by elements like the acceleration of technological development and the increased popularity of technically sophisticated surgeries in emerging nations. According to the Estimation of National Surgical Needs in India 2020, 949 surgeries are performed yearly, with males accounting for 614 surgeries and females accounting for 335.
In 2020, the Hospitals segment led the entire market with a significant revenue share. The segment’s overall expansion is driven by the exponential growth of hospitals, infrastructural and economic development, particularly in emerging nations, and the rising number of surgical procedures carried out in hospital operating rooms. According to Stanford Health, approximately 48 million surgeries are performed in hospitals annually, with cardiovascular diseases accounting for the lion’s share, accounting for nearly 7.3 million in the United States.
North America was the biggest regional market in 2020. The largest share is due to the region’s favorable reimbursement policies for biosurgery products, a growing number of healthcare facilities, a highly developed healthcare system, a growing number of vendors, a rising prevalence of traumatic injuries, lifestyle disorders, and a growing elderly population. Per the Rural Health Information Hub, there are more than 46 million adults in the United States over 65, and the number will rise to 90 million by 2050. Asia Pacific is the fastest-growing market and will expand at a 10.2% CAGR. It is due to the growing aging population and an increase in sports-related injuries.
- Baxter International Inc.
- Johnson & Johnson
- Becton, Dickinson & Co.
- Stryker Corp.
- Medtronic Plc
- Cyrolife Inc.
- Braun Melsungen AG
- Integra Lifesciences Holdings Corp.
- Kuros Biosciences AG
- Hemostasis L.L.C.
- S.L. Ltd.
- Smiths & Nephew Plc.
- Pfizer Inc.
- Zimmer Biomet
- Genzyme biosurgery
- Orthofix Medical Inc.
- ecm biosurgery
In 2021, the biosurgery market was worth USD 15.93 billion, and by 2030 it will reach USD 26.25 billion, growing at a 5.7% CAGR during the forecast period. The growing geriatric population, increased volume of surgery and sports-related injuries, increased clearance of biosurgery products by regulatory authorities, and increased need for effective blood loss management in patients will drive market growth.
Point of Care Diagnostics Market Report – The global point of care diagnostics market will witness a robust CAGR of 11.78%, valued at $33.12 billion in 2021, expected to appreciate and reach $90.25 billion by 2030, confirms Strategic Market Research. Point of care (POC) diagnostic includes execution of a diagnostic test outside a laboratory that delivers a quick and reliable result, assisting in the identification and management of acute infections and chronic diseases.