Biosurgery is promising adjunct to the whole spectrum of topical treatment methods, in particular for debridement. The term 'biosurgery' describes the use of living maggots on wounds to remove devitalized tissue, improve wound healing, and decrease the risk of infection. Biosurgery products help facilitate hemostasis and tissue sealing in different surgical processes; they are also used in hard tissue regeneration in orthobiologics. It is widely used to prevent excessive blood loss, repair damaged tissues and bones, and provide adhesion for wound or tissue sealing.
Market Statistics:
The Global Biosurgery Market is estimated to account for US$ 14,842.9 Mn in terms of value by the end of 2022.
Drivers:
Increase in adoption or demand for novel/advanced biosurgical devices is expected to drive growth of the global biosurgery market during the forecast period. For instance, with the rise in awareness among people about the benefits of biosurgery over traditional surgical methods and increased in number of surgical procedures, demand for advanced biosurgical devices is also increasing rapidly. In February 2021, EndoClot Plus, Inc. received the U.S. Food and Drug Administration (USFDA) approval for EndoClot Polysaccharide Hemostatic System. It is an innovative product that assists Gastroenterologists to stop bleeding rapidly and reliably.
Opportunities:
Growing burden of cardiovascular disease coupled with the increasing geriatric population across the globe is expected to offer significant growth opportunities for players in the global biosurgery market. For instance, the high prevalence of cardiovascular diseases leads to an increased number of surgical procedures, and people age 65 and older are more likely than younger people to suffer from cardiovascular disease. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death worldwide, taking an estimated 17.9 million lives each year. This number is expected to increase over the forecast period.
Restraints:
Stringent regulatory framework, lack of skilled personnel (for the safe/effective use of biosurgery products), and high cost of surgery or high cost of biosurgery products are major factors expected to hamper the growth of the global biosurgery market during the forecast period. For instance, the development of new biosurgery products requires significant investments, and advanced products generally take more than 7-8 years for gaining marketing approval. Moreover, bio-surgeries incur high costs owing to the pre- and post-surgery fees.
Global Biosurgery Market - Impact of Coronavirus (Covid-19) Pandemic:
Biosurgery can address multiple needs during the outbreak of COVID-19; biosurgery can reduce patient visits, decrease the time burden on health care professionals, and provide low-cost therapy at a time when many patients are losing their jobs and their medical insurance. However, outbreak of COVID-19 (global pandemic) has had a severe impact on the biosurgery market due to supply chain issues and long waiting times (due to safety measures enforced by many governments across the world to curb the spread of the virus). Moreover, the COVID-19 outbreak reduced the number of surgical procedures during 2020.
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Key Takeaways:
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.
Among product segment Hemostatic Agents segment held dominant position in the global biosurgery market in 2021, accounting for 31.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the key trends expected to boost the growth of the global biosurgery market is the increase in research and development (R&D) activities worldwide. The market is currently revolutionizing the treatment regimen for various diseases, and the market is in a drastic developmental phase right now. Many R&D activities are happening currently, which in turn is expected to offer tremendous growth opportunities for players in the market. This trend is expected to continue over the forecast period, driving the growth of the global biosurgery market.
Competitive Landscape:
Major players operating in the global biosurgery market include 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.
Recent Developments:
In September 2020, Integra LifeSciences Holdings Corporation entered a definitive agreement to sell its Extremity Orthopedics business to Smith+Nephew.
In November 2020, Becton, Dickinson and Company (BD) acquired the medical business assets of CUBEX LLC, broadening the automated dispensing portfolio across the care continuum.
In January 2020, Terumo Corporation announced the launch of its product “Aquabird”, a surgical sealant in Middle East region.
In February 2019, Terumo Cardiovascular group and Hemostasis announced a three-year exclusive agreement, in which Terumo will distribute Hemostasis’ BoneSeal bone Hemostat in the U.S.
