Biosurgery Market size is set to account for remunerative growth between 2022 and 2028. The growth is anticipated to come from a gradual surge in the geriatric population, aligned with rise in number of sports-related surgeries and injuries, an increase in the clearance of biosurgery products, an upsurge in the need for adequate patient blood loss management, and more.
Biosurgery products are generally known to be used in various applications ranging from orthopedic surgery, cardiovascular surgery, gynecological surgery, urological surgery, reconstructive surgery, and thoracic surgery.
However, the global biosurgery market growth is expected to be restricted by the elevating prices, high competitive intensity among players, and the presence of low-cost alternatives to these devices for different procedures. Nevertheless, the growing R&D activities and novel product developments in the space are projected to offer positive growth prospects to the overall market through 2028.
For instance, in 2019, Grifols launched its first plasma protein-based biosurgery product- VISTASEAL. The product is a fibrin sealant designed exclusively for biosurgical bleeding-control consisting of a combination of two plasma proteins.
Based on the product type, hemostatic agents segment is slated to record considerable growth in the coming years due to their ability to promote and accelerate hemostasis to control bleeding wherein different conventional methods are ineffective. The hemostats are inserted to remove excess blood, prevent bleeding, and clean up the operating site for surgeons. Hemostatic agents generally consist of thrombin-based agents, combination, and oxidized regenerated cellulose-based agents, and collagen-based agents.
Biosurgery market would gain notable proceeds from the cardiovascular diseases segment. This can be ascribed to the growing cardiovascular diseases prevalence worldwide and increasing need for blood transfusion. According to WHO estimates, CVDs are known to be the leading cause of death worldwide, claiming nearly 17.9 million lives almost every year. It has been reported that use of biosurgical hemostatic agents, specifically in patients undergoing cardiac surgery, is known to be highly effective and safe in reducing the time to hemostasis, improving the patient outcome, and decreasing transfusion of blood products.
In terms of the end-user, the hospital segment across the global biosurgery market would observe massive growth during the forecast timeline. This is likely to come from the rising number of hospitals and infrastructural and economic development, in various developing economies. Besides, the growing surgical procedures performed in operating rooms of hospitals also support substantial growth in the segment.
North America biosurgery market would record substantial gains till 2028, mainly owing to the rising number of surgeries, increasing obese patients, and expanding geriatric population. As per the Ruralhealth.info statistics, there are more than 46 million adults over 65 years of age, with the count estimated to reach 90 million by 2050 end. Furthermore, substantial investments by governments to boost public healthcare delivery is a primary factor expanding the growth of North America market.
The global industry is highly consolidated and boasts the presence of various companies including Johnson & Johnson, Baxter, C.R. Bard (BD), Stryker Corporation, Pfizer, Medtronic. These market vendors are focused on different marketing strategies like mergers and acquisitions, partnerships, and product launches to gain a competitive edge in the business space.
The outbreak of coronavirus pandemic during 2020 has had a moderate impact on the global market statistics, mainly due to the declining preference for surgeries in hospitals. During the COVID realm, hospitals were considered to be a high source of SARS-CoV-2 infection spread, leading to fear amongst people and reduced patient outcomes in the healthcare setting.
Market, By Product
Market, By Surgery
Market, By Origin
Market, By End-use
The above information is provided for the following regions and countries: