Bone Substitutes Market - Introduction

Bone substitute is defined as a synthetic, biologically organic, or inorganic combination which is used in the treatment of bone defects. Various bone substitutes have been used in the past 50 years. Bone substitutes are primarily categorized into ceramics (TCP, hydroxyapatite, and calcium sulfate), bone grafts (xenograft, autograft, and allograft), and growth factors (PRP, DBM, BMPs). Ideal properties of a bone substitute include biocompatibility, thermally nonconductive, sterilizable, and should not evoke any adverse inflammatory response. Additionally, it should be osteoconductive, osteoinductive, and resorbable.

Bone substitutes are widely used in orthopedic surgeries for a number of applications. Bone grafting is the second most frequent tissue transplantation procedure performed across the world. Over two million bone graft procedures are performed every year, with more than 500,000 implanted in the U.S. alone. This is due to ease of use & handling, improved safety profiles, intraoperative cost & time advantages, and adaptability with a variety of clinical challenges.

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Bone Substitutes Market – Competitive Landscape

DePuy Synthes

Founded in 1895, DePuy Synthes is headquartered in Warsaw, Indiana. The company is the part of the Johnson & Johnson Family of Companies. DePuy Synthes offers comprehensive portfolio of orthopaedic and neuro products and services for joint reconstruction, trauma, spine, sports medicine, neuro, cranio-maxillofacial, power tools and biomaterials.

Medtronic

Founded in 1949, Medtronic is a leading medical devices company engaged in the development, manufacturing, and marketing of products for alleviating pain and restoring normal health of patients

The company operates through four business segments: cardiac & vascular group, minimally invasive therapies group, restorative therapies group, and diabetes group

The Medtronic Orthopedic Solution offering products for total joint replacement is a part of company’s Spine division within the Restorative Therapies Group.

Zimmer Biomet

Established in 1927, Zimmer Biomet is a one of the prominent player in the medical device market catering to customers present in musculoskeletal health care arena

The company manufactures and markets orthopedic reconstructive products; sports medicine, biologics, extremities & trauma products; spine, bone healing, craniomaxillofacial & thoracic products; dental implants and related surgical products

The company's offers its products to orthopedic surgeons; neurosurgeons; oral surgeons, dentists, hospitals, distributors, health care dealers and other specialists in orthopedic market

Its products are used to treat injuries, bone, joint, and soft tissue disorders

The company operates in more than 25 countries worldwide, and its products are distributed in more than a 100 countries through its wide distribution network

Zimmer Biomet has over 8,000 patents related to technologies incorporated in its products.

Stryker

Founded – 1941, Kalamazoo, U.S. Stryker is a global medical device company offering its products in orthopedic implants, trauma, and replacement surgeries; endoscopic and communication systems; emergency medical equipment and intensive care disposable products; surgical equipment and surgical navigation systems; and other products.

The firm operates through three business segments: Orthopedics, MedSurg, and Neurotechnology and Spine. The orthopedic segment offers joint replacement products which includes brands like Mako Partial Knee, Mako Total Knee, and  Restoris MCK

As of December 2016, Stryker has registered over 2,184 U.S. patents and 3,454 international patents

The company offers its medical devices to customer in hospitals and other health care facilities in the U.S. It also offers products through subsidiaries and branches and other third-party dealers and distributors in more than 100 countries.

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Bone Substitutes Market – Dynamics

Increase in the number of cases of bone disorders across the world drives the global bone substitutes market

According to the International Osteoporosis Foundation, the global incidence of fractures is anticipated to increase by 240% in women and 310% in men by 2050. Moreover, increase in the geriatric population, rise in research & development expenditure, and surge in awareness among end-users contribute to the growth of the global bone substitutes market. The market is expected to witness significant demand during the forecast period. However, risk associated with immune response and disease transmission are the major factors hampering the growth of the global bone substitutes market. Moreover, stringent regulatory framework and high cost are the other factors restraining the market. Furthermore, ethical issues associated with bone harvesting hampers the growth of the global bone substitutes market in some regions

Asia Pacific to Remain a Forerunner in the Demand for Bone Substitutes

The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, driven by large patient pool, increase in government initiatives, and developing health care infrastructure in India and China. The market in Latin America and Middle East & Africa is anticipated to be driven by increase in investments by leading players in these regions and rise in prevalence of orthopedic diseases.

Bone Substitutes Market – Segmentation

The Bone Substitutes market can be bifurcated depending upon:

  • Type
  • Application
  • End-use industry
  • Geography

Bone Substitutes Market Segmentation – By Type

Depending on the type, the Bone Substitutes market can be classified into:

  • Ceramics
  • bone grafts
  • Growth factors

Bone Substitutes Market Segmentation – By Application

Based on the application, the Bone Substitutes can be bifurcated into:

  • Oncologic surgery
  • Revision prosthetic surgery
  • Traumatology
  • Spine surgery

 Bone Substitutes Market Segmentation – By end-user

Depending on the end-use industry, the Bone Substitutes market can be fragmented into:

  • Hospitals
  • Orthopedic clinics
  • Others

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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