Bone Replacement Devices Market: Introduction

  • Bone replacement is a surgical procedure used to fix joints and bone damages caused due to severe orthopedic diseases and fractures. It is also performed for correction of deformities or as reconstruction to damaged or missing bones.
  • Increase in prevalence of orthopedic diseases is anticipated to drive the market. Moreover, road traffic accidents lead to bone damage or bone fracture. Thus, rise in number of road traffic accidents is likely to fuel the growth of the bone replacement devices market.

Key Drivers, Restraints and Opportunity of Global Bone Replacement Devices Market

  • Surge in geriatric population is likely to fuel the growth of the market. For instance, according to the Arthritis Foundation, in 2015, estimated 91.2 million adults were either reported with joint pain symptoms or diagnosed with arthritis.
  • As per a report by the United Nations, by 2050, older persons are expected to account for more than 25% of the population in Europe and North America, 20% in Oceania, 17% in Asia, Latin America & the Caribbean, and 6% in Africa. It also states that, the population aged 80 years or above was 125 million in 2015. It is expected rise to 202 million and 434 million by 2030 and 2050, respectively.
  • Increase in availability of specialty care services such as specialty hospitals and availability of advanced treatment options are boosting life expectancy rates worldwide, thus leading to an increase in geriatric population

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  • Hence, rise in geriatric population leads to increase in demand for care, services, and technologies to prevent and treat chronic conditions associated with the aging population
  • Unhealthy diet, lack of exercise, and change in lifestyle results in increase in obesity among people which creates pressure on lower extremities. Thus, it leads to orthopedic disorder and bone damage. Hence, rise in number of people with obesity is anticipated to drive the market. For instance, according to the Arthritis Foundation, estimated prevalence of obesity accounts for 50% of risk of knee osteoarthritis.
  • Furthermore, rise in awareness about orthopedic diseases and advanced treatment is likely to boost the growth of the market. In January 2018, BoneSmart partnered with Maxx Orthopedics to develop educational content for patients.
  • Factors such as rise in geriatric population, increase in number of bone replacement surgeries, and rise in demand for cost effective bone implants create the growth opportunities in the market
  • Key players are offering personalized or custom fit bone replacement products to provide better effectiveness and comfort to patients. For instance, Conformis offers its iTotal PS Custom Knee System, Zimmer Biomet offers NexGen solutions of custom fit implants, etc.
  • Rise in health care infrastructure and urbanizations offers lucrative opportunities for the medical device manufacturers

Product Recalls

  • Product recalls by the U.S. Food and Drug Administration are likely to restrain the global bone replacement devices market. For instance, in November 2018, Food and Drug Administration recalled the class 2 HydroSet XT Injectable HA Bone Cement due to incorrect expiry date.

North America to Hold Major Share of Global Bone Replacement Devices Market

  • North America is expected to hold major share of the market and it is expected to grow at a moderate CAGR during the forecast period. The growth of the market in the region can be attributed due to presence of key market players, early adoption of technologically advanced products, and rise in number of bone replacement surgeries. For instance, according to the American Joint Replacement Registry 2018, in the U.S. estimated 59.6% procedures accounted for total knee replacement from 1,186,955 procedures performed in 2017.
  • Asia Pacific expected to hold significant share of the bone replacement devices market and it is expected to grow at rapid pace during the forecast period. The market in the region is primarily driven due to rise in number of road traffic accidents, surge in aging population, and increase in prevalence of obesity among the population. For instance, according to an article published in the International Journal of Community Medicine and Public Health, a study conducted during January to March, 2017 stated that the prevalence of abdominal and generalized obesity is higher in North India.

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Key Players Operating in Global Market

The global bone replacement devices market is highly concentrated due to the presence of key players. Several manufacturers hold major share in their respective region. The industry players are engaged in developing new products and adopting new technologies. The prominent players operating in the global bone replacement devices market are:

  • RTI Surgical Holdings, Inc.
  • Zimmer Biomet
  • BBS-Bioactive Bone Substitutes
  • Biomatlante
  • CoreBone
  • XLO
  • Stryker
  • Medtronic
  • Meril Life Sciences Pvt. Ltd.
  • OSSIO

Global Bone Replacement Devices Market: Research Scope

Global Bone Replacement Devices Market, by Product

  • Metallic Implants
    • Joints & Joint Components
    • Plates
    • Nails & Screws
    • Others
  • Biological Implants & Devices
    • Bone Grafts
    • Regenerative Matrix
  • Bone Cement
  • Others

Global Bone Replacement Devices Market, by Application

  • Joint Replacement
    • Knee
    • Hip
    • Shoulder
  • Spinal Surgeries
  • Reconstruction & Correction Surgeries
  • Others

Global Bone Replacement Devices Market, by End-user

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics

 Global Bone Replacement Devices Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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