Bone Grafts And Substitutes Market Estimated At USD 4.94 Billion By 2030

 San Francisco, 13 Apr 2022: The Report Bone Grafts And Substitutes Market Size, Share & Trends Analysis Report By Material Type (Allograft, Synthetic), By Application (Spinal Fusion, Foot & Ankle, Joint Reconstruction), By Region, And Segment Forecasts, 2022 - 2030

The global bone grafts and substitutes market size is expected to reach USD 4.94 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2022 to 2030. The rising incidence of bone and joint disorders, increasing demand for dental bone grafts, growing requirement for dental bone grafts, and technological advancements are some key factors driving the market. The synthetic material type segment is anticipated to witness 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.

The demand for orthopedic devices, which include bone grafts and substitutes, observed a radical decrease because of the rescheduling of elective surgeries during COVID-19. During the pandemic, various players in the market were negatively impacted and hence they adopted various strategies to deal with the pandemic. For instance, Bonesupport, a Swedish synthetic bone graft company, faced a slowdown in growth during the first half of the year as a direct impact of the COVID-19 pandemic. To combat the impact of COVID-19, the company adopted measures such as the work from home model for office-based employees, temporary work reduction for sales personnel, and short-time salary reductions. Hence, the COVID-19 pandemic resulted in declining market growth.

Growing cases of spinal deformities are driving this market. According to a CDC report, approximately 60% of the aged population and 32% of the adult population are 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 expected to fuel market growth. 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 the market growth drastically.

Additionally, technological advancements and the growing geriatric population are boosting 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 the increased prevalence of arthritis and joint disorders. 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. The industry participants are focusing on product launches, partnerships, acquisitions, and strategic initiatives to sustain the competition. They are also involved in expanding the product penetration, regional presence, and revenue to maintain their position in the market.

Access Research Report of Bone Grafts And Substitutes Market @ https://www.grandviewresearch.com/industry-analysis/bone-grafts-substitutes-market

Bone Grafts And Substitutes Market Report Highlights

• The allograft material type segment dominated the market in 2021. The adoption of allografts is rising due to their characteristics such as osteoconductivity and immediate structural support
• The synthetic material type segment, which includes ceramics, composites, polymers, and BMPs, is expected to exhibit the fastest growth rate over the forecast period owing to its increasing adoption
• The spinal fusion application segment held the largest revenue share of over 60.0% in 2021 owing to the rising geriatric population
• North America held the largest revenue share in 2021 due to the growing awareness related to the commercially available advanced products, higher healthcare expenditure 16.4% in 2018), and accessibility of a well-developed healthcare structure
• The U.S. is leading the North American market by generating the maximum demand for bone grafts and substitutes because of the high prevalence of trauma-related injuries and orthopedic diseases
• Asia Pacific is anticipated to register a lucrative growth rate of 7.9% over the forecast period owing to the rising medical tourism and favorable government initiatives

List of Key Players of Bone Grafts And Substitutes Market

• AlloSource
• Baxter
• DePuySynthes, Inc.
• Medtronic
• Nuvasive, Inc.
• Orthofix Holdings, Inc.
• Smith & Nephew, Inc.
• Stryker Corporation
• Wright Medical Group N.V.
• OST Devloppement
• Zimmer Biomet
• GeistlichPharma AG
• TBF Tissue Engineering
• Biobank

Access Press Release of Bone Grafts And Substitutes Market @ https://www.grandviewresearch.com/press-release/global-bone-grafts-substitutes-market