The orthobiologics market is estimated to be valued at US$ 6,515.2 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 Overview:
Orthobiologics products are used to aid in the regeneration of injured or damaged bones and tissues. They include bone grafts, bone graft substitutes, stem cells, cell-based matrices, and growth factors & cytokines. Orthobiologics offer advantages such as enhanced healing of damaged tissues, reduced healing time and risks associated with autograft and allograft transplant procedures. They are commonly used for treating orthopedic injuries and deformities.

Market key trends:
One of the major trends gaining traction in the orthobiologics market is the rise in sports and orthopedic injuries. There has been a significant increase in sports injuries over the years owing to the rising popularity of various sports such as football, rugby, basketball, and others. For instance, according to data by the American Academy of Orthopedic Surgeons, around 30 million children and teens participate in organized sports in the U.S. each year and over 3.5 million injuries related to sports activities are treated annually in emergency rooms. This has substantially increased the demand for various orthobiologics products such as bone grafts and bone graft substitutes for treating knee injuries, rotator cuff injuries, ankle injuries, and other orthopedic conditions.

Porter's Analysis

Threat of new entrants: The orthobiologics market requires high R&D investment and stringent regulatory approvals which acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as orthobiologics have no close substitutes and patients have less influence over prices set by manufacturers and healthcare providers.
Bargaining power of suppliers: A few large players dominate the supply side, giving them significant bargaining power over buyers.
Threat of new substitutes: Threat from new substitutes is low as orthobiologics have few substitutes for restoring bone and tissue healing.
Competitive rivalry: The market is highly competitive with major players differentiating products through innovation.

SWOT Analysis

Strengths: Growing geriatric population prone to orthopedic injuries, advances in tissue-engineered products.
Weaknesses: High costs, limited medical reimbursement coverage, lengthy regulatory approval process.
Opportunities: Untapped emerging markets, stem cell-based therapies, growth in ambulatory surgery centers.
Threats: Stringent regulatory norms, reimbursement cuts, rise of biosimilars.

Key Takeaways

The global orthobiologics market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing incidence of injuries such as fractures.
 

North America dominated the market with over 40% share in 2023 due to presence of major market players and higher expenditure on healthcare. Asia-Pacific is expected to grow at the fastest CAGR during the forecast period owing to rising geriatric population, increasing healthcare expenditures and improvement in healthcare infrastructure in emerging countries such as China and India.
 

Key players operating in the orthobiologics market include 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.