The global Bone Graft And Substitutes Market size is expected to reach USD 4.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2021 to 2028. The synthetic segment is anticipated to show significant growth over the forecast period. This growth is due to the lesser risk of disease transmission, better acceptance among patients as compared to allografts, and products’ better biocompatibility. However, the demand for orthopedic devices, which include bone graft and substitutes observed a radical decrease because of the rescheduling of elective surgeries during COVID-19.
Growing
cases of spinal deformities are the key driver of this market. According to a
CDC report, approximately 60.0% of the aged population and 32.0% of the adult
population is suffering from spinal deformities, in the U.S., as of 2017.
Around 488,000 spinal procedures were performed in the U.S. Moreover, the
introduction of biocompatible synthetic grafts is also expected to drive the
market.
Additionally,
technological advancements and the growing geriatric population are also
boosting the market growth. According to Population Reference Bureau’s 2018
statistics, from 13 countries to around 82 countries across the globe are
expected to have more than 20% of the geriatric population (65 years and above)
by 2050. Thus, perpetual growth in the population aged 60 years and above is
anticipated to result in an increased prevalence of arthritis and joint
disorders.
The
market in various countries is expected to witness diverse trends because of
ethical issues in some of the Muslim and Jewish population dominated countries.
These countries include majorly the Middle Eastern countries, which are
apprehensive about using xenografts for their orthopedic surgeries. Such
factors hamper market growth drastically.
Key
players in the market are investing in the launch of new products and product
approvals for sustaining in the market. For instance, AlloSource stated that
ProChondrix CR would have 2 years of shelf life based on the results of
real-time testing, as of March 2019. ProChondrix CR helps in cartilage healing
and is intended to match biochemical and biomechanical properties of normal
hyaline cartilage, improve patient symptoms, and restore a smooth articular
cartilage surface.
Related Press
Release @ Bone
Graft And Substitutes Market Report
Bone Graft And Substitutes Market Report Highlights
- The
allograft segment dominated the market in terms of revenue share as of
2020 and is projected to witness a CAGR of over 4.8% from 2021 to 2028.
Adoption of allografts is rising due to their characteristics such as
osteoconductivity and immediate structural support.
- North
America held a major market share as of 2020, due to the growing awareness
related to the commercially available advanced products, higher healthcare
expenditure of 16.4% in 2018, and accessibility of a well-developed
healthcare structure
- The
synthetic segment which includes ceramics, composites, polymers, and
BMPs is expected to exhibit the fastest growth over the forecast period
owing to its increasing adoption
- The spinal
fusion segment held a considerable revenue share of about 60.5% in the
market in 2020 owing to the rising geriatric population
- In North
America, the U.S. is generating the maximum demand for bone grafts and
substitutes because of the high prevalence of trauma-related injuries and
orthopedic diseases
- The industry
participants are focusing on product launch, partnership, and acquisitions
to sustain the competition
- In Asia
Pacific, the market is anticipated to witness lucrative growth of more
than 7.5% owing to the rising medical tourism and favorable government
initiatives
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment