Global Bone Grafts and Substitutes Market was valued at USD 2.35 billion in 2014 and is anticipated to expand at a CAGR of 4.5% from 2015 to 2023 to reach USD 3.48 billion in 2023
Global Bone Grafts and Substitutes Market: Snapshot
World over, the growing number of bone grafting and the use of bone-graft substitutes in various surgical procedures have led to the evolution of the market. The growing number of people with post-traumatic skeletal conditions and the increasing number of patients undergoing orthopedic surgeries have led to pressing need of bone grafts and substitutes in clinical practices.
Bone grafting procedures with autograft being the gold standard for bone substitution have gained traction in a number of orthopedic surgeries, especially among geriatric populations in developing and developed regions. In recent years, the market has witnessed stringent regulations to prevent post implantation infections, which is expected to significantly alter the market dynamics in the coming years.
The global market for bone graft and substitutes is projected to expand at a CAGR of 4.5% from 2015 to 2023. Growing at this rate year-over-year, the market is expected to reach US$3.48 bn by the end of the forecast period.
This exhaustive report includes 22 data tables and 22 figures to give readers a 360° view of the Bone Grafts and Substitutes Market. Browse through this 87-page report to know what factors will shape the market during the period 2015-2023
Medical Tourism to Offer Lucrative Growth Avenues
Geographically, the bone grafts and substitutes market is segmented into North America, Europe, Latin America and Asia Pacific. Of these, North America held the major share in 2015.
The presence of a large number of regionally and globally prominent companies have kept this regional market at the forefront. This region is continuously witnessing a host of product innovations with the constant launch of novel therapeutics.
The growing number of people who suffer from road accidents has fed to the demand for bone grafting procedures.
In addition, the rapidly growing geriatric population has led to the demand for orthopedic surgeries. This has propelled the demand for bone grafts and their substitutes, thereby boosting the market.
Opportunities in the North America market for bone grafts and substitutes is projected to reach US$1.23 bn by the end of 2023.
Europe is a prominent market for bone grafts and substitutes. Countries such as Spain, Germany, Italy, the U.K., and France are providing ample opportunities for manufacturers.
On the other hand, the Asia Pacific market for bone grafts and substitutes is anticipated to register significant CAGR during the forecast period. The burgeoning medical tourism in countries such as China, India, Malaysia, Thailand, and Singapore is expected to provide lucrative growth avenues for market players in this region.
The stricter implementation of regulatory requirements by numerous medical device manufacturers in countries such as Japan, South Korea, and China is expected to positively impact the regional market.
On the basis of application, the global market for bone grafts and substitutes is segmented into spinal fusion, long bone, joint reconstruction, craniomaxillofacial, and foot and ankle. Among these, the application of bone grafts and substitutes in spinal fusion accounted for the largest share in 2014.
The growth in the segment is attributed to the rising demand for minimally invasive surgeries and the growing number of geriatric people with bone defects. Furthermore, the growing number of accidents and the rising cases of arthritis surgeries are key factors boosting the spinal infusion segment.
The spinal fusion segment is projected to expand at a CAGR of 4.4% during 2015–2023.
The extensive application of allograft bones in the reconstructive surgery of knee, hip, and long bones affected by tumors and traumatic injuries have substantially fueled the spinal fusion segment.
Based on type, the bone grafts and substitutes market is broadly segmented into allografts and bone graft substitutes. The bone graft substitutes is further bifurcated into bone morphogenic proteins (BMP) and synthetic bone grafts.
Bone allografts are gaining prominence in correcting various types of bone defects and have several advantages. However, their use may be limited by their availability and their role in supposedly transmitting infectious agents.
Some of the key companies operating in the bone grafts and substitute market include Nuvasive, Inc., DePuy Synthes, Wright Medical Group, Inc., Medtronic, and Zimmer Biomet.
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