Rockville, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global bioprosthetics market is valued at US$ 5.74 billion in 2023 and is predicted to reach US$ 16.30 billion by 2033, according to this new study by Fact.MR, a market research and competitive intelligence provider.
Bioprosthetics are made from parts taken from humans or other species’ bodies and are used as medical implants. Bioprostheses have made great strides in recent years; however, their fundamental trait remains - they degrade until they are eliminated by the host body.
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A neotissue will eventually grow in the recipient's place of the bioprosthesis due to the biomaterial's progressive degradation, totally replacing it over time. The ultimate goal of bioprosthetics is to induce angiogenesis, attract growth factors, and regenerate a tissue that is appropriately structured and has properties resembling those of healthy tissue in addition to the restoration of the injured area.
Key Takeaways from Market Study
- Global demand for bioprosthetics is expected to increase at a CAGR of 11% from 2023-2033.
- China’s market for bioprosthetics is predicted to expand at a CAGR of 16% during the projected period.
- Sales of xenografts are expected to rise at a CAGR of 11% during the forecast period.
- Demand for allografts is predicted to expand at a CAGR of 10% during the next 10 years.
Winning Strategy
Leading companies in the bioprosthetics market are highly focused on developing advanced technologies to help in the treatment process without any drawbacks.
- U.K.-based AorTech International Plc. is focused on the commercialization of its cutting-edge biomedical polymer technologies, parts, and medical equipment. The company is strongly focused on developing advanced medical products with high-performance technology.
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Competitive Landscape
Some of the key players in the bioprosthetics market are Aortech International Plc, Braile Biomedica, Inc., CryoLife, Inc., Edwards Lifesciences Corporation, Ethicon, Inc., Humacyte, Inc., JenaValve Technology GmbH, and Labcor Laboratorios Ltd.
Leading companies in the bioprosthetics market are strongly investing in R&D and producing advanced bio-implants as well as they are adopting various organic and inorganic strategies to earn more income.
- Aortic disease-focused cardiac and vascular surgery company CryoLife, Inc. announced in January 2022 that it would change its name and brand to Artivion, Inc. with immediate effect. The company's new name and brand, which are derived from the words "aorta," "innovation," and "vision," reflect its evolution to focus on offering cutting-edge solutions to surgeons who treat patients with aortic diseases.
Key Companies Profiled
- Aortech International Plc
- Braile Biomedica, Inc.
- CryoLife, Inc.
- Edwards Lifesciences Corporation
- Ethicon, Inc.
- Humacyte, Inc.
- JenaValve Technology GmbH
- Labcor Laboratorios Ltd.
- LeMaitre Vascular, Inc.
- LifeCell International
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It is anticipated that the demand for bioprosthetics will expand rapidly due to the rising prevalence of cardiovascular disorders such as coronary and peripheral artery diseases, rheumatic heart disease, and correspondingly the desire for extended alleviation. The rate of implant rejection is significantly lower than that of synthetic implants since bioprosthetic implants are constructed of biological materials. The market for bioprosthetics is also being fuelled due to the rapidly increasing aging population and an increase in degenerative heart illnesses.
Hybrid tissue-engineered bioprostheses, which use non-biodegradable cultured tissue scaffolds, have advanced due to new technological developments and creative inventions. As an alternative to biodegradable tissue-engineered prosthetics, these hybrid tissue-engineered bioprostheses have great resistance and durability. The development of new touch-enabled bio-prosthetic technology will change this industry and enable many patients with few functional restoration alternatives to lead relatively normal lives.
Key Segments Covered in Bioprosthetics Industry Research
- By Type:
- Allograft
- Xenograft
- Porcine
- Bovine
- By Application:
- Cardiovascular
- Plastic Surgeries
- Wound Healing
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global bioprosthetics market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of type (allograft, xenograft, porcine, bovine) and application (cardiovascular, plastic surgeries, wound healing), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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