The Global Orthobiologics market is expected to grow significantly over the next five years, according to a new report from Transparency Market Research.
Here are 12 things to know from the report:
1. The orthobiologics market was valued at $3.7 million in 2012 and is estimated to reach $5.5 million by 2019.
2. The market is expected to have a 5.9 percent compound annual growth rate, driven by several factors.
3. Around half of the population of people 50 years or older have bone and joint disorders, and that number is expected to double by 2020, which has a significant impact on the orthopedics market.
4. Technology advances are also growing the orthobiologics market, and allograft and autograft use is declining.
5. The increased obese population — and on the other end of the spectrum, increasing number of people involved in sporting activities — creates huge demand for orthopedic treatment.
6. Lack of reimbursement and stricter regulatory requirements are expected to become a roadblock to growth.
7. Viscosupplementation has the largest share of the market and is comparatively more powerful and effective as a painkiller than other pain relievers. Demand is increasing as knee treatments are on the rise.
8. Bone morphogenetic proteins have the second largest portion of the market share, but growth is declining due to lower INFUSE sales as physicians are concerned with side-effects and new alternatives emerge.
9. Faster recovery, lower costs and no risk of transmission will enable stem cell-based products and synthetic bone substitutes to gain significant ground in the future.
10. North America and Europe lead the global market due to increasing demand for minimally invasive surgeries such as growth factor treatment and bone grafting.
11. The Asia-Pacific market is expected to have the fastest growth rate through 2019.
12. Major players in the market include Stryker, Medtronic, Wright Medical Technology, Orthofix, NuVasive and DePuy Synthes.