Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Artificial bone is a bone-like material created in laboratory that can be used in bone grafts to replace human bone that was lost due to severe fractures or bone and joint diseases. Artificial bones are made from using materials such as ceramics, composite, polymer, hydroxyapatite, and others. Artificial bones are mostly used for the surgeries of spinal fusion, dental therapies, craniomaxillofacial surgery, joint reconstruction, and trauma & extremities. Artificial bones are also used for bone fractures fixation. For instance, according to the Centers for Disease Control and Prevention, 2018, around 800,000 cases are recorded for head injuries or hip fractures every year in the U.S. and around 300,000 cases of hip fractures in people of age 65 and above are observed every year in the U.S.
Global Artificial Bone Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic and lockdowns in various countries across the globe have impacted the financial status of business across all sectors. Private healthcare sector is one of the sectors, which is majorly impacted by the COVID-19 pandemic. Moreover, coronavirus pandemic has negatively impacted the development, production, and supply of artificial bones market. The government and the regulatory bodies of various countries are focusing on implementing various guidelines and initiatives to decrease or control the spread of the COVID-19 among individuals across the globe. For instance, on April 30, 2020, the American Academy of Orthopedic Surgeons published clinical considerations for its members to tackle the COVID-19 pandemic situation. Following are the guidelines provided by the American Academy of Orthopedic Surgeons to navigate through the COVID-19 pandemic:
- First Priority: Safety of patients is considered to be the top most priority
- Second Priority: Safety of health care personnel and staff
- The members of American Academy of Orthopedic Surgeons should adhere to Centers for Disease Control Prevention (CDC) and relevant federal, state, and local public health guidance
Thus, impact of the coronavirus (COVID-19) pandemic is expected to limit growth of the global artificial bone market during the forecast period.
Figure 1. Global Artificial Bone Market Share (%), By Material, 2021 and 2028
The global artificial bone market is estimated to be valued at US$ 1,375.1 million in 2021 and is expected to exhibit a CAGR of 5.6% during the forecast period (2021-2028).
Artificial Bone Market Report Coverage
||Market Size in 2021:
||US$ 1,375.1 Mn
|Historical Data for:
||2018 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 2,017.6 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Material: Ceramics, Composite, Polymer, Hydroxyapatite, Others
- By Application: Spinal Fusion, Dental, Craniomaxillofacial, Joint Reconstruction, Trauma and Extremities
- By End User: Hospitals, Specialty Clinics, Research Organization
Medtronic Plc., Johnson & Johnson, Baxter International Inc., Smith & Nephew plc, Stryker Corporation, NuVasive, Inc., Allosource, Curasan, Inc., Ziacom Medical SLU, Orthofix International N.V., Biomatlante, and DSM.
- High prevalence of osteoporosis and increasing number of fractures
- Increasing product approvals/launches by companies
|Restraints & Challenges:
- High cost of orthopedic surgeries
- Low mechanical strength of artificial bones
Increasing acquisitions by key players and increasing number of product approvals from regulatory bodies are expected to drive growth of global artificial bone market
Major factors assisting the market growth during the forecast period include rising number of acquisitions by the key players in the market. For instance, in November 2020, Stryker Corporation acquired Wright Medical Group N.V, a global medical device company. The acquisition enhanced Stryker Corporation’s global market position in products for upper extremities (shoulder, elbow, wrist, and hand), lower extremities (foot and ankle), and biologics market segments, and also providing significant opportunities to advance innovation in medical products and reach more patients.
Furthermore, key market players are focused on gaining approvals from regulatory bodies, which is expected to drive growth of the global artificial bone market. For instance, in August 2020, SurGenTec, LLC announced that they received 510k clearance from the U.S. Food and Drug Administration (FDA) for its quadphasic synthetic bone graft, OsteoFlo NanoPutty. OsteoFlo features the nano-surface technology and does not require mixing, reconstituting or preparation before its use.
Global Artificial Bone Market – Restraints
Growth of the global artificial bone market is expected to be hampered over the forecast period, owing to low mechanical strength and less osteogenic properties of the artificial bone materials. For instance, according to the U.S. National Library of Medicine report June 2018, synthetic or artificial material (ceramics, composite, polymer) used in bone fractures and other surgeries have various disadvantages such as faster reabsorption rate, which leads to lower mechanical strength and low osteoinductive or osteogenic properties.
Global Artificial Bone Market- Major Region
North America is the major region in global artificial bone market, which is estimated to be valued at US$ 551.7 Mn in 2021 and is estimated to increase to US$ 813.6 Mn by 2028, exhibiting a CAGR of 5.7% during the forecast period. The growth is attributed to key players in the region focusing on inorganic strategies such as agreements, in order to strengthen their presence in the region. For instance, in May 2018, DePuy Synthes, a subsidiary of Johnson & Johnson, announced an exclusive agreement with the U.S. with Prosidyan to promote FIBERGRAFT Family of Products of DePuy Synthes, a line of synthetic bone graft materials, which are ultra-porous, designed for ease of use, and indicated for use in spine surgeries.
Figure 2. Global Artificial Bone Market Value (US$ Mn) & Y -o-Y Growth (%), 2017-2028
Global Artificial Bone Market - Competitive Landscape
Key players operating in the global artificial bone market include Medtronic Plc., Johnson & Johnson, Baxter International Inc., Smith & Nephew plc, Stryker Corporation, NuVasive, Inc., Allosource, Curasan, Inc., Ziacom Medical SLU, Orthofix International N.V., Biomatlante, and DSM.