SEATTLE, May 23, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Latin America bone graft and substitutes market was valued at US$ 116.8 million in 2018, and is projected to exhibit a CAGR of 5.6% during the forecast period (2018 – 2026).
Key Trends and Analysis of Latin America Bone Graft and Substitutes Market:
Latin America bone graft and substitutes market is expected to witness significant growth over the forecast period, owing to increasing adoption of new technologies by manufacturers to develop novel bone graft substitutes. For instance, in March 2015, Osiris Therapeutics, Inc., a company based in Columbia, Maryland, introduced BIO4. BIO4 is a viable bone matrix containing endogenous bone forming cells including mesenchymal stem cells, osteoprogenitor cells, osteoblasts, osteoinductive, and angiogenic growth factors. BIO4 has all four characteristics involved in bone repair and regeneration including osteoconductive, osteoinductive, osteogenic, and angiogenic characteristics. It is a safe alternative to bone autograft that minimizes the potential for harvest site co-morbidities.
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Increasing prevalence of orthopedic disorders such as arthritis and osteoporosis is expected to lead to high number of patients opting for joint replacement and spine replacement surgeries. For instance, according to Epidemiology of Osteoporosis in Mexico estimation, in 2013, estimated 1 in 12 women and 1 in 20 men in Mexico are diagnosed with hip fracture after the age of 50. Moreover, it also estimated that the absolute number of hip fractures in the Mexican population is expected to increase even more in the next decades due to increased life expectancy and the consequent aging of the population.
Among country, Colombia is expected to witness significant growth in Latin America bone graft and substitutes market. The cost of dental care treatments in Colombia is much lower as compared to other Latin American countries, resulting in increasing number of patient pool from other countries coming to Colombia for low cost treatment. For instance, according to Dental Tourism Colombia, the cost of a dental implant in Colombia is one third to the cost in the U.S. or Canada.
Moreover, according to National Center for Biotechnology Information, in 2015, around 7,076 hospital admissions for total knee arthroplasties (TKAs) and 13,017 hospital admission for total hip arthroplasties (THAs) were reported in Brazil. Moreover, in 2015, the state of Sao Paulo registered 49% geriatric population in the Southeast region of the country, among which 47.4% accounted for TKAs and 53.8% for THAs.
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Key Market Takeaways:
- Latin America bone graft and substitutes market is projected to witness CAGR of 5.6% during the forecast period (2018 – 2026), owing to development of technologically efficient products, which reduce risks, infections, implant failure, and other defects.
- Among product type, the bone graft segment is expected to witness significant growth in Latin America bone graft and substitutes market, owing to increasing number of new product launches for bone grafts. For instance, in 2018, Aziyo Biologics, Inc., a fully integrated regenerative medicine company based in Maryland, launched OsteGro, an allograft bone matrix that supports new bone growth in orthopedic surgical procedures such as spinal fusion, hip reconstruction, and bone fractures.
- Major players operating in Latin America bone graft and substitutes market include, RTI Surgical, Inc., NuVasive, Inc., Exactech, Inc., Medtronic Plc., LifeNet Health, Zimmer Biomet Holdings, Inc., Stryker Corporation, Johnson & Johnson, Orthofix International N.V., Ace Surgical Supply Co., Inc., and Novabone Product, LLC
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