Market environment
Large and steadily growing addressable market1
Bioretec operates in the global orthopedic products market, which was approximately USD 55.5 billion in terms of turnover in 2022.
The main market segment for the company’s current products and future RemeOs™ products is the orthopedic trauma products market, which was in 2022 globally approximately USD 8.3 billion, or approximately 15 percent of the total market for orthopedic products. Further, the global trauma market is projected to grow to 9.2 billion USD in 2025.
As in orthopedic products in general, the largest geographic market is the United States, with a 65% share; the United States is expected to remain the most important market also in the future.
The biggest driver of the market for trauma products is the increase in the number of fractures, especially as the proportion of the elderly population increases. Additionally, obesity and certain diseases (e.g., osteoporosis and diabetes) increase the fracture risk. The world’s aging population and the growing number of bone fractures are global health challenges. We believe that our innovative products can provide an important and valuable solution for orthopedic treatment.
Small companies as innovators
Despite the concentration of the orthopedic product market, small companies play an important role in creating innovation in the industry. Besides Bioretec, there is a very limited number of companies that develop, manufacture and market bioresorbable orthopedic metal implants..
Factors driving Bioretec's market growth
The share of the elderly population is increasing
Older people have a higher risk of bone fractures, so the increase in the proportion of elderly population supports the growth of Bioretec’s addressable market.
The number of trauma is increasing
The number of fractures is expected to increase with, for example, the increasing popularity of diverse extreme sports and prevalence of obesity.
Lack of operation room and healthcare professional capacity
When traditional metal implants are used, a secondary removal operation is often needed, and especially in children these implants are almost invariably removed. By using bioresorbable implants, no removal operation is required. This provides
extra healthcare capacity and reduces operating room queues.
Growing demand for advanced orthopedic implants
Patients are increasingly aware of different treatment methods, which supports the demand for bioresorbable orthopedic implants.
Value Based Healthcare
Value-based healthcare is a means of allocation of resources for cost effective
treatment, whereby the value produced by healthcare is measured by relating the benefit obtained to the incurred costs. In other words, the ratio of the patient’s
health benefits and costs.
1) Source for market forecasts: Orthoworld: The Orthopaedic Industry Annual Report 2022 and Orthopedic Market 2022 Projections & 2023 Outlook.