Over 10% of Singaporean adults suffer from knee osteoarthritis, a progressive joint ailment, with a notable rise in cases among individuals aged 40 to 60. As per the Singapore General Hospital (SGH), knee preservation surgeries have doubled from 50 cases in 2020 to about 100 cases in 2021. Similarly, Vietnam experiences a surge in demand for such procedures.
Knee preservation surgeries have the highest potential for this demographic, as they seek to relieve symptoms and delay the need for more invasive surgeries like Total Knee Replacement.
In keeping with that, Australian-Singaporean regenerative medicine company Osteopore (ASX: OSX), which produces 3D-printed biomimetic and bioresorbable implants, has secured market approval for its orthopedic products in Singapore and Vietnam. Over the past four years, these countries have represented two of Osteopore’s three highest-performing countries.
Osteopore CEO, Dr Lim Yujing, said, “We are delighted to share another positive step in the ongoing transformation of the Company. The orthopaedic market is a high-value and high-volume segment, with the HTO market expected to grow at a CAGR of 9.2%. These approvals enable Osteopore to supply off-the-shelf and customisable implants, positioning us to capture the potential of these high-growth market segments.”
Osteopore’s High Tibial Osteotomy (HTO) product—for knee surgery and realignment—is the centrepiece of the Company’s orthopaedic expansion into Singapore and Vietnam. The Company has paved the way for the product via clinical presentations at opportunities, including the Singapore Orthopaedic Association’s 45th Annual Scientific Meeting.
Osteopore has obtained regulatory clearance from Singapore’s Health Sciences Authority (HSA) and Vietnam’s Department of Medical Equipment and Construction (DMEC) for aXOpore®, which includes a suite of off-the-shelf and customisable orthopedic products. The HSA and DMEC clearance position Osteopore for high-value complex bone reconstruction procedures and general bone grafting procedures.
In addition to the strong demand in Singapore, Vietnam’s orthopaedic market is expected to grow substantially, with a compound annual growth rate (CAGR) of 7.68% from 2024 to 2028. This anticipated increase is fueled by the country’s aging population and the rising incidence of orthopedic ailments, leading to a greater need for Osteopore products.
Overall, according to Osteopore-commissioned market research performed by CETAS Healthcare, the HTO market is projected to grow at a CAGR of 9.2%, with procedures expected to reach 35,000 in the Asia Pacific region (APAC) per annum by 2025.
Plus, the bone grafting market is projected to grow at a CAGR of 2.3%, with procedures expected to reach 250,000 annually in APAC by 2025. Including HTO, bone grafting, and other procedures, Osteopore foresees a potential market opportunity of around 400,000 procedures annually in the region by 2025.
While forging on with its knee surgery product, a 3D-printed scaffolding implant, aXOpore, Osteopore has completed recruitment for its next-generation bone scaffold clinical trials, focusing on cranial and long bone reconstruction. In CY23, it recorded a revenue of $2.2 million, with Singapore contributing $1.5 million. The Company spent over $1.5 million on product development and research, recording a total operating loss of $4.8 million.
For aXOpore, the Company is focusing on Singapore and Vietnam. This enables Osteopore to leverage its existing sales and distribution channels to accelerate market access while managing the costs associated with market expansion.
Alinda is a Business Reporter for The Sentiment
Latest posts by Alinda Gupta (see all)
- Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank - June 27, 2024
- Baby Bunting fights back from retail downturn with 5-year strategy, includes Gen-Z focus and self-funded growth - June 27, 2024
- CLEO meets with US FDA to develop strategy for ovarian cancer test launch - June 26, 2024
1 Comment
Shraddha13
Thank you for sharing! To explore further
Replyhttps://www.360iresearch.com/library/intelligence/osteoarthritis-therapeutics