The North American orthobiologics market is expected to grow significantly over the next few years, according to a new report from MicroMarket Monitor.
Here are eight key trends from the report.
1. Last year, the North American orthobiologics market was valued at around $1.7 billion.
2. The market is estimated to reach $2.4 million by 2019, which is a compound annual growth rate of 7.7 percent from now to then.
3. Key players in the North American orthobiologics market are Biomet, Medtronic and Integra LifeSciences, according to the report.
4. More awareness about orthobiologics is a driving force for surgeons to switch from mechanical implants to biological implants.
5. The market's increase since 2012 is due to increased research and a rising demand for the products due to their benefits.
6. The United States orthobiologics market has the largest share in North America and it's expected to continue growing.
7. The Canadian region will also have growth driven by increasing research investments, aging population growth and an increased number of road accidents.
8. The major concerns that could hamper growth in the market are:
• Reimbursement concerns
• Stringent regulations
• High costs