Orthobiologics Market is Forecast to Touch USD 8.8 Billion by 2028

The global orthobiologics market is growing on account of the result of changing lifestyles and the rising rate of traffic and other forms of accidents along with the growing adoption of orthobiologics treatment among athletes

A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the global orthobiologics market was worth USD 6.2 billion in the year 2021. It is estimated to grow at a CAGR of 5.20%, earning revenue of around USD 8.8 billion by the end of 2028. The global orthobiologics market is gaining significant traction owing to the rising incidence of broken bones and damaged muscles, tendons, and ligaments as a result of changing lifestyles and the rising rate of traffic and other forms of accidents, the market is booming. The growing adoption of orthobiologics among athletes is also propelling the industry forward. However, the high cost of global orthobiologics market may act as a major restraining factor for the market growth.

Rising Adoption of Orthobiologics in Sports Industry is Propelling Overall Market Growth

The frequency of broken bones and injured muscles are very common among athletes. However, longer resting periods can effectively sabotage the career of the athletes. Therefore, orthobiologics treatment is being suggested to them. This treatment is gaining huge traction in the sports industry. For instance, the American Medical Society for Sports Medicine (AMSSM) has released a position statement on Principles for the Responsible Use of Regenerative Medicine in Sports Medicine, which includes orthobiologics as well.

Increasing Demand for Orthopedic Surgery is Driving Orthobiologics Market

The demand for orthopedic surgery is increasing at a high rate owing to the rising demand for the treatment of musculoskeletal trauma, spine diseases, sports injuries, degenerative diseases, infections, tumors, and congenital disorders. The favorable reimbursement policies in first-world countries and low-cost treatment in emerging economies are significantly influencing the demand for orthopedic surgery. This is anticipated to fuel the demand for orthobiologics in the forecast period.

Orthobiologics Market - By End-User

Based on end-user, the orthobiologics market is segmented into hospitals, orthopedic clinics, & ambulatory care centers, research & academic institutes, dental clinics, and facilities. The hospitals, orthopedic clinics, & ambulatory care centers account for the largest market share. A key element contributing to the market share domination is the increasing acceptance of orthobiologic products in a wide range of spinal and reconstructive procedures conducted in hospitals. Furthermore, the availability of a wide range of orthobiologics products in hospitals also plays a crucial role in driving market growth.

Orthobiologics Market - Regional Insights

Geographically, the orthobiologics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Because of its established healthcare infrastructure and high adoption of innovative treatment procedures in healthcare institutions, North America dominates the orthobiologics industry. Furthermore, the presence of major industry competitors as well as advantageous reimbursement policies is important factors in driving market expansion. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period.

Impact of COVID-19 on Orthobiologics Market

The COVID-19 pandemic slowed the expansion of the orthobiologics sector dramatically. Due to limits on transportation and athletic activities, the risk of accidents decreased considerably as the countries implemented stringent lockdowns to prevent the virus from spreading. This has a direct influence on hospitals and other healthcare institutions' need for orthobiologics. The market was also constrained by limits in research and development operations, as the pharmaceutical industry's research focus turned to COVID-19 treatment and vaccine development.

Competitive Landscape

The leading market players of the orthobiologics market are Arthrex Inc., Seaspine Holdings Corporation, Sanofi, Bone Support, DePuy Synthes, Integra Lifesciences, Globus Medical Inc., NuVasive Inc., Terumo Corporation, Medtronic PLC, Stryker Corporation, Zimmer Biomet, Pioneer Surgical Technology, Smith & Nephew plc, Bioventus LLC, Orthofix, Inc., Genzyme, Bone Biologics, Corp., Osiris Therapeutics, Inc., and other prominent players.

The market is highly competitive with the presence of several multinational corporations and industrial giants. These companies significantly invest in research and development activities to introduce innovations into their offerings and are constantly launching new products. The adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the orthobiologics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the orthobiologics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.