SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global bone graft and substitutes market is estimated to be valued at US$ 3,046.7 million in 2019, and is expected to exhibit a CAGR of 5.5% during the forecast period (2019-2027).
Key Trends and Analysis of the Global Bone Graft and Substitutes Market:
Key players in the market are focusing on receiving product approvals for bone grafts and bone graft substitutes are expected to fuel growth of the global bone graft and substitutes market over the forecast period. For instance, in December 2016, CoreBone, an Israel-based company manufacturing bone grafts from corals received approval from European Medicines Agency (EMA) for use this product in Europe, which is expected to generate a significant revenue for the region through its sales.
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Moreover, adoption of inorganic growth strategies by major key players is expected to boost the market growth over the forecast period. For instance, in February 2019, Orthofix Medical acquired Options Medical, LLC, a medical device distributor based in Florida, U.S. The acquisition aims to enhance the sales force. Moreover, in 2017, LifeNet Health acquired Austria-based tissue bank- AlloTiss Gemeinnützige Gewebebank GmbH. The acquisition enabled LifeNet Health to establish training and distribution center in Vienna, Austria to support the use of allograft in Europe.
Furthermore, rising road accidents and injuries is expected to propel the market growth over the forecast period. For instance, in 2018, as per the World Health Organization (WHO) estimation, around 1.35 million people are reported to die each year due to road traffic crashes, globally.
Among regions, Asia Pacific is expected to show significant growth in the global bone graft and substitutes market, owing to increasing road accidents in the region. For instance, according to the World Health Organization report in 2013, Asia Pacific region reported around 153,000 fatalities due to road accidents or around 400 deaths each day. It also stated that road traffic death rate in South-East Asia region was 17.0 per 100,000 population, compared to the global rate of 17.4, where there was considerable variation seen within the region ranging from 3.5 in the Maldives to 36.2 in Thailand in 2015.
Key Market Takeaways:
- The global bone graft and substitutes market is expected to witness a CAGR of 5.5% during the forecast period (2019-2027), owing to increasing number of product approvals for bone grafts and substitutes. For instance, in 2016, OsteoNovus received the U.S. FDA 510(k) clearance for NovoGro moldable bone substitute putty, which is a bone regeneration biomaterial developed as a bone void filler.
- Among application, spinal fusion segment is expected to witness significant growth during the forecast period, owing to increasing focus of researchers and manufacturers on development of highly advanced bone grafts and its substitutes. For instance, according to the World Journal of Orthopedics, researchers are developing new ideas for bone healing properties of bone marrow derived mesenchymal stem cells, tissue engineering, and gene therapy. Advancements in technology have shown successful results for animal testing, however, implementation of these techniques in human trials are yet to be demonstrated and reviewed.
- Major players operating in the global bone graft and substitutes market include Ace Surgical Supply Co., Inc., NovaBone Product, LLC., Exactech, Inc., Medtronic Plc., LifeNet Health, Zimmer Biomet Holdings, Inc., Stryker Corporation., BioHorizons Implant Systems, Inc., Globus Medical, Inc., RTI Surgical, Inc., Geistlich Pharma, Megagen, Novadip Biosciences, Mesoblast Ltd., Alphatec Spine, Inc., Institut Straumann AG, NuVasive, Inc., OsteoMed LLC, KYERON Medical Innovations, ORTHOFIX INTERNATIONAL N.V., Johnson & Johnson, Bone Therapeutics SA, K2M Group Holdings, Inc., and OsteoNovus.
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Global bone graft and substitutes market, by product type:
Bone Graft Substitutes
- Demineralized Bone Matrix
- Bone Morphogenetic Proteins
- Bone Grafts
Global bone graft and substitutes market, by application:
- Spinal Fusion
- Dental Bone Grafts
- Joint Reconstruction
- Trauma & Extremities
Global bone graft and substitutes market, by region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
- Company Profiles