The global biosurgery market is witnessing considerable
growth due to increasing geriatric population, increasing healthcare
expenditure and growing sports related injuries. Moreover, growing prevalence
of chronic diseases including cancer, cardiovascular disease, infectious
diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases is
supporting the growth of the market. Based on product type, the surgical
sealants segment is expected to grow at the fastest rate during the forecast
period. The increasing adoption of biosurgery products across the globe, owing
to its ease of use, and its efficacy in blood loss management is driving the
growth of this segment.
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The rapid growth in emerging economies is expected to
create opportunities for the manufacturers of biosurgery products. However,
high cost of these products and lack of reimbursement are the key factors
hampering the growth of the global market.
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Cancer is a serious health concern across the globe. The
increasing prevalence of cancer is driving the growth of the biosurgery market
globally. According to the International Agency for Research on Cancer (IARC),
a specialized cancer agency of WHO that promotes cancer research, as many as
12.7 million new patients were detected with cancer in 2008 globally and the
number is expected to reach 21.4 million by 2030. Further, a total of 8.2
million deaths took place globally due to cancer in 2012, of which 1.6 million
deaths were due to lung cancer, while 745,000 deaths were due to liver cancer,
and 400,000 deaths were a result of oesophageal cancer.
Geographically, North America has been the largest market
for biosurgery, owing to increased awareness, established healthcare industry,
and easy accessibility to advanced technologies.Europe has been the second
largest market for biosurgery, where the market is driven by the presence of a
large pool of patients with chronic diseases, increasing healthcare expenditure
and rapidly developing healthcare infrastructure.
Globally, the biosurgery market is expected to witness the
fastest growth in Asia-Pacific during the forecast period. The highest growth
in the region is attributed to the increasing prevalence of chronic diseases,
increasing per capita income leading to improving standard of living,
increasing healthcare spending, growing demand for better quality medical care,
and awareness about biosurgery products in the region.
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The key players operating in the global biosurgery market
are Baxter International Inc., C.R. Bard, Inc., Medtronic, Inc., Johnson &
Johnson, Sanofi Group, B. Braun Melsungen AG, Cryolife, Stryker Corporation and
Hemostasis, LLC.
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