Wright Sees Potential $1B+ Market Opportunity With Newly-Approved Orthobiologic
The Augment biologic-based device was approved for use in ankle and hindfoot fusions after overcoming multiple regulatory challenges, opening up a $300 million US market opportunity. It's the first indication for a product platform that Wright hopes to extend to use in soft-tissue procedures such as rotator cuff or tennis elbow repair, which represent a $1 billion-plus opportunity.
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A snapshot of global medical device and diagnostics approvals recorded during the past week in Medtech Insight's Approvals Tracker.
Global sales of orthobiologics for musculoskeletal soft tissue replacement and regeneration are predicted to hit $1.4bn by 2021, driven largely by rising numbers of sports injuries requiring treatment, but also by a higher prevalence of osteoarthritis and a need for innovative treatments for musculoskeletal repair. This article offers an in-depth look at the orthobiologics market landscape for cartilage, meniscus and ligament/tendon replacement and regeneration, as well as insight from an orthopedic surgeon. It also analyzes key players in these markets and highlights emerging trends and the greatest barriers for wider adoption of products.
The US market for orthopedic extremities and soft-tissue repair products will grow by $2.2 billion over the next five years, according to a global market report from Medtech Insight. Major factors contributing to the strong growth of this market include: the expanding elderly demographic, an increase in the number of active adults who are prone to physical injuries, and improvements in biological material and implants that reduce complications and improve quality of life.