According to a new 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 growth of the global bone grafts and substitutes market is driven by factors such as rise in incidences of bone and joint disorders, increase in demand for dental bone grafts, and surge in technological advancements in medical field .
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COVID-19 Impact
The overall impact of COVID-19 pandemic is likely to remain fairly negative for medical devices companies in the bone grafts & substitutes industry. Companies are facing a set-back, owing to the lockdown, which has led to disruptions in the supply chain activities across the globe. Moreover, key players in the industry are facing issues with regard to the availability of human resource for manufacturing bone grafts & substitutes at production facilities.
List Of Key Companies
Arthrex Inc.
Baxter International Inc.
Integra Life Sciences Holdings Corporation
Johnson & Johnson (DePuy Synthes)
Medtronic Plc.
Musculoskeletal Transplant Foundation
NuVasive Inc.
Stryker Corporation
Xtant Medical Holdings Inc.
Zimmer Biomet Holdings, Inc
KEY FINDINGS OF THE STUDY
Bone graft substitutes segment accounted for more than half of the total market in 2020, while cell-based matrices segment is expected to grow at the highest CAGR of 5.1% from 2021 to 2028.
Asia-Pacific is expected to witness highest market growth rate, with a CAGR of 6.3% driven by growth in population, increase in affordability, and improvement in healthcare facilities in the region.
U.S. accounted for more than half of the overall market in 2020, while South Korea is expected to be the fastest growing country growing at a CAGR of 8.5%.
By product, the bone grafts and substitutes market is segmented into allografts, bone grafts substitute and cell-based matrices. The cell-based matrices (CBM) segment is projected to be the fastest growing segment, with a CAGR of 5.1% from 2021 to 2028, as these materials serve as a cell-based bone grafts substitute that use cells to generate tissue alone or in combination with support matrix. In addition, the exclusive features of CBM such as reproducibility, and cost-effectiveness have fueled the market growth.
By application, the bone grafts and substitutes market is divided into spinal fusion, trauma, craniomaxillofacial, joint reconstruction, and dental bone grafting. Spinal fusion segment dominated the overall market in 2020, and is expected to dominate the market during the forecast period. This is primarily attributed to increase in prevalence of bone and joint disorders and increase in usage of bone graft substitutes in spine fusion procedures worldwide, while the joint reconstruction segment is poised to grow at the highest CAGR of 5.5% during the forecast period primarily due to growth in incidences of bone and joint disorders.
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David Correa
Allied Analytics LLP
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