Market Trends of Orthobiologics Industry
This section covers the major market trends shaping the Orthobiologics Market according to our research experts:
The Osteoarthritis and Degenerative Arthritis Segment is Expected to Experience the Fastest Growth in the Market
Osteoarthritis is a very common condition that may affect any joint in the body. It is most likely to affect the joints that bear most of our weight, such as the knees and feet. Furthermore, joints used in everyday life, such as the hand joints, are commonly affected. The factors such as the increasing burden of osteoarthritis, the growing geriatric population, increasing product launches, and the rise in strategic initiatives by key market players are expected to further drive market growth.
Additionally, the product launches will expand the product offering in the studied segment with more efficient products, thus driving the segment. For instance, in April 2021, Organicell Regenerative Medicine, Inc. received the approval of the US Food and Drug Administration (FDA) for the Investigational New Drug (IND) application for Zofin in treating knee osteoarthritis. Zofin is an acellular, biologic therapeutic derived from perinatal sources and is manufactured to retain naturally occurring microRNAs,
Moreover, strategic initiatives such as mergers and acquisitions and partnerships by key market players may expand their product portfolio, and their geographical footprint may help contribute to the market growth. For instance, in April 2022, Juniper Biologics acquired cell-mediated gene therapy for the treatment of knee osteoarthritis from Kolon Life Science for USD 600 million. Under the agreement, Juniper Biologics gained the licensing rights to develop and commercialize TG-C LD (TissueGene-C low dose) for the treatment of knee osteoarthritis.
Thus, due to the factors mentioned above, the studied segment is expected to contribute to the significant growth of the market.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
The primary driving factors for the growth of the North American Orthobiologics market are rising incidences of sports injuries and road accidents, rising incidence of osteoarthritis, growing geriatric and obese population, and increasing prevalence of minimally surgical procedures. In addition, rising product launches and strategic initiatives by key market players may also contribute to market growth.
The United States within North America is expected to hold a significant share of the studied market during the study period. For instance, as per the research study published in the National Library of Medicine in July 2021, 889 participants out of 1,971 reported at least one injury during the past year with an incidence rate of about 45.10 per 100 students per year and concluded that incidence rate of the injuries due to sports and recreation activities was high in high school students with 29% of adolescents reporting at least one medical attention injury within the past year.
Additionally, growing product launches in the region contribute to market growth. For instance, in February 2021, Signature Biologics LLC received the Food and Drug Administration (FDA) approval for an IND Application to proceed with the study of Signature Cord Prime in patients with symptomatic osteoarthritis (OA) of the knee. Signature Cord Prime is a cryopreserved, human umbilical cord tissue allograft for managing symptomatic knee osteoarthritis.
Thus, due to the factors mentioned above, the studied market is expected to witness significant growth during the study period.
