BIOSURGERY MARKET ANALYSIS

Market Challenges And Opportunities

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 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.