The size of the Orthobiologics Market in the Asia Pacific is estimated to be worth USD 1.62 billion by 2028 and USD 1.20 billion in 2023, growing at a CAGR of 6.23% during the forecast period.
Orthobiologics, also known as a regenerative cellular treatment, is a technique surgeons use to help them heal wounds quicker. Orthobiologics helps with tissue repair and pain stimulation. Broken bones, muscles, and ligaments are treated with orthobiologics.
Increased focus on medical device research and development, adoption of new healthcare technologies, and rising investment in healthcare infrastructure development, particularly in developing nations, are significant factors contributing to the growth of the APAC orthobiologics market.
An increase in the prevalence of a wide range of orthopedic and lifestyle problems around the APAC region is another key factor accelerating the market’s growth. In addition, a growing focus on healthcare technological breakthroughs, along with an ever-increasing geriatric population, is anticipated to be the market growth determinant. In addition, the growing number of hospitals and diagnostic centers and raising public awareness of the benefits of orthobiologics are expected to create lucrative market growth prospects.
The high costs of orthopedic implants, on the other hand, are expected to slow the market’s growth during the forecast period. Furthermore, the market is forecasted to face additional obstacles due to a lack of medical specialists, particularly in developing and undeveloped nations, and government-imposed rules. In addition, post-surgery difficulties are expected to inhibit the growth rate of the market.
Impact of COVID-19 on the APAC orthobiologics market:
The orthobiologics market has seen a decline in growth due to the COVID-19 pandemic in the APAC region. The worldwide supply chain has been interrupted as a result of the lockout. All medical procedures were postponed or canceled during this time due to the crisis, except for emergency patients. As a result, the industry’s market share has decreased. Telemedicine services were crucial in delivering care during the outbreak.
This research report on the APAC Orthobiologics Market has been segmented & sub-segmented into the following categories:
By End Users:
Regionally, Asia Pacific has the third-largest market for orthobiologics in the world by share. It is also the fastest-growing region in the world. Factors such as the growing incidence of musculoskeletal and orthopedic diseases and rising government support are expected to drive the market growth in the region. In addition, growing disposable income, a rising number of hospitals, growing awareness of the benefits of these products among doctors and patients, and improving healthcare standards are estimated to act as a plus to the market's growth rate.
The China orthobiologics market had the largest share in the APAC market in 2023. The market in this geographic area is predicted to develop even more due to increased research and the country’s aging population.
The Indian orthobiologics market is expected to project a lucrative CAGR during the forecast period. However, due to increased demand for viscosupplements in India and an increase in the number of independent orthopedic clinics, Asia Pacific is expected to grow quickly during the forecast period.
The orthobiologics market in Japan is estimated to progress a steady CAGR from 2023 to 2028 due to the growing senior population and increased incidence of traffic accidents. Furthermore, the market growth in Japan is further likely to be fueled by factors such as the rising frequency of musculoskeletal and orthopedic illnesses.
KEY MARKET PLAYERS:
A few notable companies in the APAC Orthobiologics Market profiled in this report are Medtronic, DePuy Synthes, Zimmer Biomet, Bioventus, Stryker, Harvest Technologies, Globus, Orthofix International, RTI Surgical, K2M Group, Kuros Biosciences, among others.
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