Bio Surgery Market Size, Key Industry Insights and Opportunities
Posted by Ritika Tyagi on April 14th, 2021
This report aims to provide detailed insights into the global bio surgery market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
Currently, the global bio surgery Market is driven by the rising geriatric population, increase in the volume of surgeries and sports-related and trauma injuries, increasing clearance of bio surgery products by regulatory authorities and growing need for effective blood loss management in patients. However, the high price of bio surgery products and rising cost of surgical procedures may restrict the growth of this market during the forecast period to a certain extent.
Revenue Growth Analysis:
The market is expected to reach USD 15.58 billion by 2023 from an estimated USD 11.36 billion in 2018, at a CAGR of 6.5 %.
Browse 352 market data Tables and 56 Figures spread through 314 Pages and in-depth TOC on "Bio Surgery Market"
The bone-graft substitutes segment accounted for the largest share of the bio surgery Market in 2017
On the basis of product, the bio surgery is broadly segmented into bone-graft substitutes, soft-tissue attachments, hemostatic agents, surgical sealants & adhesives, adhesion barriers, and staple-line reinforcement agents. In 2017, the bone-graft substitutes segment accounted for the largest share of this market. The large share of this market can be attributed to a large number of commercially available bone grafts and their higher utilization (as compared to other bio surgery products) by surgeons in various surgeries. Advantages such as cost-effectiveness, biocompatible, bioresorbable, osteoconductive, and osteoinductive properties of bone-graft substitutes make them more preferred as compared to other bio surgery products.
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The reconstructive surgeries segment is expected to register the highest CAGR during the forecast period
Based on applications, the bio surgery Market is segmented into gynecological surgeries, general surgeries, cardiovascular surgeries, orthopedic surgeries, neurological surgeries, reconstructive surgeries, urological surgeries, and thoracic surgeries. The reconstructive surgeries segment is estimated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing focus of players on developing surgical sealants for reconstructive surgeries.
North America dominated the market in 2017
North America accounted for the largest share of the bio surgery Market in 2017, followed by Europe. Increase in the incidence of chronic diseases associated with aging population, increase in the volume of surgical procedures, well-established healthcare services, higher public and private healthcare expenditure, and adoption of highly advanced technology are responsible for the largest share of North America in the bio surgery Industry.
The penetration of bio surgery products is very low 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 bio surgery 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.
The key players in the global bio surgery Market are Johnson & Johnson (US), Sanofi (France), Baxter (US), C.R. Bard (US), Integra LifeSciences (US), MAQUET (Sweden), Medtronic (Ireland), Cohera Medical (US), Hemostasis (US), Stryker(US), B.Braun (Germany), CSL (Australia), Pfizer (US), and CryoLife (US).