Biosurgery Market | Major challenge for players operating in this market.
Posted by D Dsouza on March 17th, 2020
MarketsandMarkets forecasts the biosurgery market to grow from USD 11,365.0 million in 2018 to USD 15,581.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. The major factors that are expected to be driving the biosurgery market are the rising geriatric population, increase in the volume of surgeries and sports-related and trauma injuries, increasing clearance of biosurgery products by regulatory authorities and growing need for effective blood loss management in patients.
Currently, the biosurgery products market is extremely competitive in terms of pricing owing to the high competitive intensity among existing players. There is a growing need for low-priced products that are easy to handle and have a better shelf life.
The cost of surgical procedures has increased considerably over the years, this is another major factor affecting the uptake of high-priced biosurgery products during surgical procedures. Thus, reducing the cost of surgical procedures as well as #biosurgery products through R&D and innovations is a major challenge for players operating in this market.
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Driver: Increasing volume of surgeries and prevalence of severe trauma injuries
Changing lifestyles and eating habits have resulted in a significant increase in the prevalence of obesity and other lifestyle disorders. This is a major factor responsible for the growth in the number of surgeries performed every year across the globe. Biosurgery products play a critical role in controlling blood loss, healing wounds, and in closing the surgical sites during different types of surgeries. Owing to the proven benefits of biosurgery products and the growing awareness for the same, the overall uptake of different surgical sealants and hemostatic agents during surgical procedures is increasing. This is one of the key contributors to the growth of the biosurgery market.
Opportunity: Untapped emerging markets
The penetration of biosurgery 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 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.
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Key Players:
Baxter International (US), Johnson & Johnson (J&J) (US), Medtronic plc (Ireland), Sanofi (France), C.R. Bard (US), Integra LifeSciences (US), and Maquet holdings (Sweden), lead the global biosurgery market. Some of the other leading players in this market include Cohera Medical (US), Hemostasis LLC. (US), Stryker Corporation (US), B.Braun Melsungen AG (Germany), CSL Limited (Australia), Pfizer Inc. (US), and Cryolife Inc. (US).
