Biosurgery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Biosurgery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The biosurgery market is expected to grow at a CAGR of 5.67% during the forecast period (2022-2027).

During the COVID-19 pandemic, the studied market was adversely affected due to supply chain issues and long waiting times. For instance, in August 2021, a research study titled "Impact of the COVID-19 Outbreak on Orthopedic Surgery: A Nationwide Analysis of the First Pandemic Year" stated that the number of orthopedic surgeries fell by 22.8% during the first year of the pandemic in Chile. All surgical procedures were adversely affected, with fracture and trauma surgeries being the least affected. The maximum adverse impact was seen in knee arthroplasty (-64%), followed by hip arthroplasty (-41%) and knee ligament reconstruction (-44%). The COVID-19 outbreak reduced the number of surgical procedures during 2020, as public health networks did have a more significant adverse impact on elective surgeries due to a slower recovery than private institutions. Thus, COVID-19 had a significant impact on the growth of the market.

The major factors attributing to the growth of the biosurgery market are the increasing geriatric population, rising prevalence of chronic diseases and related surgeries, and a strong focus on research and development leading to the launch of new and advanced products.

According to the World Population prospect, 2022, Globally, there were 771 million people aged 65 years or over in 2022, and this number is projected to reach 994 million by 2030 and 1.6 billion by 2050. Thus, with the increase in the geriatric population risk for numerous health consequences, like greater incidences of orthopedic and neurological problems increases which can lead to biosurgery for the treatment and thus is expected to drive the growth of the market.

The increasing research and development initiatives taken by the market players and approvals from the regulatory body may lead to the development and introduction of new products in the future, which may boost the growth of the market in the future. For instance, in November 2020, TISSIUM received approval from the United States Food and Drug Administration for its Investigational Device Exemption application for its vascular sealant. This vascular sealant was designed to address the issue to achieve hemostasis quickly and also to prevent post-operative bleeding following peripheral vascular surgeries.

Furthermore, the launch of new products is also contributing to the growth of the market. For instance, in February 2022, Orthofix Medical Inc. launched Opus BA. It is a synthetic bioactive bone graft solution for cervical and lumbar spine fusion procedures.

Thus, the studied market is expected to project lucrative growth over the forecast period. However, the high cost of biosurgery products and the rising cost of surgical procedures may impede the growth of the market over the forecast period.

Key Market TrendsCardiovascular Segment is Expected to Project Significant Growth Over the Forecast Period

The cardiovascular segment is expected to project significant growth owing to the factors such as the growing burden of cardiovascular disease coupled with the increasing geriatric population. Additionally, the launch of new products by the market players is also propelling the growth of the market segment.

The high prevalence of cardiovascular diseases leads to an increased number of surgical procedures and thus it is expected to drive the growth of the market segment. For instance, according to the British Heart Foundation, United Kingdom Factsheet, released in August 2022, more than 7.6 million people are living in the United Kingdom in 2021 with some kind of heart and circulatory diseases. Such a high burden of cardiovascular diseases in different countries around the world is expected to drive the growth of the studied market.

Additionally, in January 2020, Terumo launched its surgical sealant named AQUABRID in the EMEA market. AQUABRID is a new surgical sealant specially developed for aortic procedures. It reacts with water (blood) and forms an elastic layer that adheres tightly to the tissue. It is safe and effective in achieving hemostasis, even when blood coagulation is inhibited during cardiac surgery. Such launches boost the growth of the market segment.

Thus, owing to the abovementioned factors, the market segment is expected to show considerable growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period

North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing number of surgeries, the rising number of geriatric patients, and initiatives taken by the market players.

The high burden of surgery is one of the major contributors to the growth of the market in the region. For instance, according to the National Safety Council (NSC), in July 2021, 526,000 injuries were reported due to personal exercise, 500,000 players were injured due to basketball, 457000 due to bicycling, and 341,000 due to football. NSC also reported that 199,000 swimming injuries were treated in the emergency room. Spine, shoulder, head, and knee injuries accounted for more than 50% of these total injuries.​ Thus, increasing the number of injuries that required surgeries to be performed that creates the need for biosurgery products and thus drives the growth of the market.

Additionally, the approval of the products by the regulatory authority also boosts the growth of the market. For instance, in February 2021, EndoClot Plus, Inc. (EPI) received the United States Food and Drug Administration (FDA) approval for EndoClot Polysaccharide Hemostatic System (EndoClot PHS). It is an innovative product that assists Gastroenterologists to stop bleeding rapidly and reliably. EndoClot PHS is a single-use device that includes a starch-based powder hemostat that is applied directly to the bleeding site through a flexible endoscope. Such approvals propel the growth of the market.

Thus, owing to the abovementioned factors, the studied market is expected to have healthy growth in the North American region over the forecast period.

Competitive Landscape

The Biosurgery market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the prominent players are vigorously making acquisitions with other companies to consolidate their market positions across the globe. Some of the major players are Baxter International Inc., Johnson & Johnson, Becton, Dickinson and Company, B. Braun Melsungen AG and CryoLife, Inc.

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