Global market for orthobiologic products will be worth $15.3bn by 2022

Thursday 8 March 2012, Amsterdam

A new report by visiongain predicts that the global market for orthobiologic products will be worth $15.3bn by 2022. The market generated sales of $4.8bn in 2010.

The medical device industry has witnessed explosive growth in recent years. A key factor in the growth of this market is orthopaedics, a branch of medicine concerned with conditions involving the musculoskeletal system, which has progressed rapidly in recent years owing primarily to the aging patient population and the increased incidence in conditions such as osteoarthritis and rheumatoid arthritis. Historically, orthopaedic surgery was limited to metal or screw implants to repair or correct fractured or damaged bones. However, technological advancements and patient demand for products that are less invasive, has propelled the field of orthopaedics, with new and alternative products to metal implants being developed, that offer improved comfort and durability. Orthobiologics, which involves the use of biology and biochemistry in the development of bone and soft-tissue replacement materials, is the fastest growing sector of the global orthopaedic market. Since the introduction of orthobiologics, surgeons and patients now have treatment options that will increase the strength and ability of the repair, while decreasing the length of the postoperative period.

Hemant Mistry, healthcare industry analyst, says: “A worldwide aging population is triggering a rise in the incidence of age related disorders such as arthritis and osteoporosis. The increase in these conditions is being further compounded by the escalating levels of worldwide obesity (owing to the extra pressure placed on hips, ankle and knee joints) amongst the population which has now reached epidemic proportions. In response, there has been a surge in patient demand for minimally invasive products and procedures such as bone grafting and growth factor treatment. These treatment options offer patients improved comfort and durability, with minimal side effects, whilst eliminating the need for repeated hospital visits. These factors will drive the growth of the orthobiologics market, which will become the fastest growing sector of the global orthopaedic devices market.”

The research also suggests that the world orthobiologics market may benefit from globalisation. There has been a steady rise in healthcare spending and medical insurance cover in countries such as Brazil, Russia, India and China (BRIC nations), owing to their rapidly growing economies. As a result, a greater proportion of the patient population will now be able to afford the treatment available, which will further strengthen demand in this sector.

They predict that the orthobiologics market will grow rapidly to 2022. The future of the orthobiologics market appears promising and has significant potential for growth and investment with the increasing demand for safer, less invasive therapies. This new report adds to visiongain’s wide range of analytical reports in healthcare and other industry areas.