Biosurgery Market size is set to record substantial remuneration over 2032 on account of the increasing geriatric population worldwide.
As per the World Health Organization (WHO), the global population of individuals aged 60 years and above is projected to double by 2050, exceeding 2 billion.
Biosurgical products cater to a broad spectrum of healthcare needs including reconstructive surgery, orthopedic care, gynecological surgery, thoracic surgery, cardiovascular surgery, and urological surgery. Additionally, the notable rise in sports-related injuries and accidents will accelerate the need for advanced biosurgery.
However, the high costs associated with biosurgery and the emergence of novel crises, such as the COVID-19 outbreak and the Russian invasion of Ukraine may affect biosurgery market growth. In the wake of the pandemic, several healthcare facilities delayed non-emergency care services for fully focusing on COVID-19 patients. The increasing reluctance of patients to visit hospitals considering the high risk of virus transmission also negatively impacted the industry gains. Meanwhile, the Russia-Ukraine fallout has resulted in massive supply chain disruptions in the healthcare sector.
Based on product type, The market share from hemostatic agents is poised to record sizeable revenue value by 2032. Hemostatic agents are gaining notable momentum in the field of biosurgery due to their ability to stimulate hemostasis and effectively control bleeding. These agents primarily consist of combination and oxidized regenerated cellulose-based agents, thrombin-based agents, and collagen-based agents. For instance, Becton Dickinson (BD) introduced Avitene™ Microfibrillar Collagen Hemostat, an active absorbable collagen hemostat designed to enhance platelet aggregation and promote hemostasis.
Cardiovascular diseases (CVDs) are set to hold notable share of the biosurgery market by 2032 owing to the increasing prevalence of coronary heart diseases (CHD), and strokes in the region.
With respect to end-user, Hospitals are anticipated to record substantial revenue gains by 2032 due to the increasing number of infrastructure development projects. With the emergence of novel epidemics and pandemics along with the growing disease burden, several economies are investing heavily in the development of robust healthcare infrastructure. In the recent past, multiple private and public initiatives have been undertaken to establish state-of-the-art hospitals equipped with next-generation medical technologies. Moreover, various governments are ramping up investments to boost healthcare access across rural areas, thereby driving the industry expansion.
North America biosurgery market size is expected to register notable expansion between 2023 and 2032 driven by the presence of a large geriatric patient pool and high prevalence of CVD risk factors such as obesity, and diabetes. Furthermore, hefty investments from the American and Canadian governments to expand access to affordable and advanced healthcare will complement the biosurgery industry.
The competitive landscape of the global market includes players, such as Johnson & Johnson, Baxter, C.R. Bard, BD, Stryker Corporation, Pfizer, and Medtronic.