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As per the latest report by IMARC Group, titled “Orthobiologics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global orthobiologics market reached a value of US$ 5.4 Billion in 2021. Orthobiologics are prescription drugs made by living organisms to heal orthopedic tissues. Some of the common orthobiologics include bone marrow concentrate, platelet-rich plasma (PRP), birth tissues and certain fat grafts. These are autologous or allogeneic substances that are injected or placed surgically toacceleratethe healing of bones, joints, muscles, or tendons.Nowadays, platelet-rich plasma (PRP) is a rapidly gaining tractionin the field of regenerative medicine, showing excellent potential in triggering or expediting the healing process in bones, muscles and ligaments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Orthobiologics Market Trends:
The market is primarily driven by the increasing prevalence of osteoarthritis(OA), especially among the geriatric population. Older adultsare also highly susceptible to spinal and other orthopedic disorders, resulting in the need foran increased number of orthopedic procedures. Besides this, the rising awareness among physicians and patients aboutthe benefits oforthobiologic therapies and newly introduced treatment procedures and technologies have encouraged them to opt for orthobiologics. Moreover, extensive investments and collaborations by prominent medical device and biotechnology companies in the research and development (R&D) to produce advanced orthobiologics are providing a positive market outlook. Some of the other factors, including the growing preference for minimally invasive (MI) procedures, improving healthcare infrastructure and advent of next-generation biologics technology, are also contributing to the market growth. Looking forward, the market is anticipated to grow at a CAGR of 5.27% during the forecast period (2022-2027).
Market Summary:
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