Bone Implants Coming Soon in Indonesia

jpnn.com, JAKARTA - The Cell and Growth Factor Biotechnology (CGBio) company will enter the implant and bone replacement market in Indonesia.

CGBIO CEO Hyun Seung Yu said Indonesia had a high demand for bone implants.

According to South Korea's National Institute for Food and Drug Safety Evaluation, the compound annual growth rate (CAGR) of the Indonesian medical device market is estimated to grow to 11.4 percent or reach US$2 billion in 2024 from 2019.

Hyun Seung Yu stated that the company's entry into the Indonesian market was marked by the launch of NOVOSIS.

"We are very pleased that NOVOSIS and Excelos Injects with their innovative bone fusion performance have entered the Indonesian implant and bone replacement market with high growth potential," he said.

"CGBio will continue to strive to supply superior products to the world in line with its mission to contribute to leading people to live young and healthy lives with advanced regenerative medical technology," he added.

The company, which is specifically engaged in regenerative medicine, will market a bone replacement containing rhBMP-2, Recombinant Human Bone Morphogenetic Protein-2, and Excelos Inject.

Hyun Seung Yu explained that NOVOSIS was rhBMP-2, the first in South Korea and the second in the world. This technology is helpful for spinal fusion and upper and lower limb fractures.