Medical device company heavyweights such as Medtronic, DePuy Synthes and Wright Medical are jostling with local companies to establish a foothold in the Asia-Pacific orthopedic biomaterials market, according to a report by iData Research.
Here are six key trends:
1. The Asia-Pacific region has witnessed rapid market growth in the orthopedic biomaterials segment. This is due to a number of reasons, including the income per capita has increased significantly in China and India since the year 2000, allowing for better healthcare budgets.
2. The Australia and South Korea biologics markets are both in the mature stages of development.
3. Local Asia-Pacific competitors in the market, such as Seikagaku, Meiji Seika Kaisha and Shin Poong, are leading in several biologics segments due to regulatory government support.
4. Global players are succeeding to some extent in the Asia-Pacific biomaterials market. Medtronic was the largest competitor in the Australian biologics market in 2015 with its synthetic grafts as well as its BMP-2 based INFUSE product.
5. Genzyme was the largest player in the Indian biologics market in 2015 with its Synvisc and SynviscOne HA products.
6. Within the Indian bone grafts substitutes market specifically, DePuy Synthes was the leader in terms of sales with its synthetic-based ChronosOn product portfolio.