World biosurgery market expected to reach over $12.7bn by 2022

The world biosurgery market is expected to reach almost $12.76 billion by 2022 with a CAGR of 8.1% from 2015 to 2022, according to a report by Allied Market Research. The report projects that the market will grow at a substantial rate owing to a rise in sport and spine-related injuries, per capita healthcare expenditure, a rise in number of surgeries due to increase in obese population, lifestyle disorders and more.

The bone graft substitutes segment contributed to one-third share in the overall biosurgery market in 2015. The haemostatic agents segment is expected to overtake this segment and reach $4.3 billion by 2022. The surgical sealant agents segment is meanwhile expected to grow at the highest growth rate during the forecast period — with a CAGR of 10.7% — due to the availability of multifunctional products, which would provide a lucrative market opportunity; for instance, apart from fibrin’s use as a surgical sealant, it is also used as a haemostatic agent to prevent excessive blood loss during cardiothoracic and orthopedic surgeries.

The biologic biosurgical products segment is currently leading the market, with about three-quarters of the market share in 2015. Biologics products are said to be more popular compared to synthetic biosurgical products, and this trend is expected to continue during the analysis period. The neuro and spine surgery application segment is projected to dominate the market due to high penetration of bone graft substitute products usage in the surgeries.

It is believed that the North American biosurgery market will offer lucrative growth opportunities owing to its developed economy, high public awareness, rising patient pool and arrival of new multifunctional products. Developing countries such as India, China, Brazil and South Korea are expected to boost the market growth with rapid change in healthcare infrastructure and an increase in purchasing power.

An increase in medical tourism, heavy investment by top players in R&D activities and low-cost surgeries are also projected to boost the market growth during the analysis period, particularly in the Asia–Pacific region, which is projected to be the fastest growing biosurgery market with a CAGR of 10.7% from 2015 to 2022.

To view the report, visit https://www.alliedmarketresearch.com/biosurgery-market.