A new study from Market Research Report shows the North American orthobiologics market will likely grow over the next few years.
Here are five things to know:
1. The North American orthobiologics market was valued at $1.7 billion last year and expected to grow at a 7.7 percent compound annual growth rate to hit $2.4 billion by 2019.
2. The market has seen impressive growth since 2012 due to increased research and demand for products due to associated benefits. There is a changing preference from mechanical implants to biologics awareness of orthobiologic options increases.
3. The United States has the largest share of the orthobiologics market and slated for further growth as research increases and the aging population expands.
4. Key players in the market include Medtronic, Integra LifeSciences, Stryker, Zimmer Biomet, NuVasive, Exactech, Globus and Wright Medical Group.
5. The Canadian region will likely grow as well due to increased research investment, higher growth rates in the aging population and increased road accidents. But reimbursement concerns and strong regulations could hinder market growth.