Biosurgery involves the use of biologics such as hemostats, sealants, adhesion barriers, and bone graft substitutes during surgery. These products accelerate the natural healing process by promoting desirable biological processes. They reduce bleeding and prevent complications and re-operations arising due to excessive postoperative bleeding.
The global biosurgery market is estimated to be valued at US$ 18282.35 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: Tissue Regeneration
One of the key opportunities in the biosurgery market is tissue regeneration. Tissue engineering aims to regrow or repair damaged tissue using biomaterials, viable cells, and biochemical cues. There is a growing demand for biomaterials that can accelerate wound healing and foster regeneration of tissues. Products based on newer technologies involving stem cells, growth factors, and biomimetic materials hold promise for regenerating cartilage, bone, skin, and other connective tissues. These next-generation regenerative biosurgery products are projected to witness significant adoption over the forecast period due to their potential to address unmet needs in complex reconstructive surgeries.
Porter’s Analysis
Threat of new entrants: The high R&D costs and stringent regulations for biosurgery market pose significant barriers for new entrants. The established industry players also have advantages of economies of scale and brand recognition.
Bargaining power of buyers: The bargaining power of buyers is moderate as the industry has many players providing substitutable products. However, the high costs of switching over deter buyers from frequently changing suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of alternatives and suppliers. However, the stringent regulatory requirements provide some power to suppliers.
Threat of new substitutes: The threat of substitutes is moderate as there are limited alternatives to the core functions provided by biosurgery products. However, traditional wound care options continue to be adopted.
Competitive rivalry: The market sees high competitive rivalry owing to many established industry players competing for market share. Innovation, partnerships and diversification are key strategies adopted.
SWOT Analysis
Strengths: Wide product portfolio for soft and hard tissue applications. Established brands and distribution networks.
Weaknesses: High R&D costs and regulatory approvals. Limited biosurgery options in developing markets.
Opportunities: Growing aging population driving demand. Emerging economies provide scope for expansion.
Threats: Price controls and reimbursement policies. Threat from traditional and alternative treatment options.
Key Takeaways
The global Biosurgery Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 18282.35 Bn .
Regional analysis: North America dominates currently due to advanced healthcare infrastructure and high adoption rates. Asia Pacific is expected to grow at the fastest pace owing to growing medical tourism, rising healthcare expenditures and increasing regulatory approvals.
Key players: Key players operating in the biosurgery market are Akzo Nobel N.V., PPG Industries, Inc., Sherwin-Williams Company, BASF SE, Hempel A/S.
Explore more related article on this topic: https://www.ukwebwire.com/the-biosurgery-market-share-analysis/
