New York, USA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global bone replacement market. According to the report, the global market is projected to surpass $27,643.10 million and grow with a CAGR of 7.00% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Bone Replacement Market
The outbreak of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global bone replacement market. The implementation of lockdown restrictions led to the closure of several business processes. As the medical sector was one of the major industries impacted by the pandemic, there were massive disruptions in various healthcare centers and hospitals across the globe. As a result, several surgical procedures were delayed or rescheduled to avoid the spread of the virus and due to a shortage of medical facilities amidst the pandemic. This greatly hindered the growth of the bone replacement market during the pandemic.
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Factors Impacting the Global Market Growth
The key factor boosting the growth of the global bone replacement market is a significant rise in the number of musculoskeletal illnesses (MSD) and orthopedic surgeries worldwide. In addition, increasing cases of road accidents and rising technological developments and product innovations are expected to open door to lucrative opportunities for the growth of the market. However, the huge investments involved in bone replacement surgeries are anticipated to hamper the market’s growth.
The report segments the global bone replacement market into product, material, and region.
Knee Replacement Type Sub-Segment to Grab a Foremost Share of the Market
The knee replacement type sub-segment of the product segment is foreseen to grow massively by garnering $12,900.10 million in the forecast period. This growth is mainly owed to the increasing cases of arthritis that result in the growing occurrence of knee injuries among people across the globe.
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Allografts Sub-Segment to Grow Remarkably
The allografts sub-segment of the material segment is expected to hit $11,567.60 million in the forecast period. This is primarily due to the growing demand for allografts as they help in restoring mobility and reduce pain, as well as, help patients in regaining their normal body functions.
North America Region to Perceive Maximum Growth
The report analyzes the global bone replacement market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the North America market is projected to hit $11,444.20 million in the estimated period. This growth is mostly due to the growing cases of road accidents, presence of a large geriatric population, and rising need for bone replacement surgeries in this region.
Top Players of the Global Market
The report states some of the foremost players operating in the global bone replacement market including
- AK Medical Holdings Limited (AK Medical)
- Johnson & Johnson (Depuy Synthes)
- B. Braun Melsungen
- Smith & Nephew Plc.
- Colfax Corporatio
- Zimmer Biomet Holdings, Inc.
- United Orthopedic Corporation
- Stryker Corporation
- Waldemar Link GmbH & Co. Kg
- Exactech Inc
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. Inquire here to get an access to the key companies’ development strategic Report
For instance, in July 2021, Orthofix Medical Inc., a worldwide medical device firm focused on developing products and treatments for spine and orthopedics patients, launched the first patient implants with the fiberFUSE™ Strip, an innovative demineralized fiber bone-graft solution with cancellous bone.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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More about Bone Replacement Market:
- Why is Bone Replacement a Proactively Useful Option for Millennials Dealing with Different Issues of Bones?
- Increasing Prevalence of Orthopedic Surgeries across the Globe to Propel the Growth of the Global Bone Replacement Market
