PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1378086
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1378086
The orthobiologics market is estimated to grow at a CAGR of 4.6% during the forecast period.
The Orthobiologics market is expected to grow at a steady pace during the forecast period. Orthobiologics are majorly used to treat acute and chronic conditions related to muscles, bones, joints, and soft tissues. The growing demand for advanced treatment coupled with the improved living standard and increased disposable income are major growth drivers of the orthobiologics market. Additionally, the rising incidents of sports injury and road accidents affecting the bones and joints, bone defects and disorders, and technological advancements are further expected to bolster the orthobiologics market size.
The disposable and national income especially for developing countries like India is rising with the growing population improving the living standard. According to the Ministry of Statistics and Programme Implementation, GDP for 2022-23 is estimated to increase and reach Rupees 160.06 lakh crore from Rupees 149.26 lakh crore in 2021-22 in India. The growing population and rising income demand advanced treatment and better facilities for their comfortable medications. Moreover, demand for advanced pain treatment in orthopedics using orthobiologics is expected to increase with the wider range of available products in the market thereby propelling the orthobiologics market.
Bone diseases and defects including osteoarthritis joint pain and peripheral nerve pain are on the surge worldwide. According to the Centers for Disease Control and Prevention, around 20% of US adults suffer from chronic pain. The most common bone diseases are generalized osteoporosis, musculoskeletal disorders, and osteogenesis. According to the World Health Organization, around 1.71 billion people had musculoskeletal conditions in 2019 and it is the major contributor to years lived with disability (YLDs) with an estimated 149 million YLDs accounting for 17% of cases worldwide. The prevalence of bone defects and their adverse affect accounts for the orthobiologics market growth as orthobioloigcs are majorly used in orthopedics and musculoskeletal conditions.
The rising cases of sports injury and road accidents majorly damaging the bones and joints are the major growth factor for the orthobiologics market. Nearly 1.3 million global deaths occur worldwide annually due to road accidents and approximately 20-50 million people suffer from non-fatal road injury as per the estimates of WHO. Moreover, sports injury causing bone defects and other related problems accounts for larger ortho conditions. For instance, according to John Hopkins around 3.5 million sports-related injuries occur each year in the US with almost 50% of injuries occurring from cycling, and skateboarding. These huge cases of injuries affecting the bones and joints are expected to aid the orthobiologics market size.
The technological advancements through scientists-based research and experiments are anticipated to bolster the orthobiologics market. For instance, a program under the Advanced Research Projects Agency for Health focused on orthopedic tissue regeneration was launched by the ARPA-H initiative in the US. The economic burden of osteoarthritis in the US exceeds $136 million every year as per the ARPA-H reports. The research launched by the ARPA-H will address the need and cut the economic burden by developing technologies in injectable bone regeneration, injectable cartilage regeneration, and replacement joints made from human bones. This research initiative coupled with new product launches by the market players is anticipated to drive the orthobiologics market positively.
The aging in people contributes to the number of bones and joint-related problems such as arthritis, osteoporosis, and compression fractures. With the aging population and developing joints and bone problems, it is expected to aid the orthobiologics market during the forecasted period.
The North American region is expected to hold a dominant share in the orthobiologics market owing to the rising bone defects and technological advancements. According to CDC, 24% of all adults are diagnosed with arthritis and related conditions in the US and it is expected to rise to 78 million in 2040. Moreover, new product launches and the presence of market leaders such as Alphatec Spine and Arthrex in the region are further contemplated to drive the orthobiologics market in the region during the forecasted period.
Asia-Pacific is expected to contribute significantly to the orthobiologics market during the forecast period owing to a greater number of road accidents, and rising income in the region. According to National Crime Record Bureau, road accidents increased to 1,55,622 in 2021 from 1,33,201 in 2020 in India. Moreover, the technological advancements backed by government support and investment are further expected to drive the orthobiologics market in the region.