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Latin America Bone Graft and Substitutes Market, by Product Type (Bone Graft (Allografts and Xenografts) and Bone Graft Substitutes (Ceramics, Composites, Polymers, Bone Morphogenetics Proteins, and Others)), by Application (Spinal Fusion, Dental Bone Grafts, Craniomaxillofacial, Joint Reconstruction, and Trauma), and by Country (Colombia, Peru, Chile, and Rest of Latin America) is estimated to be valued at US$ 116.8 million in 2018, and is estimated to exhibit a CAGR of 5.8%, over the forecast period (2018-2026).
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A bone graft substitute is osteoinductive, biocompatible, bioresorbable, and structurally similar to bone and is easy to use and cost-effective. Bone graft substitutes have application in dental implants, fibular shaft, and others. The properties of bone grafts include osteoconduction, osteogenesis, osteopromotion, and osteoinduction. These are the biological mechanisms that provide a basis for bone grafting. Moreover, key players in the market are engaged on development of innovative bone grafts, which is expected to drive growth of Latin America bone graft and substitutes market over the forecast period. For instance, in September 2018, NuVasive, Inc. launched three new biologics products such as traditional bone allograft, amniotic membrane DS, and additional form factors to the current Prope DBM (demineralized bone matrix) product line. Similarly, in 2016, Zimmer Biomet Holdings, Inc. launched PrimaGen Advanced Allograft, an autograft substitute that contain the same bone healing elements as autograft, but without the risks associated with donor site morbidity or harvest site complications.
Furthermore, increasing approvals from healthcare regulatory authorities for innovative bone graft implants is one of the major factors that is expected to drive the market growth over the forecast period. For instance, Zimmer Biomet Holdings, Inc. received the U.S. Food and Drugs Administration (FDA) clearance for its Comprehensive Augmented Baseplate in 2018, which offers an alternative to bone grafting and eccentric reaming for patients with glenoid defects undergoing shoulder reconstruction.
Browse 16 Market Data Tables and 18 Figures spread through 163 Pages and in-depth TOC on “ Latin America Bone Graft and Substitutes Market, by Product Type (Bone graft ( Allografts and Xenografts) and Bone Graft Substitutes (Ceramics, Composites, Polymers, Bone Morphogenetics Proteins, and Others)), by Application (Spinal Fusion, Dental Bone Grafts, Craniomaxillofacial, Joint Reconstruction, and Trauma), and by Country (Colombia, Peru, Chile, and Rest of Latin America) – Country-Specific Forecast to 2026″
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Additionally, rising prevalence of orthopedic disorders such as arthritis and osteoporosis is further expected to drive adoption of joint replacement and spine replacement surgeries, which is further expected to drive the market growth. For instance, according to the Epidemiology of Osteoporosis in Mexico’s estimation in 2013, 1 in 12 women and 1 in 20 men in Mexico are diagnosed with hip fracture after the age of 50. Moreover, the absolute number of hip fractures in the Mexican population is expected to increase even more in the next decades, owing to increased life expectancy and the consequent aging of the population.
Furthermore, increasing healthcare expenditure in Latin American economies such as Chile, Peru, and Colombia is further expected to augment growth of the market over the forecast period. For instance, according to the International Trade Administration’s (ITA) estimation, in 2018, Chile’s annual healthcare expenditure accounted for around 8% of its GDP.
In addition, rising medical tourism in Peru is expected to drive the market growth in Peru. For instance, according to the Medical Tourism Association (MTA) in 2015, medical tourism in Peru witnessed significant growth during 2010-2015. Around 250,000 people travel to Peru annually for quality medical treatment at lower cost. Majority of Peru’s medical tourism infrastructure is located in Lima.
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Key Takeaways of the Latin America Bone Graft and Substitutes Market:
- Latin America bone graft and substitutes market is expected to exhibit a CAGR of 8%over the forecast period (2018-2026), attributed to rising prevalence of orthopedic disorders such as arthritis.
- On the basis of product type, bone graft segment is expected to account for the largest market share over the forecast period. For instance, according to the Journal of Materials Science and Materials in Medicine, 2014, bone grafting is the second most frequent tissue transplantation technique carried out globally after blood transfusion.
- Key players operating in Latin America bone graft and substitutes market include RTI Surgical, Inc., NuVasive, Inc., Exactech, Inc., Medtronic Plc., LifeNet Health, Zimmer Biomet Holdings, Inc., Stryker Corporation, Johnson & Johnson, Orthofix International N.V., Ace Surgical Supply Co., Inc., and Novabone Product, LLC
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