LOS ANGELES, Feb. 04, 2020 (GLOBE NEWSWIRE) -- The global biosurgery market is expected to grow at a CAGR of around 7.9% during the forecast period 2019 to 2026 and reach the market value of around 19,940.4 million by 2026.
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In 2018, North America held the highest market share and is expected to continue with dominance over the forecast period. The region is gaining positive growth owing to the presence of advanced healthcare infrastructure and easy accessibility to advance technology in the region. The increased awareness and the increasing geriatric population in the region are accelerating market growth. The U.S. contributed to the major share in the regional market owing to the increasing number of surgeries. In addition, increasing government funding and investment is further propelling the regional market growth. For instance, a subsidiary of Johnson & Johnson Medical Devices Companies, Ethicon has announced 510(k) clearances in June 2019 for its Vistaseal dual applicator, a tissue sealant product for use in open and laparoscopic surgery. This was the first clearance since the company partnered with Spain-based Grifols, a leading provider of plasma-derived medicines.
By product, surgical sealants are growing at a significant rate and are expected to dominate the market over the forecast period. Increasing cases of sports-related injuries and spinal ailments are favoring the segment growth. The high prevalence of lifestyle diseases coupled with the rising number of surgeries performed worldwide is further expected to create potential demand over the forecast period.
On the basis of source, natural/biologic products held the largest market share owing to the presence of a wide range of products in the market. For instance, Grifols, a top provider of plasma-derived medicines to treat life-threatening diseases, introduced VISTASEAL™ fibrin sealant with Ethicon Inc. to provide plasma-protein-based solutions to manage surgical bleeding.
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By application, general surgery accounted for the largest market share in the year 2018, also expected to be the fastest-growing segment during the forecast period. The increasing number of surgical cases along with the rising prevalence of chronic diseases is accelerating the segment growth. The technological advancements in the field, along with the rising adoption of advanced surgeries in the developing economies are further contributing to the segment growth.
Some of the leading competitors are Ethicon Inc., Sanofi, Baxter, Integra LifeSciences Corporation, Medtronic Plc, B. Braun Melsungen AG, Pfizer Inc, Stryker, and CSL Behring. The companies are involved in mergers, acquisition & partnerships and new product developments to expand the market share.
Some of the key observations regarding biosurgery industry include:
- Aroa Biosurgery and Hydrofera Team up to launch Appulse in North America. Hydrofera, LLC is the United States-based medical products company and Aroa Biosurgery is a New Zealand based biomedical company.
- In April 2018, US-based company Integra Life Sciences Holdings Corporation has launched the Codman Specialty Surgical product portfolio
- In April 2017, Baxter International Inc., US-based company enhanced it's FLOSEAL and TISSEEL hemostatic product OFFERINGS
- Medtronic launched the Infuse Bone Graft in September 2017, which is a recombinant human bone morphogenetic protein-2 (rhBMP-2) applied to an absorbable collagen sponge carrier (ACS), which helps in stimulating natural bone formation.
- Arch Therapeutics, Inc., a biotechnology company has provided a corporate update at the 2nd Annual LD Micro Big Apple Conference in Manhattan, NY. The corporate update was provided by the CEO, Terrence W. Norchi, which includes the business focus on applications including Dermal Sciences, Biosurgery, and or certain pipeline opportunities in collaboration with its partner among others.
- Aroa Biosurgery, headquartered in Auckland, is a privately held tissue-regeneration company. The company grows into an additional market and has presented positive outcomes of a new clinical study in Canada performed using its core wound product Endoform Natural®. The product has been launched in the Canadian market in October 2019, along with Endoform Antimicrobial®.
- TELA Bio and Aroa Biosurgery were granted EC Certification (CE Mark) for OviTex RBSs in the European Union. The OviTex RBSs is a distinct class of surgical mesh that integrates both biologic and synthetic materials to maintain flexibility without compromising on strength.
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