Orthobiologics Market Size and Share
Market Definition
Biologic and biochemical products with application across orthopedics.
April 2025
Mike Evers, Senior Market Analyst
Welcome to our orthobiologics market report. This page supplements the orthobiologics chapter in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
Orthobiologics sales exceeded $5.6 billion worldwide in 2024 and accounted for 9.2% of the global orthopedic market.
Sales and growth for the segment remained largely steady as the orthopedic market normalized in 2024. Orthobiologics have applications across orthopedics, but spine and trauma are among the most important segments.
The competitive landscape of spine remains in flux while trauma continues its resurgence. A fresh wave of innovation combined with healthy underlying market dynamics will drive growth in orthobiologics over the next several years.
Market Forecast
The overall (global?) orthopedic market largely normalized in 2024, creating a more stable environment for orthobiologics.
Pockets of disruption remain in certain geographies like China, and the spine market’s competitive landscape continues to experience rapid change, which could introduce additional noise into the orthobiologic space. We estimate the market will surpass $6.4 billion by 2028.
Exhibit 1: Worldwide Orthobiologics Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Here are some of the orthobiologic market dynamics we considered in our forecasts:
Growing Health Crisis. Osteoarthritis (OA) affects 32.5 million adults in the U.S., with an overall economic burden of $137 billion annually, according to estimates by the U.S. Centers for Disease Control and Prevention. The economic burden has more than doubled over the last decade. Additionally, research suggests that arthritis-related activity limitations contribute to the lower employment rates of working-age individuals with OA. The number of impacted adults in the U.S. could double by 2040. Orthobiologics that target OA pain will see sustained, robust demand and investments.
Resetting Market Contraction. Viscosupplement reimbursement changes brought by CMS in late 2021 regarding ASP reporting created a major headwind for companies like Bioventus and Zimmer Biomet. While companies have lapped out of those impacts, the net result was a dollar contraction of the U.S. market. Volume, however, continues to grow due to healthy underlying market fundamentals. We continue to see the U.S. viscosupplement market as a low-single-digit grower.
Innovation Across Products. The largest orthopedic companies seek to innovate across their portfolio — technology, implants and biologics — to create a positive feedback loop. Smaller companies like Xtant Medical are following suit. The company made a flurry of acquisitions aimed at securing unique hardware that could get its biologics in front of more surgeons. Additionally, Xtant and startups are investing more in R&D for higher end orthobiologic projects like cortical bone fiber, amnio products and bone morphogenetic proteins.
Sales by Region
Companies like Bioventus and Stryker reported significant strength in Europe during 2024 as case volume remained elevated due to backlogged procedures.
Many companies in the segment see significant opportunities outside the United States. and plan to strategically diversify their geographic footprint. However, Asia-Pacific will remain a headwind for the foreseeable future.
Not only are more orthopedic products falling under volume-based procurement (VBP) tenders in China, but off-tender volume has yet to materialize for most foreign companies. Striking healthcare workers in Korea and macroeconomic pressure in Japan added to the regional disruption.
Exhibit 2: Orthobiologics Sales by Region ($millions)
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $3,960.2 | $3,839.2 | $121.0 | 3.2% |
| OUS | $1,721.6 | $1,661.1 | $60.5 | 3.6% |
| EMEA | $943.2 | $902.1 | $41.1 | 4.6% |
| APAC | $625.0 | $610.5 | $14.5 | 2.4% |
| ROW | $153.4 | $148.5 | $4.9 | 3.3% |
| Total | $5,681.8 | $5,500.3 | $181.5 | 3.3% |
Exhibit 3: Orthobiologics Market Share by Region ($millions)
Top Companies
Orthobiologics remains a diverse and fragmented market, making it unique in orthopedics.
All players in the space have less than 10% market share, and at least 21 companies generate more than $50 million in orthobiologics sales annually.
Orthobiologic assets have been a priority M&A target since 2021. We expect that trend to continue in 2025 and beyond, as the largest players in orthopedics, especially spine, seek to create positive feedback loops through cohesive technology and implant offerings.
Exhibit 4: Top 10 Orthobiologics Players and All Others ($millions)
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Medtronic | $546.5 | $516.0 | $30.5 | 5.9% |
| MTF Biologics | $408.6 | $397.1 | $11.5 | 2.9% |
| Bioventus | $387.1 | $334.7 | $52.4 | 15.7% |
| LifeNet Health | $351.0 | $310.3 | $40.7 | 13.1% |
| J&J MedTech | $350.1 | $346.1 | $4.0 | 1.2% |
| Stryker | $316.8 | $308.7 | $8.1 | 2.6% |
| Arthrex | $275.8 | $270.4 | $5.4 | 2% |
| Sanofi | $270.0 | $278.9 | ($8.9) | (3.2%) |
| Heraeus | $218.4 | $201.4 | $17.0 | 8.4% |
| AlloSource | $173.2 | $168.0 | $5.2 | 3.1% |
| All Others | $2,384.3 | $2,368.7 | $15.5 | 0.7% |
| Total | $5,681.8 | $5,500.3 | $181.5 | 3.3% |
Exhibit 5: Orthobiologics Market Share by Company ($millions)
Bioventus trudged through reimbursement headwinds for viscosupplements in late 2022 and early 2023, in addition to the failed acquisition of CartiHeal and a leadership change. The company turned sales around and finished 2024 with double-digital growth  in its orthobiologics products.
Seikagaku grew in the high teens in 2024, but the company’s revenue is lumpy quarter to quarter based on timing for domestic and international orders and distributor inventory adjustments.
In early 2025, Stryker announced the divestiture of its spinal implant business worth over $700 million to privately held VB Spine. We expect the impact of that move to play out over the next few years in spine and orthobiologics. Companies like Globus Medical and ATEC are under-represented in orthobiologics and could benefit from the disruption.
Important Developments in the Orthobiologics Market
Highly Attractive M&A Targets. Orthobiologics assets have become a significant acquisition target in the post-pandemic period. From 2017 through 2020, the segment accounted for 9% of orthopedic acquisitions during that span. From 2021 to 2024, however, orthobiologic assets figured in 20% of all transactions, second only to spine. Buyers are typically smaller companies like CG Bio, Berkley Biologics, Biocomposites and Carmell Therapeutics.
Under-indexed Companies. While smaller companies have driven recent M&A trends, Â some of the top players could make moves to shore up portfolio gaps in the future. Some of the largest spine players like Globus Medical and ATEC are under-indexed in orthobiologic attach rates considering their implant base and growth rates. The market is a strong contender for additional M&A activities or OEM partnerships that help implant companies fill in product holes.
Blueprints for Success. The orthobiologics segment featured some great turnaround stories in 2024, including Bioventus (+15.7%) and Seikagaku (+17.1%). But it also houses a few of the best growth companies in orthopedics. Kuros Biosciences grew more than 125% in 2024 and expects sales to reach $250 million by 2027. BONESUPPORT continued its strong performance in 2024 as well, growing 52% to a total of $82 million. Smaller companies are experiencing exceptional growth based on published clinical data that shows the effectiveness of their products.
Further Reading
Thanks for visiting! Need more insight into the orthobiologics market? Questions and comments are always welcome. You can reach me by email. Until then, check out this selection of orthobiologics-related posts from recent months.
April 14, 2025
,
Carolyn LaWell
March 17, 2025
,
Carolyn LaWell
Our overview of the $5.6 billion orthobiologics market includes up-to-date information on forecasted growth, the top companies and industry-driving trends.
Market Definition
Biologic and biochemical products with application across orthopedics.
April 2025
Mike Evers, Senior Market Analyst
Welcome to our orthobiologics market report. This page supplements the orthobiologics chapter in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
The Market at a Glance
Orthobiologics sales exceeded $5.6 billion worldwide in 2024 and accounted for 9.2% of the global orthopedic market.
Sales and growth for the segment remained largely steady as the orthopedic market normalized in 2024. Orthobiologics have applications across orthopedics, but spine and trauma are among the most important segments.
The competitive landscape of spine remains in flux while trauma continues its resurgence. A fresh wave of innovation combined with healthy underlying market dynamics will drive growth in orthobiologics over the next several years.
Market Forecast
The overall (global?) orthopedic market largely normalized in 2024, creating a more stable environment for orthobiologics.
Pockets of disruption remain in certain geographies like China, and the spine market’s competitive landscape continues to experience rapid change, which could introduce additional noise into the orthobiologic space. We estimate the market will surpass $6.4 billion by 2028.
Exhibit 1: Worldwide Orthobiologics Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 75 public and private companies by segment from 2016 through 2024.
Here are some of the orthobiologic market dynamics we considered in our forecasts:
Growing Health Crisis. Osteoarthritis (OA) affects 32.5 million adults in the U.S., with an overall economic burden of $137 billion annually, according to estimates by the U.S. Centers for Disease Control and Prevention. The economic burden has more than doubled over the last decade. Additionally, research suggests that arthritis-related activity limitations contribute to the lower employment rates of working-age individuals with OA. The number of impacted adults in the U.S. could double by 2040. Orthobiologics that target OA pain will see sustained, robust demand and investments.
Resetting Market Contraction. Viscosupplement reimbursement changes brought by CMS in late 2021 regarding ASP reporting created a major headwind for companies like Bioventus and Zimmer Biomet. While companies have lapped out of those impacts, the net result was a dollar contraction of the U.S. market. Volume, however, continues to grow due to healthy underlying market fundamentals. We continue to see the U.S. viscosupplement market as a low-single-digit grower.
Innovation Across Products. The largest orthopedic companies seek to innovate across their portfolio — technology, implants and biologics — to create a positive feedback loop. Smaller companies like Xtant Medical are following suit. The company made a flurry of acquisitions aimed at securing unique hardware that could get its biologics in front of more surgeons. Additionally, Xtant and startups are investing more in R&D for higher end orthobiologic projects like cortical bone fiber, amnio products and bone morphogenetic proteins.
Sales by Region
Companies like Bioventus and Stryker reported significant strength in Europe during 2024 as case volume remained elevated due to backlogged procedures.
Many companies in the segment see significant opportunities outside the United States. and plan to strategically diversify their geographic footprint. However, Asia-Pacific will remain a headwind for the foreseeable future.
Not only are more orthopedic products falling under volume-based procurement (VBP) tenders in China, but off-tender volume has yet to materialize for most foreign companies. Striking healthcare workers in Korea and macroeconomic pressure in Japan added to the regional disruption.
Exhibit 2: Orthobiologics Sales by Region ($millions)
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $3,960.2 | $3,839.2 | $121.0 | 3.2% |
| OUS | $1,721.6 | $1,661.1 | $60.5 | 3.6% |
| EMEA | $943.2 | $902.1 | $41.1 | 4.6% |
| APAC | $625.0 | $610.5 | $14.5 | 2.4% |
| ROW | $153.4 | $148.5 | $4.9 | 3.3% |
| Total | $5,681.8 | $5,500.3 | $181.5 | 3.3% |
Exhibit 3: Orthobiologics Market Share by Region ($millions)
Top Companies
Orthobiologics remains a diverse and fragmented market, making it unique in orthopedics.
All players in the space have less than 10% market share, and at least 21 companies generate more than $50 million in orthobiologics sales annually.
Orthobiologic assets have been a priority M&A target since 2021. We expect that trend to continue in 2025 and beyond, as the largest players in orthopedics, especially spine, seek to create positive feedback loops through cohesive technology and implant offerings.
Exhibit 4: Top 10 Orthobiologics Players and All Others ($millions)
| Company | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Medtronic | $546.5 | $516.0 | $30.5 | 5.9% |
| MTF Biologics | $408.6 | $397.1 | $11.5 | 2.9% |
| Bioventus | $387.1 | $334.7 | $52.4 | 15.7% |
| LifeNet Health | $351.0 | $310.3 | $40.7 | 13.1% |
| J&J MedTech | $350.1 | $346.1 | $4.0 | 1.2% |
| Stryker | $316.8 | $308.7 | $8.1 | 2.6% |
| Arthrex | $275.8 | $270.4 | $5.4 | 2% |
| Sanofi | $270.0 | $278.9 | ($8.9) | (3.2%) |
| Heraeus | $218.4 | $201.4 | $17.0 | 8.4% |
| AlloSource | $173.2 | $168.0 | $5.2 | 3.1% |
| All Others | $2,384.3 | $2,368.7 | $15.5 | 0.7% |
| Total | $5,681.8 | $5,500.3 | $181.5 | 3.3% |
Exhibit 5: Orthobiologics Market Share by Company ($millions)
Bioventus trudged through reimbursement headwinds for viscosupplements in late 2022 and early 2023, in addition to the failed acquisition of CartiHeal and a leadership change. The company turned sales around and finished 2024 with double-digital growth  in its orthobiologics products.
Seikagaku grew in the high teens in 2024, but the company’s revenue is lumpy quarter to quarter based on timing for domestic and international orders and distributor inventory adjustments.
In early 2025, Stryker announced the divestiture of its spinal implant business worth over $700 million to privately held VB Spine. We expect the impact of that move to play out over the next few years in spine and orthobiologics. Companies like Globus Medical and ATEC are under-represented in orthobiologics and could benefit from the disruption.
Important Developments in the Orthobiologics Market
Highly Attractive M&A Targets. Orthobiologics assets have become a significant acquisition target in the post-pandemic period. From 2017 through 2020, the segment accounted for 9% of orthopedic acquisitions during that span. From 2021 to 2024, however, orthobiologic assets figured in 20% of all transactions, second only to spine. Buyers are typically smaller companies like CG Bio, Berkley Biologics, Biocomposites and Carmell Therapeutics.
Under-indexed Companies. While smaller companies have driven recent M&A trends, Â some of the top players could make moves to shore up portfolio gaps in the future. Some of the largest spine players like Globus Medical and ATEC are under-indexed in orthobiologic attach rates considering their implant base and growth rates. The market is a strong contender for additional M&A activities or OEM partnerships that help implant companies fill in product holes.
Blueprints for Success. The orthobiologics segment featured some great turnaround stories in 2024, including Bioventus (+15.7%) and Seikagaku (+17.1%). But it also houses a few of the best growth companies in orthopedics. Kuros Biosciences grew more than 125% in 2024 and expects sales to reach $250 million by 2027. BONESUPPORT continued its strong performance in 2024 as well, growing 52% to a total of $82 million. Smaller companies are experiencing exceptional growth based on published clinical data that shows the effectiveness of their products.
Further Reading
Thanks for visiting! Need more insight into the orthobiologics market? Questions and comments are always welcome. You can reach me by email. Until then, check out this selection of orthobiologics-related posts from recent months.
April 14, 2025
,
Carolyn LaWell
March 17, 2025
,
Carolyn LaWell
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