Osteopore granted regulatory approval for innovative bone reconstruction procedures in Singapore and Vietnam
Regenerative medicine specialist Osteopore (ASX: OSX) is set to help relieve the knee pain of thousands of sufferers with the company now able to use several of its procedures in Singapore and Vietnam.
In a milestone for Osteopore’s growth strategy, the company’s aXOpore technology has been granted regulatory clearance by Singapore’s Health Sciences Authority and Vietnam’s Department of Medical Equipment and Construction.
The approvals clear the way for Osteopore’s high-value complex bone reconstruction procedures as well as general bone grafting procedures.
Growth potential
According to company-commissioned market research, the high growth HTO market is projected to grow at a compound annual growth rate of 9.2%, with procedures expected to reach 35,000 in the Asia Pacific region (APAC) per annum by 2025.
It also forecasts that that the bone grafting market will increase at a CAGR of 2.3%, while procedures are expected to arrive at 250,000 per annum in APAC by 2025.
The company is planning to initially launch its orthopaedic products in Singapore and Vietnam, two of Osteopore’s three highest performing countries over the past four years.
Osteopore chief executive officer Dr Lim Yujing said the company elected to initially focus on Singapore and Vietnam to take advantage of its existing sales and distribution channels to help accelerate market access.
“These approvals enable Osteopore to supply off-the-shelf and customisable implants, positioning us to capture the potential of these high growth market segments.”
HTO the centrepiece
Osteopore’s high tibial osteotomy (HTO) product is the centrepiece of the company’s orthopaedic expansion into the region.
More than 10% of adults in Singapore are impacted by knee osteoarthritis, a degenerative joint condition.
The prevalence of this condition sees a significant increase amongst 40-to-60-year-olds.
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 replacements.
Vietnam’s orthopaedic market is forecast to experience robust growth at a 7.68% CAGR between 2024 and 2028.
This projected expansion is driven by the country’s significantly aging population and the increasing prevalence of orthopaedic conditions, which will heighten demand for related products and services.