Transparency Market Research (TMR) has published a new report titled ‘Bone Grafts and Substitutes Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the report, the global bone grafts and substitutes market was valued at US$ 2.7 Bn in 2017. It is projected to expand at a CAGR of 4.3% from 2018 to 2026. Factors such as rapid technological changes from autografts to allografts and penetration of synthetic and tissue-engineered bone grafts are propelling the growth of the bone grafts and substitutes market.
Moreover, an increase in demand from customers and rise in industry standards are spurring the global bone grafts and substitutes market. North America and Europe are projected to dominate the global bone grafts and substitutes market, owing to a higher rate of adoption of and awareness regarding bone grafts and substitute products. Asia Pacific, Latin America, and Middle East & Africa are regions with high potential for the bone grafts and substitutes market. The market in Asia Pacific is expected to expand at a CAGR of 5.0 % from 2018 to 2026.
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Cost-effective Bone Grafts and Substitutes That Treat Complex Disorders to Drive Global Market
Increase in the number of cases of various bone disorders across the globe drives the bone grafts and 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. This is likely to increase the number of bone graft surgery procedures, consequently propelling the global bone grafts and substitutes market. Based on product, the global bone grafts and substitutes market has been categorized into allografts, synthetic bone grafts, and xenografts. The allograft segment has been further divided into demineralized bone matrix (DBM) and others.
Ceramic-based Bone Grafts and Substitutes to be a Highly Lucrative Segment
In terms of material, ceramic-based is an emerging segment of the bone grafts and substitutes market. The segment is likely to hold a major market share, due to a rise in the adoption of technologically advanced products by surgeons. The cell-based segment is likely to expand at a significant CAGR. This is because cell-based assays are relatively easy to use, reproducible, inexpensive, and do not involve the suffering of animals. Moreover, cell-based bone graft substitutes are easily adopted by body and have shown potential results.
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Hospitals to be a Promising Segment
In terms of end-user, the global bone grafts and substitutes market has been categorized into hospitals, orthopedic clinics, and others. The hospitals segment held a major share of the global market in 2017. Expansion of the segment can be attributed to the availability of multiple service options and devices and tie-ups with health care companies in order to enhance health care products and service offerings. Moreover, hospitals are the preferred choice for patients due to the availability of advanced technology and better health care services. The orthopedic clinics segment is expanding at a high growth rate, especially in developed economies, due to a rise in the geriatric population and the development of health care infrastructure and support. A rise in demand for bone grafts and substitutes in orthopedic clinics during medical emergencies is projected to drive the segment.
North America Expected to Dominate the Global Market
In terms of region, the global bone grafts and substitutes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global bone grafts and substitutes market in 2017. In terms of revenue, the market in North America was valued at US$ 1.6 Bn in 2017.This is due to a highly developed health care sector, increase in awareness among health care providers about bone grafts and substitutes, and continuous evolution of bone grafts and substitutes. This region offers significant opportunity to the bone grafts and substitutes market. The market in Asia Pacific is anticipated to expand at a CAGR of 5.0% during the forecast period.
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The market in Asia Pacific is likely to be driven by factors such as a rise in the ability of patients to pay for treatment, increase in medical tourism due to low cost of synthetic bone grafts in the region, and a rapidly increasing geriatric population. Moreover, expansion of the health care sector in countries such as China, Japan, and India offers significant potential to the market in the region. Additionally, technological advancements and increase in the rate of adoption of bone grafts and substitutes products are expected to propel the market in the region during the forecast period.
GE Healthcare and Koninklijke Philips N.V. Anticipated to Lead the Global Market
The global bone grafts and substitutes market is highly fragmented. A number of players provide different products. Key players in the global bone grafts and substitutes market include AlloSource, DePuy Synthes, Integra LifeSciences, NuVasive, Inc., Stryker, Wright Medical Group N.V., XTANT MEDICAL, Zimmer Biomet, Baxter Healthcare Corporation, and Medtronic. Expansion of the product portfolio through mergers and acquisitions is a key strategy followed by several global players.
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