- Global orthobiologics market to be worth $9.6 billion in 2016, growing at a CAGR of 12%
- 350 million people have arthritis globally, with over half of those under the age of 65
- Medtronic, Genzyme and Depuy dominate the global orthobiologics market
LONDON--(BUSINESS WIRE)-- The global market for orthobiologics was valued at $4.3 billion in 2009, and is set to reach $9.6 billion in 2016, representing a CAGR of 12%. Bone graft substitutes will remain the largest segment in the market, with a value of $5.3 billion by 2016. Growth in the orthobiologics market is being driven by the increasing incidence of arthritis, an increasingly elderly population, and higher obesity rates. Globally, about 350 million people have arthritis, and more than half of arthritis sufferers are under 65 years of age.
Orthobiologics Market to 2016 - Alternatives to Surgery and Superior Outcomes are Driving Wider Adoption of Orthobiologics
The US orthobiologics market was valued at $2.3 billion in 2009, and is expected to reach $6 billion in 2016, representing a CAGR of 15% for the period. The US remains the largest orthobiologics market in the world, accounting for more than 50% of the global orthobiologics market in 2009. The orthobiologics market in the US is expected to be driven by patient demographics, the development of novel product designs, increasing patient awareness, increasing participation in sports related activities, and a rising incidence of road accidents.
The global orthobiologics market was dominated by Medtronic, Genzyme and Depuy, which together accounted for nearly 40% of the market in 2009. Medtronic is market leader, with a 19% share in 2009. Medtronic's InFUSE bone graft was its major revenue generator in the orthobiologics market during the first quarter of 2009. Genzyme was the second largest company, with a market share of 11%, followed by Depuy with 10%.
The orthobiologics product pipeline is strong, with about 134 products making their way to market. These products are aimed at reducing rejection rates, stimulating the growth of bone and improving patient outcomes. The advantages offered and the simplicity in use of many of these products is expected to increase their uptake. Nanotechnology will be the key driver of growth in the orthobiologics market in the future.
Report Details: http://www.companiesandmarkets.com/Market-Report/orthobiologics-market-to-2016-alternatives-to-surgery-and-superior-outcomes-are-driving-wider-adoption-of-orthobiologics-686105.asp?prk=7c4ed5b510c1ffe12b50d9829eddaba2
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KEYWORDS: United Kingdom United States Europe
INDUSTRY KEYWORDS: Health Biotechnology Pharmaceutical