by The global Biosurgery Market is estimated to be valued at US$ 15,870.09 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biosurgery products are used to promote hemostasis, tissue sealing, and healing by interfering with or stimulating components of the patient’s biological systems. Biosurgery products are used extensively in surgical procedures to help in the closure of surgical incisions or wounds and preventing blood loss during surgery.
Market key trends:
One of the key trends in the biosurgery market is the increasing usage of regenerative medicine products. Regenerative medicine uses tissues engineered from living cells to repair, replace or regenerate human cells, tissues or organs to restore or establish normal function. The emergence of new innovative regenerative medicine products is expected to offer surgeons new tools and treatment methods to address challenging clinical problems. For instance, in March 2019, Organovo launched ExVive Human Liver Tissue for preclinical research. It allows testing of new drug candidates and investigating drug safety/efficacy. Thus, increasing adoption of regenerative medicine products will significantly drive the biosurgery market growth over the forecast period.
SWOT Analysis
Strength: The biosurgery market has strength in the growing biologics and regenerative medicine space. Biosurgery products are effective alternative to traditional surgical procedures and help in faster healing.
Weakness: High costs associated with R&D and production of biosurgery products is a major weakness. Significant investment is required to develop new and innovative biosurgery solutions.
Opportunity: Increasing adoption of minimal invasive techniques and rising geriatric population suffering from chronic diseases offer opportunities for market growth. Biologics have potential to treat complex wounds.
Threats: Stringent regulatory approvals and clinical trial requirements pose threats. Reimbursement issues and competition from alternative treatment methods can also challenge the biosurgery market.
Key Takeaways
The Global Biosurgery Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing prevalence of chronic wounds and technological advancements. The market size for 2023 is US$ 15870.09 Mn.
Regional analysis: North America dominates the biosurgery market currently due to increase in number of surgical procedures and favorable reimbursement policies. However, Asia Pacific is expected to grow at fastest pace owing to rising medical tourism, increasing healthcare spending and growing patient base of target diseases.
Key players operating in the biosurgery market are Betatech Medical, Hemostasis LLC, CryoLife Inc., CSL Limited, Medtronic PLC, Johnson & Johnson, B.Braun Melsungen AG, Baxter International Inc., Integra Lifesciences Holdings Corporation, and Becton, Dickinson and Company (CR Bard), among others. Companies are focusing on new product launches and adopting collaboration strategies for greater market penetration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
