Innovative Biological Products Driving Growth in the Global Biosurgery Market, Reports BCC Research
Wellesley, Mass, Feb. 22, 2017 (GLOBE NEWSWIRE) — The global biosurgery market has gained prominence due to an aging population, an increase in chronic disorders globally, and a rise in healthcare expenditure. BCC Research reveals in its new report that demand is rising for biologically based products because they offer innovative solutions in surgeries that are often critical and expensive.
Biosurgery products treat complex surgical conditions, prevent excessive blood loss, and provide wound sealing. These solutions include products such as anti-adhesive agents, hemostatic agents, surgical sealants, bone-graft substitutes, and soft tissue management (mesh/patch) products.
The global biosurgery market should reach $8.3 billion and $12.5 billion in 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 8.5%. The North American market should total $4.7 billion by 2021, up from $3.4 billion in 2016, demonstrating a five-year CAGR of 6.9%. The Asia-Pacific market should grow from $1.7 billion in 2016 to $3.0 billion by 2021 at a five-year CAGR of 11.1%.
The biosurgery products utilized globally in different surgical operations can be classified into anti-adhesive agents, hemostatic agents, surgical sealing agents, bone-graft substitutes, and soft tissue-management products, along with surgical synthetic and biological meshes. Among all products, bone-graft substitutes generate the most revenue, accounting for about $2.6 billion in 2015. This segment is expected to total $3.7 billion by 2021, growing at a five-year CAGR of 6.1% from 2016 to 2021. Surgical sealants products is projected as the fastest-growing segment among all markets with a five-year CAGR of 11% from 2016 to 2021, followed by the anti-adhesive agent segment with a five-year CAGR of 10.9%.
Asia-Pacific is a lucrative market due to emerging economies such as India, China and Japan. Because the majority of the markets in the Asia-Pacific and ROW regions are untapped, biosurgery manufacturers are expected to enjoy significant opportunities for expansion. Among Asia-Pacific regions, Australia is expected to register the highest CAGR (14.8%) during the forecast period because the country is one of the leading investors in the medical sector.
An analysis of patents filed from 2010 to 2016 indicates the United States registered the majority of patents due to a large number of patients with chronic conditions and high awareness of biosurgery products.
"Among the different biosurgical products available in the market, a maximum number of patents were filed for hemostatic agents,” says BCC Research analyst Yojana Jeevane. "Technological development for hemostatic agents has increased due to their multifunctional properties and many other advantages, such as ease of application and reduced wound healing time.
Biosurgery: Technologies and Global Markets (HLC195A) analyzes the market based on product type, source, application, and region. The report also examines patents pertaining to biosurgery and discusses government regulations, medical associations and international regulatory agencies. Global market drivers and trends, with data from 2015 and 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at [email protected].
