The global Biosurgery market gathered revenue around USD 11.0 Billion in 2020 and market is set to grow USD 17.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 6.9% during the prediction period 2021 to 2027.
Overview of Biosurgery Market Study
Biosurgery market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Rising focus towards effective blood loss management and growth in the volume of elective surgeries are driving the demand for biosurgery products. Increasing prevalence of lifestyle disorders and chronic diseases and rising geriatric population can be attributed to contribute towards an increase in elective surgical procedures globally. Moreover, increasing incidence of severe traumatic injuries is also driving the demand of biosurgery products as a substitute to alternative suture and ligature-based procedures. Vendors are using organic growth strategies such as product launches and innovations, which has resulted into an increasing availability of advanced products globally.
On the other hand, the dearth of skilled professionals, high cost of biosurgery products, and stringent regulations are expected to restrain the growth of this market during the forecast period.
Biosurgery Market Dynamics
Driver: Rising need for effective blood loss management in patients
One of the major reasons for blood loss in surgery and trauma patients is the ineffective use of traditional wound closure products, such as sutures and staples. Globally, the growing number of accidents has increased the number of surgeries that involve long operating hours. This, in turn, has increased the need for effective blood loss management products during surgical procedures. According to a 2019 article published in the National Library of Medicine, uncontrolled hemorrhage is the leading cause of preventable death that occurs due to injury. Similarly, according to the National Trauma Institute, after a traumatic injury, hemorrhage is responsible for over 35% of pre-hospital deaths and over 40% of deaths within the first 24 hours of the injury. The number of surgeries that involve long operating times is increasing. In such a scenario, there is a growing demand for effective blood loss management products. Various biosurgery products, including hemostatic agents and surgical sealants are finding substantial adoption as a substitutes for conventional suture and staples during surgeries for controlling bleeding and to cover the wound when the use of conventional products is impractical or inadequate. Thus, owing to growing adoption of biosurgery products over conventional products, their use in effectively controlling blood loss is driving the growth in biosurgery market
Restraint: High price of biosurgery products and the rising cost of surgical procedures
The biosurgery market is extremely competitive in terms of pricing, owing to the high competitive intensity among existing players. Most of the products available in this market are priced at a premium. The high cost, coupled with the unfavorable reimbursement scenario for these products in emerging countries, makes them unaffordable for a large section of the target patient population. Due to the high cost of biosurgery products, conventional procedures such as sutures and ligature-based procedures are preferred during surgeries across emerging countries. Also, the biosurgery products currently available in the market are made of complicated reconstitutes with a poor shelf life. Hence, there is a growing need for low-priced products that are easy to handle and have a better shelf life.
Opportunity: Growing adoption of advanced biosurgery products in emerging markets
The penetration of biosurgery products is increasing across emerging countries, specifically based in the Asia Pacific, Latin America, and the Middle East and Africa. In the coming years, countries such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the biosurgery market. This is because the markets in these countries are characterized by a large patient base for target indications (such as cardiovascular, orthopedic, general/abdominal, and gynecological disorders), rising health awareness, growing healthcare expenditure, rising medical tourism, and rapidly developing healthcare infrastructure. Over the last few decades, countries such as India and Malaysia have emerged as hubs for medical tourism. This is because the cost of medical procedures across these emerging countries is significantly less in comparison to developed countries such as the US, Germany, France, and the UK. Moreover, government agencies in several Asia Pacific and Middle East countries are undertaking initiatives to support their respective healthcare systems, which is providing lucrative growth opportunities to the biosurgery product manufacturers across emerging countries.
Challenge: Stringent regulatory framework
The development of new biosurgery products requires significant investments, and new products generally take more than 7–8 years for gaining marketing approval. For instance, in the US, the FDA has made it mandatory for biosurgery product manufacturers to obtain Premarket Approval (PMA) for their products before they are introduced in the market. For this, the product has to demonstrate proper clinical trial data, which has to be submitted along with the application for PMA. The cost and time required for a product to enter the clinical trial step and then clear the clinical trials are very high, with minimum chances of the product gaining approval. Also, the possibility of obtaining clinically significant data showing clinical trial clearance has been low for biosurgery products such as adhesion barriers, semi-synthetic sealants, and hemostatic agents. Biosurgery products such as hemostats are considered Class III products, owing to which these products require strict adherence to regulatory guidelines. Hence, despite huge investments in R&D, the risk of failure is very high in the case of biosurgery products. This is a major factor limiting the development of novel biosurgery products in the market.
The bone graft substitutes dominates the product segment in biosurgery market
Based on the product, the bone graft substitute segment accounted for the largest share of the global biosurgery market in 2020. The large share of this segment can be attributed to the increasing use of bone graft substitute products in orthopedic and dental surgeries and significant benefits offered by bone graft substitute products over conventional autograft products. The bone graft substitutes reduces the need to harvest healthy bones from patients to facilitate bone fusion in diseased or surgical bones. In comparison to autografts, the materials used for bone-graft substitutes can be sourced in sufficient quantity in the form of pellets, paste, strips, gels, putty, or blocks.
The reconstructive surgery is expected to show fast growth in the biosurgery market, by application
Based on application, the reconstructive surgery is expected to grow at the highest CAGR. The growth of this segment can be attributed to the growth in the number of minimally invasive cosmetic procedures, increasing number of facial cosmetic surgeries, growing incidence of burn injuries, increasing incidence of skin injuries, and the increasing number of breast cancer patients undergoing mastectomy and breast reconstruction procedures.
Hospitals segment accounted for the largest share of the biosurgery market, in 2020
The biosurgery market, by end-user, is segmented into hospitals, clinics and others. The hospital segment accounted for the largest market share in 2020. The large share of this segment can be attributed to the rising number of hospitals and infrastructural & economic development, especially in emerging countries. Additionally, the rising surgical procedures performed in operating rooms of hospitals also supports high growth in the hospitals segment.
North America accounted for the largest share of the biosurgery market in 2020
In 2020, North America accounted for the largest share of the biosurgery market, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa. The large share of this market segment can be characterized by favorable reimbursement policies for biosurgery products, presence of a highly developed healthcare system, the significant number of prominent vendors, the increasing number of healthcare settings, the rising prevalence of traumatic injuries and lifestyle disorders.
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COVID-19 Impact on Biosurgery Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Biosurgery market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Biosurgery market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Biosurgery market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Biosurgery market include:
Johnson & Johnson (US), Baxter International Inc. (US), Medtronic Plc (Ireland), Becton, Dickinson & Co. (US), B. Braun Melsungen AG (Germany), Stryker Corp. (US), Integra Lifesciences Holdings Corp. (US), CSL Ltd. (Australia), Hemostasis LLC. (US), Pfizer Inc. (US), Cyrolife Inc. (US), Zimmer Biomet (US), Kuros Biosciences AG (Switzerland), Orthofix Medical Inc. (US), and Smiths & Nephew Plc. (UK).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Biosurgery Market, by Product
- Bone Graft Substitutes
- Demineralized bone matrix
- Synthetic Bone Grafts
- Bone Morphogenetic Proteins
- Other Bone-Graft Substitutes
- Soft-tissue attachments
- Synthetic meshes
- Biological meshes
- Hemostatic agents
- Thrombin-based hemostatic agents
- Oxidized regenerated cellulose-based hemostatic agents
- Combination hemostatic agents
- Surgical sealants and adhesives
- Natural/Biological Sealants and Adhesives
- Natural/Biological Sealants and Adhesives, By Type
- Fibrin Sealants
- Collagen-Based Sealants
- Gelatin-Based Sealants
- Albumin-Based Sealants
- Other Natural/Biological Sealants
- Natural/Biological Sealants and Adhesives, By Origin
- Human Blood-Based Sealants and Adhesives
- Animal-Based Sealants and Adhesives
- Natural/Biological Sealants and Adhesives, By Type
- Synthetic and Semi-Synthetic Sealants and Adhesives
- Peg Hydrogels
- Cyanoacrylate-Based Sealants and Adhesives
- Urethane-Based Sealants and Adhesives
- Other Synthetic and Semi-Synthetic Sealants and Adhesives
- Natural/Biological Sealants and Adhesives
- Adhesion Barriers
- Synthetic Adhesion Barriers
- Hyaluronic Acid-Based Adhesion Barriers
- Regenerated Cellulose-Based Adhesion Barriers
- Peg-Based Adhesion Barriers
- Other Synthetic Adhesion Barriers
- Natural Adhesion Barriers
- Collagen & Protein Adhesion Barriers
- Fibrin-Based Adhesion Barriers
- Synthetic Adhesion Barriers
- Staple-Line Reinforcement Agents
Global Biosurgery Market, by Application
- Orthopedic Surgery
- General Surgery
- Neurological Surgery
- Cardiovascular Surgery
- Reconstructive Surgery
- Gynecological Surgery
- Urological Surgery
- Thoracic Surgery
Global Biosurgery Market, by End User
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