WASHINGTON, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The expansion of the global market for Bone Graft Substitutes Market is related to both the rising prevalence of orthopedic surgeries around the world and bone illnesses such as tumors and infections of the bone. The market is also anticipated to grow due to the rising demand for synthetic replacements and the rising number of product approvals by various agencies.
The Global Bone Graft Substitutes Market revenue is expected to reach a value USD 3.8 Billion in 2028.
The Global Market revenue was valued at USD 2.7 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period; states Vantage Market Research, in a report, titled “Bone Graft Substitutes Market Size, Share & Trends Analysis Report by Material Type (Allograft, Synthetic, Composites, Polymers), by Application (Craniomaxillofacial, Dental, Foot & Ankle, Joint Reconstruction), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Bone Graft Substitutes Market was valued USD 2.7 Billion in 2021 and is all set to surpass USD 3.8 Billion by 2028, exhibiting a CAGR of 5.9% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Bone Graft Substitutes industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Drivers:
Technological Advancements in Bone Graft Substitutes
The alternatives can be used in a variety of operations, including surgery for trauma and severe fractures that need spinal fusion. In these treatments, the graft substitutes function as an ideal treatment plan and are regarded as essential. In Australia, for instance, the number of lumbar spine fusion procedures grew at a rate of 26 per 100 thousand persons, with significant geographical variation, according to a study published by NCBI in December 2018. Globally, such a substantial rise in trauma cases has been noted. Additionally, the administration of adequate bone graft substitutes is required for the treatment and management of severe trauma cases, which eventually raises their demand globally.
Increasing Adoption of Synthetic Bone Graft Substitutes
In the foreseeable future, it is predicted that the market will be driven by the increased usage of synthetic replacements such as polymer and ceramic. Many advantages, including a decrease in the risks of problems and danger of harm to the donor site, are increasing the acceptance of synthetic alternatives and driving the market's expansion. Synthetic options are made of various substances, including calcium phosphate, hydroxyapatite, and beta-tricalcium phosphate. Due to its chemical similarity to human bone, these goods are becoming increasingly popular in industrialized nations.
Additionally, market participants are concentrating more on introducing synthetic alternatives. Because of this, the businesses' revenues have been proliferating. For instance, Ortho Pediatrics Corp. announced in January 2020 that it had launched Quick Pack, a synthetic bone transplant alternative, in the United States. It has calcium phosphate cement, which closely matches the mineral component of a bone and is quite viscous. During the projection period, such product launches are anticipated to promote the acceptance of synthetic alternatives.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Bone Graft Substitutes Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
Regional Analysis:
North America is expected to dominate the growth of Bone Graft Substitutes Market in 2021. This dominance is owing to the growing adoption of smartphones, developments in coverage networks, and growing internet and social media penetration. However, Asia Pacific is anticipated to grow at the fastest Compound Annual Growth Rate (CAGR) over the forecast period. This surge in market growth is attributed to factors such as rising demand for connected devices and the growing adoption of smartphones in the region.
List of Prominent Players in Bone Graft Substitutes Market:
- Allo Source
- Baxter
- De Puy Synthes Inc.
- Medtronic
- Nuvasive Inc.
- Orthofix Holdings Inc.
- Smith & Nephew Inc.
- Stryker Corporation
- Wright Medical Group N.V.
- OST Development
- Zimmer Biomet
- Geistlich Pharma AG
- TBF Tissue Engineering
- Biobank
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Bone Graft Substitutes Market Size, Share & Trends Analysis Report by Material Type (Allograft, Synthetic, Composites, Polymers), by Application (Craniomaxillofacial, Dental, Foot & Ankle, Joint Reconstruction), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
In February 2020, Green Bone Ortho announced CE Mark approval for Green Bone Substitute bone graft, a naturally derived graft from rattan wood.
In December 2020, GRAFTYS announced its CE recertification in Europe and its Quality Management System certification in conformity with the Medical Device Single Audit Program (MDSAP) in Brazil, Australia, and the U.S. for the sterile calcium phosphate restorable substitutes used in bone grafts.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Bone Graft Substitutes Market for the base year and forecast period?
This market titled “Bone Graft Substitutes Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Material Type • Allograft • Synthetic • Composites • Polymers • Bone Morphogenic Proteins (BMP) • Application • Craniomaxillofacial • Dental • Foot & Ankle • Joint Reconstruction • Long Bone • Spinal Fusion • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Allo Source • Baxter • DePuy Synthes Inc. • Medtronic • Nuvasive Inc. • Orthofix Holdings Inc. • Smith & Nephew Inc. • Stryker Corporation • Wright Medical Group N.V. • OST Development • Zimmer Biomet • Geistlich Pharma AG • TBF Tissue Engineering • Biobank |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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