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.
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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).
