Rapid development of novel bone grafts materials such as biocompatible synthetic bone grafts and rise in prevalence of bone and joint disorders are the major factors driving the growth of the global bone grafts and substitutes market. Moreover, surge in the number of patients suffering from rheumatoid arthritis, osteoarthritis, and other joint disorders have supplemented the market growth. However, high cost of surgeries and several ethical issues associated with bone grafting procedures have hampered the market development. On the contrary, increasing inclination of key market players toward R&D activities and surge in demand for orthopedic procedures among geriatric population would provide lucrative opportunities for the market leaders in the coming years.
According to the report published by Allied Market Research, the global bone grafts and substitutes market was valued at $2,652.6 million in 2020, and is projected to reach $3,362.6 million by 2028, registering a CAGR of 4.3% from 2021 to 2028.. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Moreover, the COVID-19 outbreak has disrupted and forced several industries to halt their activities temporarily, including several subdomains of health care. Similarly, the bone graft & substitutes industry was impacted negatively. Major key players in the market were facing supply chain interruptions and the demand of the products was reduced significantly. Throughout 2020, hospitals and clinics experienced a noteworthy decline in surgical procedural volumes worldwide as healthcare systems redirected their resources to meet the rise in requirements of the COVID-19 patients. In addition, public health bodies across the world have suggested rescheduling or suspending elective surgeries throughout the pandemic phase. In addition, several orthopedic elective procedures, including spine, hip replacement, and knee replacement were halted. On the contrary, surgeons, patients, and medical societies are continuously assessing the risks of elective surgeries in the existence of infectious diseases, which is anticipated to have a positive impact on the demand for bone grafts & substitutes products and the number of procedures performed in the near future.
Major applications of bone grafts and substitutes
The report offers an in-depth analysis of the various applications of bone grafts and substitutes, including spinal fusion, trauma, joint reconstruction, dental bone grafting, and craniomaxillofacial. The spinal fusion segment dominated the global bone grafts and substitutes market in 2017 and is expected to hold the largest share in the global market through 2025, contributing about 45%. However, the joint reconstruction segment would witness the fastest CAGR of 6.2% through 2025, owing to rise in demand for joint reconstruction among patients suffering from rheumatoid arthritis, osteoarthritis, and other joint disorders.
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Major players that operate in this market include Arthrex, Inc., Baxter International Inc., Integra LifeSciences Holdings Corporation, Johnson & Johnson (DePuy Synthes), Medtronic Plc., Musculoskeletal Transplant Foundation, NuVasive, Inc., Stryker Corporation, Xtant Medical Holdings, Inc., and Zimmer Biomet Holdings, Inc.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.