The Asia Pacific orthobiologics market is expected to grow at a CAGR of 7.09% in the forecast period 2019-2027 owing to the increase in hip surgeries coupled with the high percentage of medical tourism promoting the growth of the market in this region.
The Asia Pacific orthobiologics market is segmented on the basis of end-user, application, product, and geography. End-user market segmented into hospitals and clinics. The developing economy of India offers innumerable opportunities to many medical industries and players to set up the market base for expansion thereby boosting the growth of the market.
Latest advancements in medical technology are also driving this market to grow at a rapid pace. Such products are bioabsorbable implants and titanium-based orthopedic devices. These implants offer various advantages such as rigidity, strength, fracture toughness, and increased mechanical performance and are increasing the market growth of orthopedic devices.
The developing countries of Asia-Pacific are turning into the market hub due to the developing healthcare infrastructure, awareness, and affordability which have amplified in the region significantly. Moreover, many of the developing countries have adopted healthcare insurance for their consumer base. Increase in skilled healthcare professionals has improved the awareness level of the orthobiologics market.
However, the lack of healthcare and improper healthcare services is hampering the growth of the market in the forecasting period of 2019 to 2027. The Asia-Pacific orthobiologics market of geography is further segmented into India, China, Japan, Australia, South Korea and the Rest of Asia-Pacific.
Major players for the Orthobiologics market are Zimmer Biomet Inc., Smith & Nephew PLC, Medtronic Inc., Allosource, Exactech Inc., Conmed Corporation, Amedica Corporation, Nuvasive Inc., RTI Surgical, Baxter International Inc., Integra Lifesciences Holding Corporation, Depuy Inc. (Acquired By Johnson And Johnson), Stryker Corporation, Sanofi, and Aap Implantate AG.