United States, Rockville, MD , April 19, 2022 (GLOBE NEWSWIRE) -- As per industry analysis on bone grafts and substitutes by Fact.MR, a market research and competitive intelligence provider, the global market is anticipated to expand at a CAGR of 4.9% over the forecast period of 2021-2028, reaching US$ 4.44 Bn.
Bone grafting is a surgical operation that uses bone grafts or substitutes to reconstruct a misplaced bone in order to treat bone fractures that pose a serious health risk to the patient. Compound fractures are treated with bone grafting, which is commonly employed in spinal fusion procedures.
Bone grafts can be used to treat spinal fractures, anchor a repaired spinal deformity, and prevent mobility between two or more vertebral bodies. The bone graft does not immediately fuse or mend the spine, but it does provide a scaffold or foundation for the patient's body to create new bone.
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Bone graft and substitute manufacturers are focused on innovative techniques such as fast prototyping and 3D printing, which are also assisting in the manufacturing of free-form biomaterial scaffolds for tissue regeneration.
Growing prevalence of musculoskeletal disorders, advancements in biocompatible synthetic bone grafts, and increase in demand for dental bone grafts are all driving the global bone grafts and substitutes market forward.
The bone grafts and substitutes market in China is growing due to an increase in the usage of allografts and other alternative products, a steady supply of orthopedic equipment, and a growing acceptance of autograft bone.
Owing to the increasing number of patients who rely on medical settings for crucial orthopedic treatments such as spinal fusion, regenerative therapies, and joint reconstruction surgeries, hospitals are expected to be the most dominating section of the global market during the projection period.
Competitive Landscape
Manufacturers of bone grafts and substitutes are constantly investing in the development of new products with improved bioactivity, biocompatibility, and mechanical qualities. Companies have a varied product portfolio that is technologically advanced, as well as a larger global presence. Key players are constantly launching innovative products in various orthopedic application areas.
For instance,
- The chronOS Strip bone graft substitute is made by Synthes, Inc., a Johnson & Johnson company. The chronOS-tricalcium phosphate granules in this synthetic bone transplant can be perfused with the patient's bone marrow and blood.
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Key Takeaways from Market Study
- Global bone grafts and substitutes market to reach a valuation of US$ 4.44 Bn by 2028.
- Market in North America holds a high share of 53.1%.
- Demand for allografts are expected to increase at a significant CAGR over the coming years.
“Rising initiatives to improve the bioactivity of bone graft substitutes, growing adoption of minimally-invasive procedures, and increasing knowledge among patients about biologic bone regeneration benefits are aspects driving market expansion,” says a Fact.MR analyst
Winning Strategy
The market is characterized by fierce competition and is dominated by a few important players. To increase revenue, key businesses are focusing on executing creative tactics such as mergers & acquisitions, market penetration, collaborations, and distribution agreements.
Key players in the market are concentrating on diversifying their product portfolios and utilizing materials with higher quality, characteristics, and functionalities.
For instance,
- In February 2021, NuVasive bought Simplify Medical to expand its cervical portfolio and expand growth prospects.
- In 2019, McGill University produced a biocompatible and hardened multilayered bone grafts for the repair of major bone lesions.
- In 2019, Bioventus launched OSTEOMATRIX+, a next-generation biphasic bone transplant for use in orthopedic and spine applications.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global bone grafts and substitutes market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.
The study divulges essential insights on the market on the basis of product (allografts, synthetic bone grafts, and others), by material (ceramic-based, polymer-based, growth factor-based, cell-based, and others) by end user (hospitals, orthopedic clinics, and others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Which Regions Experience High Demand for Preventive Healthcare Technologies and Services? - Rapid adoption of novel technologies is also expected to be a major influential factor in this region. This region is anticipated to hold a market share of nearly 40% in the global preventive healthcare technologies and services market landscape by the end of 2028.
Which Key Challenges are Faced by Bone Graft and Substitute Providers? - Bone grafting surgeries have provided life-saving choices to a significant number of patients suffering from a variety of bone problems; nevertheless, risks associated with surgery failure and graft failure are projected to stifle market growth over the projection period.
How Will Increasing Aging Population Benefit Elderly Care Service Providers? - Increasing aging population has created a new market for geriatric services and multiple care providers are trying to cash in on this potential by establishing new and advanced care centers specifically focused on the geriatric population.
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