Market Size of Global Biosurgery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Biosurgery Market Analysis
The biosurgery market is expected to grow at a CAGR of 5.67% during the forecast period (2022-2027).
During the COVID-19 pandemic, the studied market was adversely affected due to supply chain issues and long waiting times. For instance, in August 2021, a research study titled "Impact of the COVID-19 Outbreak on Orthopedic Surgery: A Nationwide Analysis of the First Pandemic Year" stated that the number of orthopedic surgeries fell by 22.8% during the first year of the pandemic in Chile. All surgical procedures were adversely affected, with fracture and trauma surgeries being the least affected. The maximum adverse impact was seen in knee arthroplasty (-64%), followed by hip arthroplasty (-41%) and knee ligament reconstruction (-44%). The COVID-19 outbreak reduced the number of surgical procedures during 2020, as public health networks did have a more significant adverse impact on elective surgeries due to a slower recovery than private institutions. Thus, COVID-19 had a significant impact on the growth of the market.
The major factors attributing to the growth of the biosurgery market are the increasing geriatric population, rising prevalence of chronic diseases and related surgeries, and a strong focus on research and development leading to the launch of new and advanced products.
According to the World Population prospect, 2022, Globally, there were 771 million people aged 65 years or over in 2022, and this number is projected to reach 994 million by 2030 and 1.6 billion by 2050. Thus, with the increase in the geriatric population risk for numerous health consequences, like greater incidences of orthopedic and neurological problems increases which can lead to biosurgery for the treatment and thus is expected to drive the growth of the market.
The increasing research and development initiatives taken by the market players and approvals from the regulatory body may lead to the development and introduction of new products in the future, which may boost the growth of the market in the future. For instance, in November 2020, TISSIUM received approval from the United States Food and Drug Administration for its Investigational Device Exemption application for its vascular sealant. This vascular sealant was designed to address the issue to achieve hemostasis quickly and also to prevent post-operative bleeding following peripheral vascular surgeries.
Furthermore, the launch of new products is also contributing to the growth of the market. For instance, in February 2022, Orthofix Medical Inc. launched Opus BA. It is a synthetic bioactive bone graft solution for cervical and lumbar spine fusion procedures.
Thus, the studied market is expected to project lucrative growth over the forecast period. However, the high cost of biosurgery products and the rising cost of surgical procedures may impede the growth of the market over the forecast period.
