8 Key Trends in the North American Orthobiologics Market
Thursday, April 9, 2015
Source: Becker's Spine Review
The North American orthobiologics market is expected to grow significantly over the next few years, according to a new report from MicroMarket Monitor.
Here are eight key trends from the report.
- Last year, the North American orthobiologics market was valued at around $1.7 billion.
- The market is estimated to reach $2.4 million by 2019, which is a compound annual growth rate of 7.7 percent from now to then.
- Key players in the North American orthobiologics market are Biomet, Medtronic and Integra LifeSciences, according to the report.
- More awareness about orthobiologics is a driving force for surgeons to switch from mechanical implants to biological. implants.
- The market's increase since 2012 is due to increased research and a rising demand for the products due to their benefits.
- The United States orthobiologics market has the largest share in North America and it's expected to continue growing.
- The Canadian region will also have growth driven by increasing research investments, aging population growth and an increased number of road accidents.
- The major concerns that could hamper growth in the market are:
- Reimbursement concerns
- Stringent regulations
- High costs