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. The objective of the report is to define, describe, and forecast the biosurgery market size based on product, application, and region.
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%.
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Biosurgery Market by Product:
The biosurgery market, by product, is segmented into bone-graft substitutes, soft-tissue attachments, surgical sealants and adhesives, hemostatic agents, adhesion barriers, and staple-line reinforcement agents. Among the products segment, the surgical sealants and adhesives segment is expected to grow at the highest CAGR during the forecast period. The total number of surgeries being performed annually is increasing owing to the growing geriatric population, rising prevalence of lifestyle diseases (such as cardiovascular and orthopedic diseases), and growing number of people suffering from lower back pain and sports-related injuries, thereby attributing to high growth of this segment.
Applications of Biosurgery Market:
On the basis of applications, the biosurgery market is segmented into neurological surgery, cardiovascular surgery, general surgery, orthopedic surgery, thoracic surgery, gynecological surgery, urological surgery, and reconstructive surgery. The orthopedic surgery segment is expected to account for the largest share of the biosurgery market during the forecast period. The large share of this segment can be attributed to the large number of orthopedic bone and soft tissue repair surgeries being performed globally, on an annual basis. The growing number of orthopedic surgeries is in turn expected to support the growth of dependent markets, such as the biosurgery market for orthopedic applications.
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North America is expected to hold the largest market size in the biosurgery market during the forecast period. The highest market share of North America is due to the presence of a well-developed healthcare system, increasing volume of surgical procedures performed, large number of hospitals, and presence of leading market players in the region. The Asia Pacific market is expected to witness the highest growth rate during the forecast period.