Portland, OR, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Increase in the geriatric population, rise in the number of road accidents, improvement in the standard of living, and technological developments in bone graft devices drive the market growth. Hospitals across the world witnessed a significant decline in surgical procedural counts as the global healthcare sector redirected its attention, efforts, and resources to deal with the COVID-19 patients.
According to the report published by Allied Market Research, the global bone replacement market generated $14.31 billion in 2020 and is anticipated to reach $25.20 billion by 2030, manifesting a CAGR of 5.9% from 2021 to 2030. The report offers an in-depth analysis of the emerging and current trends, market size, future estimations, and key players.
Factors such as an increase in the incidence of musculoskeletal conditions and a rise in the number of road accidents are the key factors propelling the global bone replacement market. However, factors including high cost of bone replacement surgeries and ethical concerns related to bone grafting procedures are expected to hinder the market growth. Developing markets in the world will offer lucrative growth opportunities to the market players.
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Impact of COVID-19 Pandemic on Bone Replacement Market-
- The COVID-19 pandemic had a negative impact on the medical companies in the bone replacement industry.
- Many orthopedic elective procedures such as spine replacement, hip replacement, and knee replacement were halted, which impacted the bone replacement market.
- Due to the lockdown, the supply chain activities across the world got disturbed, impacting many companies operating in the bone replacement market.
- Lack of human resources at production facilities and lack of demand from hospitals and clinics due to the lockdown restrictions negatively impacted the market.
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The report segments the global bone replacement market on the basis of material, product type, age group, and region.
Based on product type, the knee segment accounted for the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain the lead throughout the forecast period. However, the hip segment is estimated to witness the fastest CAGR of 6.4% from 2021 to 2030.
Based on the material type, the allografts segment contributed to the largest share in 2020, accounting for more than one-third of the global bone replacement market. The same segment is expected to lead during the forecast period. However, the autografts segment is expected to manifest the highest CAGR of 7.1% from 2021 to 2030.
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Based on region, North America contributed to the highest share in 2020, holding nearly half of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 7.2% from 2021 to 2030.
Leading market players of the global bone replacement market analyzed in the research include B. Braun Melsungen, Exactech Inc., Waldemar Link GmbH & Co. Kg, Colfax Corporatio, AK Medical Holdings Limited (AK Medical), Smith & Nephew Plc, Johnson & Johnson (Depuy Synthes), United Orthopedic Corporation, Stryker Corporation, and Zimmer Biomet Holdings, Inc.
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