The market is projected to experience growth driven by the emergence of advanced and highly efficient bone graft substitute materials. The increasing recognition of the advantages offered by bone graft substitutes among healthcare professionals and patients is anticipated to fuel market expansion.
New York, May 26, 2023 (GLOBE NEWSWIRE) — According to Market.us, the Gone Graft Substitutes Market size was valued at US$ 3.1 Bn in 2022 and is projected to attain a value of US$ 5.6 Bn by 2032. The global industry is expected to expand at a CAGR of 6.2% between 2023 and 2032.
Bone graft substitutes refer to the materials that are used to replace or augment the missing bone in several neurosurgical, orthopedic, and dental procedures.
Get additional highlights on major revenue-generating segments, Request a bone graft substitutes Market sample report at https://market.us/report/bone-graft-substitutes-market/request-sample/
- By Product Type, the allografts segment held the largest revenue share of 53.4% in 2022.
- By Application, the spinal fusion segment dominated the global bone graft substitutes market with the largest share of 56% in 2022.
- By End-User, the hospital’s segment held the largest revenue share of 49% in the global bone graft substitutes market in 2022.
- In 2022, North America dominated the market with the highest revenue share of 44%.
- Asia-Pacific will grow at a significant revenue share of 21% from 2023-2032.
The market growth is expected to be fueled by the rise in demand for synthetic substitutes and an increase in the number of product approvals by various regulatory authorities.
Factors affecting the growth of the global bone graft substitutes market
There are several factors that can affect the growth of the global bone graft substitutes market. Some of these factors include:
- Increasing Incidence of Musculoskeletal Conditions: The market growth for bone graft substitutes market is mainly influenced by the rising incidence of musculoskeletal diseases, as such procedures often require bone grafting procedures.
- Technological Advancements: The market growth is expected to be propelled by the development of innovative as well as more effective bone graft substitute materials.
- Growing trauma cases: The market expansion can be highly attributed to the increase in the number of trauma cases and sports injuries, as these often result in fractures or bone defects, which may necessitate bone grafting procedures.
- Increased Awareness and Education: The rising awareness regarding the benefits of bone graft substitutes among healthcare providers and patients is likely to surge the market growth.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/bone-graft-substitutes-market/#inquiry/
Top Trends in Global Bone Graft Substitutes Market
There is increasing investment in research and development activities over the past few years. Major companies are largely concentrating on the development of new products with improved biocompatibility, efficacy, and osteoconductive properties. Moreover, there is a preferential shift towards minimally invasive procedures. They have gained huge popularity in recent years owing to benefits such as reduced pain, smaller incisions, shorter hospital stays, and faster recovery. In addition, the researchers are also involved in the exploration of the use of stem cells and regenerative medicine techniques for the enhancement of bone regeneration.
The market expansion is driven by growing demand for the development of biocompatible bone grafts in order to reduce adverse reactions. In addition, the growth of the bone graft substitutes market is also expected to be fueled by the rising demand for the adoption of synthetic bone graft substitutes and the increasing geriatric population. However, the regulatory challenges and high cost of bone graft substitutes are likely to impede market growth.
North America dominated the global bone graft substitutes market with the highest revenue share of 44% in 2022. This regional growth can be highly attributed to the presence of high healthcare expenditure, advanced healthcare infrastructure, and a large patient population in this region. In addition, regional growth is also influenced by the factors such as a rising geriatric population and an increasing prevalence of musculoskeletal disorders. In addition, the market for bone graft substitutes in Asia Pacific is expanding as a result large population base, increasing disposable income.
Emerging key players in the market are presently focused on implementing the strategies such as partnerships, collaborations, mergers & acquisitions, new product launches, and competitive pricing. Moreover, they are highly focused on geographic expansion to increase their market presence. In addition, they are focused on spreading awareness and marketing their targeted products to capture a major portion of the market share. This forms the competitive landscape in the global market and drives further market growth.
Market Key Players:
- Medtronic Plc
- Zimmer Biomet
- Stryker Corporation
- Johnson and Johnson
- Smith and Nephew plc
- Baxter International
- Wright Medical Group NV.
- NuVasive Inc.
- Orthofix Holdings Inc.
- Integra LifeSciences
- Other Key Players
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of the Report
|Market Value (2022)||US$ 3.1 Billion|
|Market Size in 2032||US$ 5.6 Billion|
|CAGR (2023 to 2032)||6.2%|
|North America Revenue Share||44%|
|Asia Pacific Revenue Share||21%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The market growth is enhanced by the increase in the aging population worldwide. It is a significant growth factor, as the incidence of orthopedic conditions such as fractures and osteoarthritis tends to increase with age. Moreover, owing to a wide range of benefits, the application of substitutes is growing exponentially. For instance, it decreases the complications in bone grafting procedures at the donor site. Over the past few years, these substitutes have been increasingly used in dental implants. In addition, the substitutes aid in increasing the thickness and height of the jawbone, enabling the effective placement of the dental implant, which restored the normal dimensions of the jawline.
The bone graft substitutes are classified as medical devices; they must undergo rigorous regulatory approval processes before they are introduced to the market. This process can be costly and time-consuming. As a result, it can limit the introduction of new products and hampers market growth. In addition, the expensiveness of bone graft substitutes may be a barrier to their extensive use, especially in less developed countries, where the patients may not have the ability to afford such treatments or where the healthcare systems are not able to provide coverage for them.
The rising medical tourism worldwide, particularly in developing countries, is likely to create numerous growth opportunities in the global market. These countries offer high-quality healthcare services at an affordable price. This is the main reason attracting patients seeking orthopedic treatments. Moreover, the advancements in technology have led to the development of innovative bone graft substitutes with improved safety, efficacy, and biocompatibility. These technological advancements include the use of growth factors, 3D printing, stem cell therapy, as well as tissue engineering techniques. The major key players in the global market significantly invest in research and development to increase their product portfolios, which can capitalize on these technological opportunities.
Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=43083
Report Segmentation of the Bone Graft Substitutes Market
Product Type Insight
The allograft segment dominated the market with the largest share of 53.4% in 2022 and is estimated to witness robust growth opportunities over the forecast period. The adoption of an allograft is increasing significantly due to its properties, such as immediate structural support and osteoconductivity. Moreover, allografts don’t need other surgery to harvest bone. This led to lesser surgery time, rapid wound healing, and higher success rates. Additionally, the positive patient results with the allograft products as well as several recent launches of allografts, have significantly contributed to the expansion of this segment.
The spinal fusion segment accounted for the largest revenue share of 56% in 2022. The increasing geriatric population is susceptible to numerous orthopedic disorders. As a result, it is the major responsible factor for the expansion of this segment. In addition, this significant growth is mainly due to the rise in the adoption of bone graft materials for spondylosyndesis.
The hospital segment dominated the global bone graft substitutes market with a maximum share. Rising patient visits in hospitals for various joint reconstruction and spinal fusion surgeries are anticipated to boost market growth. In addition, the segment growth can be highly attributed to the increase in number of qualified orthopedists in hospitals. On the other hand, the specialty clinics segment is projected to witness the fastest CAGR during the forecast period owing to the growth in the number of specialty clinics worldwide.
For additional information on the market contribution of each segment – Grab an Exclusive Sample Report https://market.us/report/bone-graft-substitutes-market/request-sample
By Product Type
- Bone Graft Substitutes
- Other Product Types
- Joint Reconstruction
- Spinal Fusion
- Other Applications
- Specialty Clinics
- Other End-Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Recent Development of the Bone Graft Substitutes Market
- In March 2022, the Osteo-P Synthetic Bone Graft Substitute (BGS) was launched by Molecular Matrix Inc. for its usage in the musculoskeletal system.
- In February 2022, Orthofix Medical introduced Opus BA, a synthetic bioactive bone graft solution used for cervical and lumbar spine fusion procedures.
- In 2020, DePuy Synthes launched VELYSTM Allograft for early-stage osteoarthritis of the knee.
Explore More Related Studies Published by Market.us Research:
- Bone Graft Market was valued at USD 3,500 million in 2021. They are expected to grow at a 5.8% compound annual growth rate (CAGR), from 2023 to 2032.
- Dental Prosthetics Market size is expected to be worth around USD 2453 Mn by 2032 from USD 726 Mn in 2022, growing at a CAGR of 13.3%
- Dental Equipment Market size is expected to be worth USD 10.4 Bn by 2022 from USD 21.2 Bn in 2032, at a CAGR of 7.6% from 2022 to 2032.
- Dental Practice Management Software Market was valued at US$ 2.3 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 11.89%.
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
CONTACT: Global Business Development Team – Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: firstname.lastname@example.org Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. NYnewscast.com takes no editorial responsibility for the same.