The global Bone Grafts and Substitutes market was valued at over USD 2.3 billion in 2015 and is expected to reach over USD 3.6 billion, growing at a CAGR of 5.2% during the forecast period of 2016 to 2024. The adoption of newer technology and demand for minimally invasive surgery coupled with the rising number of orthopedic surgeries are the major factors driving the global Bone Grafts and Substitutes vertical toward growth. Moreover, the availability of advanced products in varied shapes and sizes providing high osteoconductive and osteoinductive properties are some of the factors pushing the BGS adoption globally.
BGS are widely used in orthopedic surgeries for various applications. The geriatric population more prone to orthopedic problems is on a continual rise owing to weakened bones. According to the data published by the United Nations, Department of Economic and Social Affairs, Population Division in 2013, number of people aged above 60 years was 841 million and is expected to reach 2 billion in 2050. With the overwhelming rise in the elderly population, number of orthopedic surgeries is expected to escalate in the near future. Thus, the BGS market is anticipated to show significant growth during the forecast period.
Global Bone Grafts and Substitutes Market, By Application, 2013 – 2024 (USD Billion)
However, risk of disease transmission and immune response are the major factors challenging the growth of the global BGS market. In addition, high cost of advanced products and the stringent regulatory pathway involved are further limiting the growth of the vertical.
Natural bone grafts segment dominated the global market in 2015 owing to the availability of allografts in an array of shapes and sizes catering to diverse surgical needs of patients. Moreover, allograft procedures reduce hospital stay, surgical time, and surgical wounds entailing a shorter wound healing time. Considering the above-mentioned factors, the allograft procedures segment is observed to be the preferred natural bone graft across the world. Demineralized bone matrix is a type of allograft, which has relatively better osteoconductivity and osteoinductivity compared to other allografts.
However, the availability of synthetic substitutes such as ceramics, composites, and polymers at a cheaper cost is challenging the growth of the natural bone grafts segment. Moreover, no risk of disease transmission is another advantage of synthetic substitutes, hindering the growth of the natural grafts in the international space. As a result, synthetic substitutes segment is anticipated to show significant growth during the forecast period.
Bone grafting is applicable in various surgeries such as spinal fusions, dental, craniomaxillofacial, long bone, foot and ankle, and joint reconstruction. Spinal fusions segment accounted for the largest revenue share in 2015 and is expected to maintain its dominance during the forecast period. High demand for spinal fusion surgeries amongst the geriatric population is propelling the penetration of bone grafts amongst the other applications.
However, wide availability of bone graft substitutes and constantly improving reimbursement coverage for dental surgeries are some of the major factors expected to push the demand for BGS in dental applications. As a result, the dental segment is anticipated to show significant growth during the forecast period of 2016 to 2024.
Major regional segments of the sector include North America, Europe, Asia Pacific, Latin America, and MEA. North America was the leading market and was followed by Europe in 2015. Factors such as high awareness regarding commercially available products, higher healthcare expenditure, and the availability of advanced healthcare infrastructure contributed to the growth of the market in these regions. However, a demanding regulatory framework and high treatment costs are challenging the growth of the market in North America and Europe.
Developing economies, such as China, Japan, India, and Hong Kong, are expected to contribute to the swift growth of the Asia Pacific space. The booming medical tourism industry offering advanced healthcare services at an affordable cost is, however, primarily driving the growth of the BGS sector in the Asia Pacific region.
Major participants present in the Bone Grafts and Substitutes vertical are focusing on market expansion through broader distribution channels and direct sales strategies. The major players in the BGS sector include but are not limited to Baxter, Medtronic, Stryker Corporation, Orthofix Holdings Inc, AlloSource, DePuy Synthes , NuVasive, Inc., Wright Medical Group N.V., Smith & Nephew Inc, and Orthovita, Inc.
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