Orthobiologics includes products made from natural or synthetic materials used in orthopedic surgeries to repair musculoskeletal injuries and disorders. Orthobiologics products such as bone graft substitutes, viscosupplementation, stem cell therapies and platelet rich plasma injections are used for bone fractures, spinal fusion, joint repair, and soft tissue injuries. These products aid faster healing, reduce pain and risk of infection. The global Orthobiologics Market is estimated to be valued at US$ 6,515.02 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rise in Number of Orthopedic Surgeries Presents High Growth Opportunity

The increase in the number of orthopedic injuries owing to obesity, sports injuries and road accidents has led to over 400,000 spinal fusion surgeries and over 6.5 million joint replacement surgeries performed annually in the US alone. Furthermore, the geriatric population has increased vulnerability to orthopedic conditions and account for over half of all orthopedic procedures globally. This significant increase in orthopedic surgeries and procedures presents a massive market opportunity for orthobiologics products used in such surgeries and procedures for faster healing and recovery. The opportunity for orthobiologics is further augmented by advantages such as better clinical outcomes over traditional treatments, cost-effectiveness and growing awareness about novel orthobiologics treatment options among physicians and patients.

Porter's Analysis
Threat of new entrants: Low capital requirements and existing consumer choices limits threat of new entrants. However, strong intellectual property and stringent FDA approval process poses barrier for new companies.
Bargaining power of buyers: Individual buyers have moderate bargaining power due to availability of substitutes and non-invasive treatment options. However, orthopedic surgeons and hospitals have high bargaining power as they can influence product selection.
Bargaining power of suppliers: Key raw material suppliers like polymers, ceramics and biologics have moderate bargaining power due to limited alternatives and manufacturing expertise required. Suppliers of machinery and equipment have low bargaining power due to availability of substitutes.
Threat of new substitutes: Threat from non-surgical treatment options and tissue regeneration therapies poses threat. However, limitations of other options sustain the demand for orthobiologics.
Competitive rivalry: Presence of large multinational players intensifies competition. Companies focus on innovation, customized solutions and value-added services to gain market share.

SWOT Analysis
Strengths: Growing orthopedic disease prevalence, increasing demand for minimally invasive surgeries, favourable reimbursement environment.

Weaknesses: High R&D costs, stringent regulations, reimbursement issues in developing nations, limited clinical evidence for new products.

Opportunities: Emerging economies with aging population, tissue engineering and regenerative medicine, market penetration in developing regions.

Threats: Threat from non-surgical treatment options, pricing pressures from generic/biosimilar brands, healthcare reforms and economic slowdowns.

Key Takeaways

The global orthobiologics market is expected to witness high growth due to rising geriatric population suffering from arthritis, osteoporosis and other bone diseases.

Regional Analysis: North America dominates the market currently owing to supportive reimbursement policies, high healthcare spending and presence of key market players in the region.

Key players operating in the orthobiologics market are Zimmer Biomet, Bone Biologics Corp., Globus Medical, Smith & Nephew Inc., Stryker, ATEC Spine, Inc., XTANT MEDICAL, Johnson & Johnson Services, Inc., Exactech, Inc., Integra LifeSciences, Medtronic, NuVasive, Inc., Orthofix US LLC., SeaSpine, ChitogenX Inc., Spine Wave, Inc., Molecular Matrix, Inc., Isto Biologics, Baxter, Locate Bio Limited, Cerapedics, Ossifix Orthopedics, and Aziyo. Major players focus on new product launches, acquisitions and geographic expansions to strengthen their market position.
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