The orthobiologics market has been projected to experience various growth avenues in the foreseeable years.
The orthobiologics market has been projected to experience various growth avenues in the foreseeable years. The growth in the global market has been attributed to the rapidly increasing geriatric population owing to better healthcare facilities across the world. Elderly people are generally prone to various disorders or diseases, for example, osteoarthritis and some others, due to their weaker immune systems. Along with this, rising awareness related to orthobiologics and rising demand for advanced treatment options has also been predicted to fuel the growth opportunities in the global market in the upcoming years.
In recent years, there has been a noticeable increase in the cases of obesity because of an unhealthy lifestyle. Along with this, there is also an increase in the count of road accidents and sports accidents. Furthermore, high growth potential across developing countries and rising demand for advanced healthcare solutions are anticipated to develop novel growth avenues in the global orthobiologics market in the years to come.
Orthobiologics Market: Key Trends
The sudden emergence of the COVID-19 cases around the world has also brought a positive impact on the growth impetus in the orthobiologics market. After the removal of stringent lockdown and social distancing policies post-pandemic, the global market has been predicted to grow at a significant speed during the forecast period.
On the flip side, the global market has been projected to experience certain obstacles in the growth prospects in the years to come. The higher cost of orthobiologics is likely to serve as one of the prominent factors to curtail the growth avenues in the global market. In addition to this, there is a stringent process of approval in the orthobiologics industry that can hamper the expansion avenues in the global market in the upcoming years. Furthermore, inadequate reimbursements for orthobiologics procedures and products have also been anticipated to create obstacles in the global orthobiologics market during the forecast period from 2021 to 2031.
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Orthobiologics Market: Competitive Dynamics and Key Developments
The orthobiologics market has been considered highly competitive in nature on the back of a significant number of key players around the world. The key players operating in the global market are adopting innumerable growth strategies in order to boost the growth prospects in the forthcoming years. Some of these market growth strategies include diversion of portfolio, geographical expansion, mergers and acquisitions, novel products launching, and expansion in the distributor network. Along with these efforts, the market players are taking initiative to spread their footprints with partnerships and subsidiaries.
The key players in the orthobiologics market are:
- Medical Solutions Group Plc.
- Arthrex Inc.
- Anika Therapeutics Inc.
- Globus Medical Inc.
- Medtronic Plc.
- Bioventus LLC
- Stryker Corp.
- Nuvasive Inc.
- Johnson and Johnson Inc.
Orthobiologics Market: Regional Assessment
The orthobiologics market has been bifurcated into Asia Pacific, Europe, North America, and the Rest of the World. North America, among these geographical locations, has been expected to grow at a noticeable speed in the upcoming years. The growth in the regional market has been on the back of increasing concentration of the market players in order to reduce the surgeries in orthopedic. Along with this, the noticeable position of the countries from the North America region, for example, Canada, the UK, the US, and Germany in the global market is also predicted to drive the growth impetus in the forthcoming years.
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