Global Bone Grafts and Substitutes Market – Insights
A bone graft aids in repairing, rebuilding, and transplanting diseased bone tissues of the hips, knees, spine, and other body parts. It is used in repairing bone loss caused due to fractures and cancers. Sources for bone grafts include, patient’s own body and a donor. Bone grafts can also be engineered by using natural or synthetic materials. The most common types of bone grafts include, autografts and allograft. Bone is obtained from a deceased donor or a cadaver in allograft. In the process, bone is sterilized and stored in the tissue or bone banks. Bone is obtained from the patient’s own body parts such as ribs, pelvis, wrist, and hips in autografts. Materials such as ceramics and polymers can be used to make bone graft substitutes, owing to osteoconductive and osteogenerative properties and easy availability of these grafts.
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Global Bone Grafts and Substitutes Market – Drivers
Bone grafting is preferred for the treatment of sinus lift, ridge augmentation, fracture repair, nerve repositioning, and dental implantation. Trauma and accident can lead to bone damage. Therefore, increasing number of accidents and trauma cases is expected to boost growth of the global bone grafts and substitutes market. For instance, according to the Centers for Disease Control and Prevention (CDC), around 2.5 million people were hospitalized in the U.S. in 2014, due to accident injuries, indicating high risk of bone damage. Moreover, according to National Trauma Institute, 2014, economic burden due to trauma cases increased to US$ 671 billion, including healthcare costs and lost productivity costs.
Global Bone Grafts and Substitutes Market – Regional Analysis
On the basis of region, the global bone grafts and substitutes market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the global bone grafts and substitutes market over the forecast period. This is attributed to increasing R&D in bone grafting in the region. For instance, in 2017, Artoss, Inc., a U.S.-based company, introduced a complete line of bone grafts, which incorporates use of nanotechnology in the production of these grafts. Moreover, presence of major market players and increasing inorganic activities in the region are also expected to boost growth of the market in North America.
Growing medical tourism and development of novel bone graft substitutes that are efficient and affordable is expected to boost growth of the market in Asia Pacific.
The global bone grafts and substitutes market was valued at US$ 3,046.7 million in 2019 and is expected to witness a robust CAGR of 5.5% over the forecast period (2019 – 2027).
Global Bone Grafts and Substitutes Market – Competitive Landscape
Key players in the market are focused on product development to expand their product portfolio. For instance, in May 2017, the National Chemical Laboratory in India developed two novel bone graft substitutes that can regenerate bones lost during accidents or injuries. The products are under clinical trials and are expected to be available in low cost.
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in 2016, Kuros Biosciences acquired Xpand Biotechnology, wherein Kuros will use Xpand’s granular formulation for the production of novel bone graft substitutes.
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Key players operating the global bone grafts and substitutes market include, Medtronic Plc., Stryker Corporation, Ace Surgical Supply Co., Inc., NovaBone Product LLC, BioHorizons Implant Systems, Inc., Novadip Biosciences, Zimmer Biomet Holdings, Inc., Orthofix International N.V., Globus Medical, Inc., and Bone Therapeutics SA.
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