Rise in incidences of musculoskeletal conditions, technological advancements in medical devices, and development of biocompatible synthetic bone grafts fuel the growth of the global bone grafts and substitutes market. On the other hand, high cost of surgeries and ethical issues related with bone grafting procedures impede the growth to some extent. However, emerging market opportunities are expected to be beneficial for the market.
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.
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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.
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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%.
The key market players analyzed in the global bone grafts and substitutes market report include Baxter International Inc., Musculoskeletal Transplant Foundation, Integra LifeSciences Holdings Corporation, Johnson & Johnson (DePuy Synthes), Medtronic Plc., Zimmer Biomet Holdings, Inc., Arthrex, Inc., NuVasive, Inc., Stryker Corporation, and Xtant Medical Holdings. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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