A new market report from Transparency Market Research shows growth in the global orthobiologics market.
Here are 10 key trends from the report:
1. The global orthobiologics market is estimated to reach $5.5 billion by the end of 2019.
2. The market is expected to grow at a compound annual growth rate of 5.9 percent over the next five years. It was worth $3.7 billion in 2012.
3. Growth in the population 50 years and older will drive market growth, as this patient population is expected to nearly double by 2020.
4. Technical advancements and the declining use of allografts and autografts in orthopedic procedures will also drive physicians and patients toward orthobiologics.
5. Additional factors such as lifestyle changes will contribute to higher demand for orthopedic solutions. Both the increase in obesity as well as rise in sports activities and sports injuries will drive case volume.
6. There are roadblocks to orthobiologics applications in many markets, including lack of reimbursement.
7. Viscosupplementation has the largest orthobiologics market share and is comparatively more powerful and effective as a pain killer than others for patients with knee treatment especially.
8. Bone morphogenetic proteins are the second largest product in the market, but market share is expected to drop as Medtronic's INFUSE product sales are falling due to severe side effects.
9. Stem cell based products and synthetic bone substitutes are expected to have significant growth in the future because patients are able to recover fast and there is no risk of transmission. Additionally, costs are lower.
10. North America and Europe are global market leaders and the demand for minimally invasive surgeries there will keep them strong. The Asia-Pacific market, however, is expected to have the fastest growth rate in five years.
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