The Biosurgery market is estimated to be valued at US$15,870.09 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Biosurgery involves the use of various human-derived or animal-derived natural biological materials as adjuncts or alternatives to synthetic surgical materials. Biosurgery products address wound healing, soft tissue repair/regeneration, bone grafting, and adhesion prevention or barrier application. These products are useful in reducing surgeons' reliance on sutures and staples and are absorbed into surrounding tissue after cell infiltration. Market key trends: One of the key trends in the biosurgery market is the increasing number of surgical procedures across the globe. According to the National Center for Health Statistics, around 42 million in-patient surgeries and 49 million out-patient surgeries were performed in the US in 2020. Additionally, according to estimates by Frontiers of Surgery Organization, over 234 million surgeries are performed worldwide each year. This high number of surgeries has increased the demand for biosurgery products. Biosurgery products such as hemostats, sealants, and adhesion barriers are widely used during various surgical procedures to assist in hemostasis, prevent bleeding and adhesion formation, enhance wound healing, and act as a tissue bonding agent. Thus, rising surgical volumes are expected to propel the demand for biosurgery products over the forecast period. Porter’s Analysis Threat of new entrants: The biosurgery market requires high initial capital investments for R&D along with regulatory compliances, which poses significant entry barriers for new players. Bargaining power of buyers: The presence of many established players limits the bargaining power of buyers in the biosurgery market. Bargaining power of suppliers: Key raw material suppliers have significant influence over biosurgery manufacturers due to their specialized expertise. Threat of new substitutes: Though there are alternative medical disciplines like tissue engineering, the biosurgery market is characterized by limited substitution threat. Competitive rivalry: The biosurgery market witnesses high competition among major players differentiating through product innovation and portfolio expansion. SWOT Analysis Strength: The biosurgery market offers advanced clinical solutions for complex surgical procedures. Presence of renowned players ensures product quality and safety. Weakness: High costs associated with R&D, clinical trials and production limit the affordability of biosurgery products. Strong regulatory approvals pose delays. Opportunity: Rising geriatric population and disease incidence rates augment the clinical demand. Emerging markets provide scope for regional expansion. Threats: Stringent regulations delay product approvals. Reimbursement issues in developing nations pose commercialization challenges. Key Takeaways The Global Biosurgery Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing chronic disease prevalence and trauma injury cases worldwide. Regionally, North America dominates the biosurgery market currently owing to established medical infrastructure and favorable reimbursement policies. Asia Pacific is anticipated to provide lucrative opportunities fueled by rising healthcare investments, unmet clinical needs and growing medical tourism. Key players operating in the 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. The players focus on new product launches and strategic partnerships for business expansion and competitive strength. Read more https://www.ukwebwire.com/biosurgery-market-size-share-growth-outlook-2023/
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