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Biosurgery Market worth 15.58 billion USD by 2023
"Biosurgery Market by Product (Fibrin & Collagen Sealant, Hemostats, Adhesion Barriers, Biological Meshs, Soft Tissue Attachments, Stapler, Bone Graft Substitutes) Application (Orthopedic, Gynecology, Cardiovascular, Reconstructive) - Forecast to 2023"
Biosurgery Market by Product (Fibrin & Collagen Sealant, Hemostats, Adhesion Barriers, Biological Meshs, Soft Tissue Attachments, Stapler, Bone Graft Substitutes) Application (Orthopedic, Gynecology, Cardiovascular, Reconstructive) - Forecast to 2023", The biosurgery market is expected to reach USD 15.58 billion by 2023 from an estimated USD 11.36 billion in 2018, at a CAGR of 6.5 %. Currently, the global biosurgery market is driven by the rising geriatric population, increase in the volume of surgeries and sports-related and trauma injuries, increasing clearance of biosurgery products by regulatory authorities and growing need for effective blood loss management in patients. However, the high price of biosurgery products and rising cost of surgical procedures may restrict the growth of this market during the forecast period to a certain extent.
The global biosurgery market is projected to reach USD 15.58 billion by 2023 from USD 11.36 billion in 2018, at a CAGR of 6.5%. The growth of this market is driven by the growing geriatric population and corresponding chronic diseases, increasing volume of surgeries and prevalence of severe trauma injuries, and rising need for effective blood loss management in patients.
The market is segmented based on products, applications, and regions. Based on the product type, the bone-graft substitutes segment accounted for the largest share of the market in 2017. The large share of this segment is attributed to the increasing use of bone-graft substitutes across different types of orthopedic surgeries as they reduce surgical time. The focus on new orthobiologic materials like stem cell bone grafts and bone-graft substitutes is also increasing as they have fewer limitations compared to autografts (such as the potential risk of infections and donor site morbidity).
By application, the biosurgery market is segmented into gynecological surgery, general surgery, cardiovascular surgery, orthopedic surgery, neurological surgery, reconstructive surgery, urological surgery, and thoracic surgery. The orthopedic surgery segment accounted for the largest share of the market in 2017. The large share of this segment is primarily attributed to the large number of orthopedic bone and soft tissue repair surgeries being performed globally, on an annual basis. The growing number of orthopedic surgeries is in turn expected to support the growth of dependent markets, such as the biosurgery market for orthopedic applications.
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