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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