The overall biosurgery market is expected to grow from $10.67 billion in 2017 and is expected to grow at a CAGR of 6.5% during the forecast period, to reach $15.58 billion by 2023.
What are the key market growth factors?
1. Rising geriatric population
2. Increasing volume of surgeries and prevalence of severe trauma injuries
3. Strong focus on R&D leading to the launch of new and advanced products
4. Rising need for effective blood loss management in patients
The biosurgery market is expanding with the emergence of new products and applications. These biosurgery product being used in many applications such gynecological surgery, general surgery, orthopedic surgery, cardiovascular surgery, neurological surgery, urological surgery, reconstructive surgery and thoracic surgery.
Increasing Use of Biosurgery Products in Surgical Producers:
Biosurgery products are used to aid surgeries and repair weakened and damaged tissues and bones. Some commonly used biosurgery products include Surgical Sealants and adhesives, hemostatic agents, adhesion barriers, soft-tissue attachments, bone-graft substitutes, and staple line reinforcement agents.
These products are intended to control blood loss, aid wound healing, and assist the healing of surgical sites during various surgeries. Therefore, 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 drives the growth of market.
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Application of Biosurgery Market:
Orthopedic surgeries is one of those applications where the procedures are associated with significant blood loss owing to the dissection of bony and fibrotic tissues.
Gynecological procedures such as myomectomies (surgical removal of uterine fibroids without the removal of the uterus), hysterectomies (surgical removal of the uterus), and surgeries for C-section requires biosurgery products.
Biosurgery products are used in surgical procedures performed for the treatment of diseases involving the skin, soft tissues, and hernias. Of these, hernia repair, for inguinal, umbilical, hiatal, femoral, and incisional hernias, among other types, are among the most common.
Biosurgery products for cardiovascular surgeries include coronary artery bypass grafting (CABG), congenital heart surgery, aortic anastomosis during CABG, and implantation of vascular prostheses.
Technological Innovations in Biosurgery Products Opening New Avenues For Growth In Biosurgery Market.
1. Biosurgery product manufacturers
2. Biosurgery product distributors and suppliers
3. Healthcare providers
4. Medical device manufacturers
5. Research institutes and academic centers
6. Contract research organizations (CROs)
7. Government associations
8. Market research and consulting firms
9. Venture capitalists and investors
Key Players in Market:
The biosurgery market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the market are Baxter International (US), C.R. Bard (US), Johnson & Johnson (US), Medtronic (Ireland), Sanofi (France), B. Braun (Germany), MAQUET Holding (Germany), CryoLife (US), Stryker Corporation (US), Hemostasis (US), Integra Lifesciences (US), Cohera Medical (US), Pfizer (US), and CSL Limited (Australia).
Major Developments In Biosurgery Market:
1. Integra LifeSciences Holdings Corporation (US) launched the Codman Specialty Surgical product portfolio in April 2018.
2. Baxter International Inc. (US) enhanced its FLOSEAL and TISSEEL hemostatic product OFFERINGS in April 2017.
3. In September 2017, Medtronic launched the Infuse Bone Graft, which is a recombinant human bone morphogenetic protein-2 (rhBMP-2) applied to an absorbable collagen sponge carrier (ACS). It helps stimulate natural bone formation.
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