Published: Oct, 2018
The new report published by Transparency Market Research states that the top three players in the global market for bone graft and substitute market accounting for over half of the market. The report also provides brief information about the prominent players operating in the global bone graft and substitute market such as Medtronic, Stryker Corporation and Zimmer. These players are majorly focused on the innovation, development and research activities, and expansion of product in order to gain edge and strengthen their business at global and regional level.
The opportunity in the global market for bone graft and substitutes is expected to be valuation of US$3.48 bn by the end of 2023. The market is likely to expand at a CAGR of 4.5% from the period between 2015 till 2023.
Medical Tourism offers lucrative growth opportunities
In terms of application, the global market for bone graft and substitute is divided into craniomaxillofacial, spinal fusion, ankle and foot, and joint reconstruction. Among all the sub-segment, the application of bone graft and substitute in spinal fusion account for largest share in 2014. The growing number of geriatric population with bone defect and rising demand for minimally invasive surgeries, rising number of arthritis surgery and increasing case of incident are some of the important aspects influencing the growth of the overall market in near future. The spinal fusion segment is anticipated to expand at a 4.4% CAGR over the period between 2015 till 2023.
Based on type, the global market for bone graft and substitute market is bifurcated into bone graft substitutes and allografts. Furthermore, the bone graft substitute is segmented into synthetic bone grafts and bone morphogenic proteins (BMP). Among all the segments, Bone allograft are projected to dominate in terms of correcting several types of defects associated with bones.
Geographically, North America could anticipated to dominate the market on the basis of presence of large number of players. Increased opportunities in the North America bone grafts and substitutes market is anticipated to touch US$1.23 bn by 2023 end. Europe is most lucrative region and is likely to register significant growth over the course of forecast period. The increasing medical tourism in countries like India, China, Thailand, Singapore and Malaysia is likely to provide ample of growth opportunities for the players operating in the region. The stricter regulatory requirement by the medical devices companies in countries like japan, china, and South Korea is likely to impact the regional market in positive way.
Rising case of Arthritis patients propelling the bone graft and substitute market
The rising prevalence of bone and joint disorder is anticipated to fuel the growth of the global bone graft and substitute market in near future. As per The Centers for Disease control and Prevention (CDC), close to 67 million population in U.S. are projected to be diagnosed with arthritis. Also, arthritis is a leading cause of concern for disability and it is affecting patient population with arthritis. This is another aspect influencing the demand of the bone graft and substitute market in near future. On the other hand, several stringent regulation and policies to curb malpractices are important aspect hampering the growth of the overall market. Also, increasing cases of post implantation infections are major challenge for the global bone graft and substitute market. Rising case of implantation failure are another key aspect restraining the growth in near future.
This review is based on the findings of a TMR report titled “Bone Grafts and Substitutes Market (Type - Allografts (Demineralised Bone Matrix) and Bone Graft Substitutes (Bone Morphogenic Proteins (BMP) and Synthetic Bone Grafts); Application - Spinal Fusion, Long Bone, Foot and Ankle, Craniomaxilofacial, Joint Reconstruction, and Dental) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.”
The report segments the global bone grafts and substitutes market as:
Global Bone Grafts and Substitutes Market, by Type
- Demineralised Bone Matrix
- Bone Graft Substitutes
- Bone Morphogenic Proteins (BMP)
- Synthetic Bone Grafts
Global Bone Grafts and Substitutes Market, by Application
- Spinal Fusion
- Long Bone
- Foot and Ankle
- Joint Reconstruction
Global Bone Grafts and Substitutes Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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