Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Bone Graft Substitute Market Overview
As per the Market Research Future (MRFR) analysis, the Bone Graft Substitute Market is anticipated to acquire a USD 5.01 billion market value while thriving at a CAGR of 6.52% by 2027.
Growing bone & joint-related disorders are recognized as a significant factor that can reinforce market growth during the assessment period. The market expansion is expected to fuel the growing acceptance of dental bone grafts and ongoing technological development. The rising demand for high-quality musculoskeletal functions among the geriatric population is expected to fuel the market in the coming period significantly. Factors such as growing orthopedic issues, an exponential geriatric population, and rising demand for reconstructive orthopedic treatments drive the growth of the market for bone graft substitutes.
The growing awareness of bone graft substitute technologies, combined with rising healthcare expenditure, is expected to increase the market's size and revenue over the next few years. Besides, the acceptance in the oral healthcare sector of bone graft substitutes is another factor responsible for catalyzing the demand for bone graft substitutes over the assessment period. The launch of biocompatible synthetic bone grafts and ongoing technological advances are expected to give different opportunities for market expansion in the coming period. Moreover, the growing emphasis on R&D activities by key players is likely to provide multiple market growth opportunities over the forecast period.
During the forecast period, the expenses associated with surgery are likely to serve as an obstacle to market development. In addition, the risks and complications related to the procedures for bone grafting are expected to pose a significant market challenge in the coming period.
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Bone Graft Substitute Market COVID-19 Analysis
Owing to the pandemic, the global demand for bone graft replacements has been affected, leading to a short-term negative rise due to the temporary closure of clinics. The restricted access to clinics and the lockdowns placed in different parts of the world have had a negative effect on the demand for bone substitutes. In addition, regulations have been laid down by various state and national governing bodies that have contributed to the delay of elective surgeries and the reallocation of healthcare services to tackle the pandemic. Since supplies from manufacturing facilities have also decreased, COVID-19 has affected many market players' business. In the global COVID-19 pandemic background, demand for dental bone graft replacements from main end-users has declined significantly.
Bone Graft Substitute Market Competitive Landscape:
The leading industry players are implementing various new strategies to grow their market, which is expected to intensify the market. The rising demand for high-quality healthcare services is expected to inspire players to implement innovation into their products to improve competitiveness among players.
Some of the key players profiled in the Bone Graft Substitute Market report includes:
- ACE Surgical Supply Company, Inc.
- Dentium Co., Ltd.
- BioHorizons IPH, Inc.
- Dentsply Sirona
- Medtronic plc
- Stryker Corporation
- Zimmer Biomet
- Institut Straumann AG
Bone Graft Substitute Market Segmental Analysis
The type-based segments of the global bone graft substitute market are bone morphogenetic protein, demineralized bone matrix, and autograft, synthetic bone grafts. Among all, the autograft segment is likely to lead the industry during the review timeframe.
The global bone graft substitute market application-based segments for bone graft substitutes are joint reconstruction, dental, spinal fusion, long bone, foot & ankle.
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Bone Graft Substitute Market Regional Analysis:
North America Leads with Established Sectors while APAC to Rise Substantially.
Due to advanced healthcare facilities, North America is expected to dominate the global demand for bone graft replacement markets during the forecast period. It is projected that the demand will expand by 2027 at a CAGR of 6.1 percent. Other essential causes projected to drive regional trade during the evaluation period are increasing awareness of the products available and growing health spending. Among other items, due to rising product demand and increasing cases of orthopedic illnesses, the U.S. is expected to generate maximum revenue, thereby increasing the size of the regional bone graft industry.
In the assessment period, Europe is anticipated to develop. It is projected that the ongoing growth in orthopedic sciences will be a significant cause that will drive the regional market in the coming period. During the analysis timeframe, increasing awareness of bone graft replacements and rising healthcare costs will likely fuel Europe's growth rate to 6.7 percent. Countries like the United Kingdom and Germany are expected to make significant contributions that may help the industry develop the regional market.
Due to emerging economies such as India, China, and Japan, APAC is expected to grow at a CAGR of 6.85 percent during the review period. Regional development can be attributed to growing tourism and favorable measures taken by different countries' governments. Also, during the review timeframe, the rising geriatric population with increasing healthcare costs is expected to drive market growth. On the other hand, in a few countries, strict regulatory guidelines limit adoption, which can hamper market growth during the forecast period.
Due to the increasing initiatives taken by the Middle East countries to develop their healthcare infrastructure, the MEA is expected to grow significantly during the review period. Because of their economic stability, Middle East countries such as the UAE and Kuwait are expected to contribute to strengthening the regional market. However, because of poor economic conditions, the African region is expected to obstruct the regional market expansion.
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Bone Graft Substitute Market Updates:
December 2020- Zimmer Biomet, a leading manufacturer of medical devices located at the Hospital for Special Surgery in the U.S. and New York City, has announced a collaboration to deploy the Apple Watch remote care management platform.
January 2021: Locate Bio, a regenerative medicine company focusing on orthobiologics, announced that the U.S. The Food and Drug Administration (FDA) has awarded CognitOss, currently in development to treat chronic osteomyelitis, a crippling inflammatory bone infection, with the Breakthrough Product designation. The treatment incorporates the best-in-class bone healing properties of completely resorbable bone graft with a patented dual-phase release of antibiotics to initially deliver bolus release at the infection site and then avoid re-infection by further controlled release.
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