PUNE, India, /PRNewswire/ - According to a new market research report "Biosurgery Market by Product (Fibrin & Collagen Sealant, Hemostats, Adhesion Barriers, Biological Meshs, Soft Tissue Attachments, Stapler, Bone Graft Substitutes) Application (Orthopedic, Gynecology, Cardiovascular, Reconstructive) - Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 15.58 billion by 2023 from an estimated USD 11.36 billion in 2018, at a CAGR of 6.5 %.
Currently, the global Biosurgery Market is driven by 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. However, the high price of biosurgery products and rising cost of surgical procedures may restrict the growth of this market during the forecast period to a certain extent.
The bone-graft substitutes segment accounted for the largest share of the Biosurgery Market in 2017
On the basis of product, the biosurgery is broadly segmented into bone-graft substitutes, soft-tissue attachments, hemostatic agents, surgical sealants & adhesives, adhesion barriers, and staple-line reinforcement agents. In 2017, the bone-graft substitutes segment accounted for the largest share of this market. The large share of this market can be attributed to a large number of commercially available bone grafts and their higher utilization (as compared to other biosurgery products) by surgeons in various surgeries. Advantages such as cost-effectiveness, biocompatible, bioresorbable, osteoconductive, and osteoinductive properties of bone-graft substitutes make them more preferred as compared to other biosurgery products.
The reconstructive surgeries segment is expected to register the highest CAGR during the forecast period
Based on applications, the Biosurgery Market is segmented into gynecological surgeries, general surgeries, cardiovascular surgeries, orthopedic surgeries, neurological surgeries, reconstructive surgeries, urological surgeries, and thoracic surgeries. The reconstructive surgeries segment is estimated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing focus of players on developing surgical sealants for reconstructive surgeries.
North America dominated the market in 2017
North America accounted for the largest share of the Biosurgery Market in 2017, followed by Europe. Increase in the incidence of chronic diseases associated with aging population, increase in the volume of surgical procedures, well-established healthcare services, higher public and private healthcare expenditure, and adoption of highly advanced technology are responsible for the largest share of North America in the Biosurgery Market.
The key players in the global Biosurgery Market are Johnson & Johnson (US), Sanofi (France), Baxter (US), C.R. Bard (US), Integra LifeSciences (US), MAQUET (Sweden), Medtronic (Ireland), Cohera Medical (US), Hemostasis (US), Stryker(US), B.Braun (Germany), CSL (Australia), Pfizer (US), and CryoLife (US).
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