Bio Surgery Market by Type (Sealants, Haemostatic Agents, Adhesion Barriers, Soft Tissue Attachments, Bone Graft Substitutes and Staple Line Reinforcement Agents), by Application (Orthopaedic, General, Neurological, Cardiovascular, Reconstructive, Gynaecological, Urological and Thoracic surgeries), and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
The Global Bio Surgery Market was worth USD 18.2 billion in 2016 and estimated to be growing at a CAGR of 8.88%, to reach USD 27.85 billion by 2021. The growth of pharmaceuticals industry as a whole has brought about an unprecedented increase in the demand for Bio Surgery products.
The applications of bio surgery products are various with it being used in surgeries to minimize the intra-operative and post-operative complications.
Common bio surgery products include biological and chemical products used to stop bleeding and seal wounds in surgery.
Other applications include facilitating hard tissue regeneration in orthobiologics and soft tissue repair in a number of surgical procedures. These advanced applications help enhance the work efficiency of physicians by controlling surgery-related difficulties in expensive and complicated surgeries.
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The major factors affecting the Bio Surgery market include the high investment, the increasing emphasis on R&D in the sector, the aggressive market strategies adopted by the top market players, technological advancements in the development of high efficiency products, multi-usage products and plasma based products, and rising number of surgeries due to changing lifestyles and consumer awareness. However, inspite of the drivers, the market remains restrained by the high costs associated with surgeries, and the stern regulatory restrictions that are in place for product approval.
Another factor is the recent preference of consumers towards minimally invasive procedures as opposed to normal surgical methods.
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The Global Bio Surgery market is broadly classified into Sealants, Haemostatic Agents, Adhesion Barriers, Soft Tissue Attachments, Bone Graft Substitutes and Staple Line Reinforcement Agents on the basis of type and based on application they are classified under Orthopaedic, General, Neurological, Cardiovascular, Reconstructive, Gynaecological, Urological and Thoracic surgeries. Based on geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
The Bio Surgery Market is dominated by North America in 2016 with the region accounting for 36% of the overall market share. North America was followed next in line by Europe and Asia-Pacific.
Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. Another promising region for the market is Latin America, which is expected to show high growth rates in coming years.
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The Bio Surgery market is highly competitive with a large number of players. Key market players Baxter International, C.R. Bard, Johnson & Johnson, Covidien plc., Getinge Group, B. Braun Melsungen AG, Cryolife Inc., Stryker Corporation, Hemostasis LLC., and Sanofi Group.
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