TORONTO--(BUSINESS WIRE)--According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the US market for orthopedic biomaterials will grow at an average of just under seven percent per year, to total approximately $4 billion by 2016.
While the number of procedures using orthopedic biomaterials will grow significantly through 2016, lower reimbursement rates from insurers will limit average selling prices. In addition, Medtronic Spinal & Biologics INFUSE, still the highest revenue-generating product in 2011, faces challenges associated with negative reports on off-label use, which made up a significant portion of the products use. This will have a continued negative effect on the market as a whole. Companies are seeking ways to stay competitive.
"Larger companies involved in the orthopedic biomaterials space and the US healthcare market at large, have struggled to find ways to extend their growth organically because of the economic challenges," said MRG Analyst Mashkur Reza. "As a result, some of these companies, such as Sanofi, have looked at merger and acquisition strategies to enter growing segments, while others, such as Johnson & Johnson, continue to use merger and acquisition strategies to complement its product portfolio in segments it competes in. Both of these are legitimate strategies to foster additional growth."
In addition to a continued rise in procedure volumes, the market will see increased demand for premium-priced products seen as having more favorable properties. These include second-generation synthetics, such as Vitoss BA, and orthopedic stem cell products, such as Osteocel, within the bone graft substitutes market, along with 1-injection treatments in the HA viscosupplementation market, such as Synvisc-One. The HA viscosupplementation market will show the strongest growth through 2016, as rising awareness coupled with the 2012 launch of two 1-injection products (Seikagakus Gel-One and Anika Therapeutics Monovisc) will strengthen demand for these premium-priced products.
Millennium Research Groups US Markets for Orthopedic Biomaterials 2012 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for bone graft substitutes, hyaluronic acid viscosupplementation, machined-bone interbody devices, cell concentration systems and knee cartilage repairs.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
Posted by Sean Fenske, Editor-in-Chief, MDT