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.
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.
MarketsandMarkets forecasts the biosurgery market to grow from $11,365.0 million in 2018 to $15,581.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5%.
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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.
North America to account for the largest market size during the forecast period.
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.
Leading Market 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).