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(Health-NewsWire.Net, July 13, 2021 ) The global orthobiologics market is expected to grow at a CAGR of 5.4% between 2017 and 2022. Factors such as rising burden of orthopedic injuries; increasing incidence of sports injuries and road accidents; increasing incidence of spinal fusion surgeries; risk factors associated with increasing aging population, obesity rate, & high incidence of musculoskeletal disorders; and growing patient preference for minimally invasive procedures are driving the orthobiologics market
Analysis of the market developments between 2014 and 2017 revealed that several growth strategies such as product launches, strategic acquisitions, agreements, contracts, partnerships, collaborations, and market expansions are adopted by the market players to strengthen their product portfolios and maintain a competitive position in the orthobiologics market. Among these business strategies, product showcases, product launches, partnerships, and agreements were the most widely adopted growth strategies.
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Medtronic plc (Ireland) is a leader in the orthobiologics market with its synthetic bone graft substitutes and bone morphogenetic proteins products. Its among the only companies providing BMP. The company has a wide geographic presence across 155 countries. Medtronic primarily focuses on organic and inorganic business strategies such as product approvals, product launches, and acquisitions. In 2015, Medtronic received the FDA approval for additional indications [such as certain spine implants made of polyetheretherketone (PEEK), anterior lumbar interbody fusion (ALIF), and in oblique lateral interbody fusion (OLIF) procedures] for its Infuse Bone Graft, which helped the company market its product in the US. However, the company’s portfolio falls short in offering orthobiologics, such as PRP and viscosupplement products.
DePuy Synthes, Inc. (US) is another leading market player with its advanced range of orthobiologics. The company offers orthobiologics for spinal fusion surgeries, sports injuries, and trauma injuries. The company focuses on new product launches to enhance its presence in the orthobiologics market. During 2014–2017, the company launched various orthobiologics, including CONFORM SHEET, ViviGen Formable Cellular Bone Matrix, MONOVISC High Molecular Weight Hyaluronan, and the PEAK Platelet Rich Plasma (PRP) System.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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