by Biosurgery involves medical procedures that involve implantation of natural or synthetic biomaterials into living tissues to enhance healing process or tissue repair. It is commonly used in wound healing, hernia repair, plastic surgery, and other surgeries that requires tissue or organ reconstruction. Biosurgical products include bone graft substitutes, soft tissue attachments, hemostats, adhesion barriers, and sealants used during surgery to manage and control bleeding and adhere internal tissues.
The global Biosurgery Market is estimated to be valued at US$ 18282.35 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: The growing demand for regenerative medical products will act as a key driver for the growth of biosurgery market over the forecast period. According to the UN Department of Economic and Social Affairs, the global population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. With rising geriatric population, the need for surgeries and wound healing products is expected to significantly rise propelling the market growth. Additionally, increasing prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers globally is also expected to boost the biosurgery market growth. According to the estimates of National Center for Biotechnology Information (NCBI), around 6.5 million Americans suffer from chronic wounds annually with an annual cost of treatment ranging between $28.1-$31.7 billion in the U.S. alone.
Segment Analysis
The global biosurgery market can be segmented into product type, application, and end user. Based on product type, the sealants sub segment is dominating the market as it is widely used to control bleeding during surgeries. It is estimated to account for over 35% of the total biosurgery market share owing to its capability to form mechanical barriers over wound sites.
PEST Analysis
Political: The growth of the market is supported by various initiatives taken by governments across the world to increase accessibility and affordability of healthcare.
Economic: Increase in per capita healthcare expenditure is fueling the demand for effective surgical procedures and products. Additionally, rising surgical procedures is positively impacting the market growth.
Social: Growing prevalence of chronic diseases and accidents is raising the need for surgical interventions which is driving the biosurgery market.
Technological: Advancements in material science and development of novel bioactive sealants and hemostats with improved efficiency is expected to offer new growth opportunities to players.
Key Takeaways
The global Biosurgery Market Size is expected to witness high growth at a CAGR of 9.5% during the forecast period of 2024 to 2031.
Regional analysis: North America is expected to dominate the market during the forecast period owing to increasing surgical procedures, growing obese population and rising healthcare expenditure in the region. Key players: Key players operating in the biosurgery market are Akzo Nobel N.V., PPG Industries, Inc., Sherwin-Williams Company, and BASF SE.
Key players operating in the biosurgery market are Akzo Nobel N.V., PPG Industries, Inc., Sherwin-Williams Company, BASF SE, Hempel A/S. Akzo Nobel N.V. is one of the leading players offers a wide range of tissue-engineered products for wound care and surgical applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
