According to Fortune Business Insights, Bone Graft Substitutes Market is expected to reach USD 5.71 billion by 2029, exhibiting a CAGR of 6.1% during the forecast period. Production of Technological Advanced Bone Graft Substitutes to Fuel Industry Growth
/EIN News/ — Pune, India, May 09, 2022 (GLOBE NEWSWIRE) — The global bone graft substitutes market size was valued at USD 3.33 billion in 2021 and reached USD 3.78 billion in 2022. The market is expected to reach USD 5.71 billion by 2029, exhibiting a CAGR of 6.1% during the forecast period. Several benefits of the substitutes and rising incidences of bone disorders and infections are expected to enhance the industry growth. Fortune Business Insights presents this information in its report titled “Bone Graft Substitutes Market, 2022-2029.”
Key Industry Development
- December 2020- GRAFTYS announced its Quality Management System certification and CE recertification in Europe in conformity with the Medical Device Single Audit Program (MDSAP).
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Bone Graft Substitutes Market Report Scope & Segmentation :
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||6.1%|
|2029 Value Projection||USD 5.71 Billion|
|Market Size in 202||USD 3.33 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||150|
|Segments covered||By Application, Type, End User|
|Growth Drivers||Rising Launch of Synthetic Bone Graft Substitutes to Elevate Industry Growth in North America|
|Technological Advancements in Substitutes to Propel Market Progress|
|Companies Announce Novel Products to Expand Market Presence|
Delayed Elective Surgeries to Enhance Industry Progress
The market was negatively affected during the COVID-19 pandemic due to delayed elective surgeries. The rapid spike in COVID-19 patients led to the lack of hospital beds and equipment required for surgeries. Further, declining patient visits are expected to decline the demand for substitutes. However, lockdown relaxations increased the number of hospital visits, thereby enhancing the demand for bone graft substitutes. This factor propelled the market progress during the pandemic.
Synthetic Segment to Dominate Owing to Rising Product Launches
By type, the market is segmented into allograft, demineralized bone matrix (DBM), synthetic, and xenograft.
The synthetic segment is expected to dominate the market share due to rising product launches. Further, the rising prevalence of bone disorders in the region is expected to enhance the demand for the product. These factors may enhance the segmental growth.
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Spinal Fusion Segment to Hold Largest Market Share Owing to Extensive Substitutes Adoption
Based on application, the market is classified into spinal fusion, joint reconstruction, foot & ankle, and others.
Spinal fusion is expected to dominate the market share due to extensive adoption of substitutes. Further, rising cases of patients suffering from spine disorders are expected to propel the demand for the product.
Hospital Segment to Grow Positively Owing to Rising Orthopedic Procedures
As per end-user, the market is classified into specialty clinics, hospitals, and others.
The hospitals segment is expected to grow positively due to rising orthopedic procedures. Further, the strong number of orthopedists working from hospitals is expected to enhance the demand for substitutes.
Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Technological Advancements in Substitutes to Propel Market Progress
Bone graft substitutes are biologics used as an alternative option for autologous bone grafts. They are used to treat union or non-union surgeries, spinal fusion, and bone defects. Rapid technological advancements in substitutes may enhance the product demand. Further, the rising number of lumbar spine surgeries may elevate the adoption of surgeries. For example, as per the research published by the NCBI in December 2018, the number of lumbar spine fusion surgeries witnessed a rapid incline at a rate of 26 per 100,000 adults. These factors may drive the bone graft substitutes market growth.
However, clinical limitations of the substitutes are likely to hinder the market’s progress.
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Rising Launch of Synthetic Bone Graft Substitutes to Elevate Industry Growth in North America
North America is expected to dominate the bone graft substitutes market share due to the rising launch of synthetic bone graft substitutes. The market in North America was valued at USD 1.53 billion in 2021 and is expected to gain a huge portion of the global market share. Furthermore, the presence of a huge patient pool suffering from bone disorders is expected to enhance the industry growth.
In Europe, the rising prevalence of bone fractures and spinal disorders is expected to enhance the adoption of the product. Further, rising reimbursement policies and strong research & development are expected to boost the product adoption.
In Asia Pacific, the increasing geriatric population and the rising prevalence of arthritis are expected to enhance the demand for the product. Furthermore, strong investments to expand brand presence may foster the industry growth.
Companies Announce Novel Products to Expand Market Presence
Prominent players operating in the market announce novel products to expand their market presence globally. For example, Isto Biologics launched its Influx Demineralized Bone Matrix (DBM) Putty in September 2019 for the expansion of its Influx portfolio. This development may allow the company to enhance its market presence. Further, companies devise partnerships, acquisitions, mergers, research and development, and expansions to boost their market position globally.
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List of Key Players Profiled in the Report
- Medtronic PLC (Ireland)
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (U.S.)
- Stryker (U.S.)
- Zimmer Biomet (U.S.)
- Smith & Nephew plc (U.K.)
- SeaSpine (U.S.)
- AlloSource (U.S.)
- Bioventus (U.S.)
- MTF Biologics (U.S.)
- Orthofix Holdings, Inc. (U.S.)
Table Of Contents :
Bone Graft Substitutes Market Introduction
- Market Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Recent Industry Developments Such as Mergers & Acquisitions
- Insights on Funding Scenario Pertaining to Research and Development of Bone Grafts Substitutes
- Industry Background Pertaining to Bone Graft Substitutes
- New Product Launches
- Impact of COVID-19 on Bone Graft Substitutes Market
Global Bone Graft Substitutes Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
- Demineralized Bone Matrix (DBM)
- Beta TCP
Market Analysis, Insights and Forecast – By Application
- Spinal Fusion
- Joint Reconstruction
- Foot & Ankle
Market Analysis, Insights and Forecast – By End-user
- Specialty Clinics
Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Article originally published at https://www.einpresswire.com/article/571652472/with-6-1-cagr-bone-graft-substitutes-market-size-worth-usd-5-71-billion-in-2029
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This news story originally appeared at Books - Reality Syndicate Viewers on 11 May 2022