Biologics Growth Faster Than Implants (Biloine Young @ OTW)
The rush to engage in stem cell research is leading to double-digit annual sales growth in the orthopedic biomaterials market, according to the health care market research firm Kalorama Information. A factor driving revenue growth for biomaterials is that insurance companies are more likely to approve reimbursement for biomaterials than for standard materials, indicated Bruce Carlson, publisher of Kalorama Information. “Their efficacy in reducing healing time and increasing the chance that an implant surgery will be successful has lead to acceptance among physicians and insurance bodies,” he said.
In its recently published report, “Orthopedic Biomaterials, the World Market,” Kalorama said biomaterials represented 14% of the global orthopedics market, or about $5.8 billion in 2010. “While the conventional market may only see growth rates of 2% to 4% due to the recession, insurance procedure denials and delays and competitive effects on pricing growth rates for the biomaterials market are almost triple that at 8% to 11%,” said Carlson.
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