Bone Grafts and Substitutes Market: Rise in Demand for Innovative Technologies to Drive the Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to the report, the global bone grafts and substitutes market was valued at US$ 3,057.61 Mn in 2020 and is projected to expand at a CAGR of 4.9% from 2021 to 2028. Rapid technological changes from autografts to allografts and penetration of synthetic and tissue-engineered bone grafts boost the growth of the global bone grafts and substitutes market. Moreover, increase in demand from customers and rise in industry standards fuel the growth of the global bone grafts and substitutes market.
North America and Europe are anticipated to dominate the global bone grafts and substitutes market during the forecast period, owing to higher rate of adoption and awareness about bone grafts & substitute products. Asia Pacific, Latin America, and Middle East & Africa present significant opportunities in the bone grafts and substitutes market. The market in Asia Pacific is expected to expand at a CAGR of 4.9 % during the forecast period.
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Cost-effective Bone Grafts and Substitutes for Treatment of Complex Disorders to Drive Global Market
The increase in the number of cases of various bone disorders across the globe drives the global bone grafts and substitutes market. According to the International Osteoporosis Foundation, the global incidence of fractures is anticipated to increase by 240% in women and 310% in men by 2050. This is likely to increase the number of bone graft surgery procedures, consequently propelling the global bone grafts and substitutes market.
In terms of product, the global bone grafts and substitutes market has been classified into allografts, synthetic bone grafts, and xenografts. The allograft segment has been bifurcated into demineralized bone matrix (DBM) and others.
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Ceramic-based to be Highly Lucrative Segment
Based on material, the ceramic-based segment is anticipated to dominate the global bone grafts and substitutes market during the forecast period. The segment is expected to account for major market share due to rise in adoption of technologically advanced products by surgeons. The cell-based segment is likely to expand at a high CAGR from 2021 to 2028. Cell-based assays are relatively easy to use, reproducible, inexpensive, and do not involve the suffering of animals. Moreover, cell-based bone graft substitutes are easily adopted by human body and have shown potential results.
Hospitals to be Promising Segment
In terms of end-user, the global bone grafts and substitutes market has been divided into hospitals, orthopedic clinics, and others. The hospitals segment held major share of the global market in 2020. The growth of the segment can be attributed to the availability of multiple service options & devices and tie-ups with healthcare companies in order to enhance health care products and service offerings. Moreover, hospitals are the preferred choice for patients due to the availability of advanced technology and better healthcare services. The orthopedic clinics segment is projected to expand at a high CAGR during the forecast period, especially in developed economies due to a rise in the geriatric population and the development of healthcare infrastructure and support. Rise in demand for bone grafts and substitutes in orthopedic clinics during medical emergencies is anticipated to drive the segment.
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North America to Dominate Global Market
In terms of region, the global bone grafts and substitutes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global bone grafts and substitutes market in 2020. This is attributed to well-developed health care infrastructure, rise in awareness among health care providers about bone grafts & substitutes, and continuous evolution of bone grafts and substitutes. North America offers significant opportunity in the bone grafts and substitutes market.
The market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period. The market in the region is likely to be driven by ability of patients to pay for the treatment, increase in medical tourism due to low cost of synthetic bone grafts, and rise in geriatric population. Moreover, expansion of the healthcare sector in countries such as China, Japan, and India offers significant opportunities in the market in Asia Pacific. Additionally, technological advancements and increase in rate of adoption of bone grafts & substitutes products are expected to propel the market in the region during the forecast period.
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GE Healthcare and Koninklijke Philips N.V. to Lead Global Market
The global bone grafts and substitutes market is highly fragmented. A number of players provide different products in the market. Key players in the global bone grafts and substitutes market include AlloSource, DePuy Synthes, Integra LifeSciences, NuVasive, Inc., Stryker, Wright Medical Group N.V., XTANT MEDICAL, Zimmer Biomet, Baxter Healthcare Corporation, and Medtronic. The expansion of the product portfolio through mergers and acquisitions is a key strategy followed by several global players.
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