We are initially focused on the orthobiologics and advanced wound care markets. GlobalData recently estimated that the major segments of the orthobiologics market, including bone allograft, bone graft substitutes, and viscosupplementation, currently comprise an annual $6.7 billion worldwide market. The overall increase in prevalence of musculoskeletal disorders combined with technological advancements in the orthobiologics field are fueling the growth of this market, resulting in a compound annual growth rate, or CAGR, of 7.7% in the North American market from 2014 to 2019, as predicted by MicroMarket Monitor. The advanced wound care market, which includes device based wound care, moist wound care products, and biologics, was estimated by Espicom to be $6.2 billion in 2013, representing a growth rate of approximately 5% since 2012.
We believe the market opportunity for our current product candidates utilizing our rhCollagen platform technology exceeds $5 billion.