Market Trends of Global Biosurgery Industry
This section covers the major market trends shaping the Biosurgery Market according to our research experts:
Cardiovascular 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.
