The major factors attributing to the growth of the biosurgery market are increasing geriatric population, rising prevalence of chronic diseases and related surgeries, and a strong focus on R&D leading to the launch of new and advanced products.
The global increase in the number of geriatrics population and obese people is likely to lead to numerous health consequences, like greater incidences of ortho and neuro problems. Consequently, the geriatric population and population with obesity are at a higher risk of multiple disorders and diseases.
According to the United Nations report in 2017, there were an estimated 962 million people aged 60 or over in the world, comprising 13% of the global population. The population aged 60 or above is growing at a rate of about 3% per year. It was estimated that Europe had the highest percentage of the population aged 60 or over in 2017. Thus, the rise in the geriatric and obese population is acting as a major driver for the growth of the biosurgery market.
Key Market Trends
Neurology Segment is Expected to Grow with Good CAGR in the Application Segment
Neurology and spine-related surgery applications of biosurgery are the major market segments and their growth is driven by a mainly wide application of bone graft substitute products in different biosurgery processes.
Another major application segment of biosurgery is the cardiovascular surgery segment that is expected to grow with a positive CAGR in the forecast period, and factors such as the increasing number of cardiac problems in the people across the globe are augmenting the market growth.
North America is Expected to Dominates the Market in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing number of surgeries, rising obese patients, and increasing geriatric population.
In the North America region, the United States holds the largest market share due to factors such as increasing count of geriatrics, along with the growing healthcare industry, which is anticipated to stimulate the demand in this region. Substantial investments by governments to strengthen public healthcare delivery is a key factor augmenting the growth of the market.
The biosurgery market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe.
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