BIOSURGERY MARKET ANALYSIS

The global biosurgery market was valued at US$ 13,887.5 Mn in 2021 and is forecast to reach a value of US$ 22,212.9 Mn by 2028 at a CAGR of 6.9% between 2022 and 2028. The global biosurgery market is experiencing strong growth due to the rise in prevalence of cardiovascular diseases and growing geriatric population across the globe. Moreover, increasing adoption of advanced surgical tools and devices and rising health awareness and developing healthcare infrastructure is expected to boost the growth of the market. However, factors such as lack of awareness among people about biosurgery and high cost of surgery are expected to hamper the market growth.

Global Biosurgery Market: Regional Insights                  

Based on geography, the global biosurgery market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rise in prevalence of chronic diseases & related surgeries and growing geriatric population in the region. For instance, with the increase in prevalence of chronic diseases, such as heart disease, the number of related surgeries is also increasing with rapid pace. According to the Centers for Disease Control Prevention (CDC), heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 34 seconds in the U.S. from cardiovascular disease.

Europe and Asia Pacific are also expected to witness robust growth in the global biosurgery market due to the increase in burden of cardiovascular disease and growing geriatric population in these regions. For instance, adults age 65 and older are more likely than younger people to suffer from cardiovascular disease (CVD). The Asia Pacific population is ageing faster than any other region in the world. According to the United Nations Economic and Social Commission for Asia and the Pacific (July 2022), there are now 630 million people aged 60 years or over, representing 60% of the world's older persons. By 2050, their number is projected to increase to 1.3 billion.

Figure 1. Global Biosurgery Market Share (%), by Region, 2021

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Global Biosurgery Market Drivers:

High prevalence of cardiovascular diseases to augment market growth

One of the key factors expected to augment the growth of the global biosurgery market over the forecast period is the rise in prevalence of cardiovascular diseases worldwide. Such a high burden of cardiovascular diseases leads to an increased number of surgical procedures and it is expected to propel the market growth. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. This in turn is expected to drive growth of the market.

Growing geriatric population worldwide to underpin market growth

Another factor which is driving the growth of the global biosurgery market is the rise in geriatric (aging) population around the world. For instance, aging can cause changes in the heart and blood vessels that may increase a person's risk of developing cardiovascular disease. People age 65 and older are more likely than younger people to suffer from cardiovascular disease. According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Biosurgery Market Opportunities:

Increasing adoption of advanced surgical tools and devices is expected to offer significant growth opportunities for players in the global biosurgery market. For instance, with the increase in number of surgical procedures across the globe, the demand for advanced surgical tools and devices is also increasing or has increased rapidly. In February 2020, Baxter International received the U.S. FDA clearance for launching its biosurgical product (Peri strips dry integrated with VERITAS collagen matrix). It is widely used to reduce a rate of bleeding at the time of conducting a variety of bariatric surgeries as well as other surgical processes.

Rising health awareness and developing healthcare infrastructure is expected to provide significant growth opportunities for players in the global biosurgery market. For instance, rise in awareness about the benefits of biosurgery over traditional surgical methods and rise in awareness regarding advanced surgical procedures are the major factors fostering the growth of the market. Thus, with the increase in awareness and developing healthcare infrastructure, the number of bio-surgeries is also increasing with the rapid pace worldwide. This in turn is expected to aid in the growth of the global biosurgery market over the forecast period. 

Global Biosurgery Market Trends:

Increase in number of surgical procedures is a recent trend

The increase in the burden of cardiovascular diseases (worldwide) leads to an increase in number of surgical procedures. This in turn has increased demand for advanced surgical tools and devices, and thus, players in the market are focusing on launching novel products due to the growing burden of cardiovascular disease coupled with the increasing geriatric population. This in turn is expected to drive the growth of the global biosurgery market.

Increase in research and development (R&D) is another trend

The market is currently revolutionizing the treatment regimen for various diseases, and the market is in a drastic developmental phase right now. Various research and development (R&D) activities are happening currently, which is expected to provide tremendous growth opportunities for players in the market. This trend is also expected to continue over the forecast period, driving the growth of the global biosurgery market.

Global Biosurgery Market Restraints:

Lack of consumer awareness to hinder growth of the market

One of the key factors expected to hamper the growth of the global biosurgery market is the lack of awareness about the benefits of biosurgery in developing countries. The adoption of biosurgery or the preference for biosurgery is low in developing countries due to the lack of awareness among people about the benefits of biosurgery. However, rise in awareness about benefits of biosurgery over traditional surgical methods and rise in awareness regarding advanced surgical procedures is expected to augment the growth of the market. 

High cost of surgery to hamper the growth of the market

Another factor which is hampering the growth of the global biosurgery market is the high cost of advanced surgical procedures and high cost of biosurgery products. Bio-surgeries generally incur high costs owing to the pre- and post-surgery fees. Moreover, the high procedural costs and other additional expenditures on medical tests, post-surgery garments, and medications are major factors that are expected to hinder growth of the market.

Figure 2. Global Biosurgery Market Share (%), by Drug Class, 2021

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Global Biosurgery Market Segmentation:

The biosurgery market report is segmented into Treatment Type, Disease Type, and Geography.

Based on Treatment Type, the global biosurgery market is segmented into Hemostatic Agents, Bone-graft Substitutes, Surgical Sealants/Adhesives, Soft-tissue Attachments, Adhesion Barriers, and Staple Line Reinforcement. Of which, Hemostatic Agents Segment is expected to dominate the biosurgery market over the forecast period and this is attributed to the increase in number of surgical procedures. Hemostatic agents control external bleeding by enhancing the natural clotting process and, thus, are widely used to aid in bleeding control.

Bone-Graft Substitutes Segment is also expected to witness significant growth in the near future and this is owing to the increase in adoption of bone-graft substitutes. They are used in oncological surgeries, traumatology, prosthetic reconstruction, and spinal surgeries.

Based on Disease Type, the market is segmented into Orthopedic Surgery, General Surgery, Neurological Surgery, Cardiovascular Surgery, Gynecological Surgery, and Other Applications. Out of which, Orthopedic Surgery Segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of orthopedic surgeries.

Cardiovascular Surgery Segment is also expected to witness significant growth in the near future and this is owing to the rise in number of cardiovascular surgeries and rising geriatric population.

Global Biosurgery Market: Key Developments

In May 2020, Baxter International Inc. received the U.S. Food and Drug Administration (FDA) approval for Altapore Shape Bioactive Bone Graft, the latest addition to Baxter’s next-generation bone graft substitute product line.

In June 2020, BD completed the acquisition of Straub Medical AG, a privately-held company that develops and sells medical atherectomy and thrombectomy devices.

In September 2019, Integra LifeSciences Holdings acquired Rebound Therapeutics, the developer of single-use medical devices that enable minimally-invasive access by using optics & illumination for visualization, diagnostics, and therapeutic usage in neurosurgery.

In April 2019, Baxter International received its Floseal Hemostatic matrix for use in surgical procedures. The advanced generation Floseal has 20% fewer components and steps of preparation, which makes it easier and faster for use in operating rooms.

Global Biosurgery Market: Key Companies Insights

The global biosurgery market is highly competitive. This is attributed to the increase in demand for advanced surgical tools and devices, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Biosurgery is promising adjunct to the whole spectrum of topical treatment methods, in particular for debridement. Biosurgery involves natural, synthetic, or semi-synthetic materials to seal surgical incisions and wounds.