ORTHOBIOLOGICS MARKET ANALYSIS

Orthobiologics Market, By Product Type (Bone Allograft, Machined Bones, Demineralized Bone Matrix, Synthetic Bone Substitutes, Bone Morphogenetic Protein (BMP), and Others), By Application (Spinal Fusion, Trauma Fixation, Reconstructive Joint Surgery, and Others), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Apr 2024
Code : CMI1306
Pages :145
Formats :
Excel and PDF
Industry : Medical Devices

Market Challenges – Increasing Product Recalls

Increasing number of product recalls by regulatory authorities such as the U.S. Food and Drug Administration is expected to hinder the market growth over the forecast period. For instance, in June 2021, the U.S. Food and Drug Administration recalled a FiberCel Fiber Viable Bone Matrix, a bone repair product made from human tissue that is used in various orthopedic and spinal procedures. The product was manufactured by Aziyo, a biotechnology company. The device was recalled due to the post-surgical infections in patients treated with FiberCel.

Market Opportunities – Increasing Adoption of Inorganic Growth Strategies

Increasing agreements among key market players are expected to offers lucrative opportunities in the market over the forecast period. For instance, in August 2022, Orthofix Medical Inc., a medical device company with a focus on spine and orthopedics, announced a strategic partnership agreement with CGBio, a developer of innovative, synthetic bone grafts currently used clinically in Asia Pacific for spine, orthopedic, trauma, and dental applications. The two companies will work together for the clinical development and commercialization of Novosis recombinant human bone morphogenetic protein-2 (rhBMP-2) bone growth materials and other future tissue regenerative solutions for the U.S. and Canadian markets.