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:
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).
|Base Year:||2020||Market Size in 2021:||US$ 1,375.1 Mn|
|Historical Data for:||2018 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||5.6%||2028 Value Projection:||US$ 2,017.6 Mn|
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.
|Restraints & Challenges:||
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.
Artificial bone refers to bone-like material created in a laboratory that can be used in bone grafts, to replace human bone that was lost due to severe fractures, diseases, and others. Bone grafts are used as a filler and scaffold to facilitate bone formation and promote wound healing. These grafts are bioresorbable and have no antigen-antibody reaction. These bone grafts act as a mineral reservoir which induces new bone formation. Bone substitutes can be either derived from biological products such as ceramics, composite, polymer, hydroxyapatite, and others.
The increasing number of product launches is expected to drive the global artificial bone market. For instance, in October 2016, Stryker has announced the launch of its handheld bone graft delivery system. The LITe BIO Delivery System is approved for use in spinal fusion surgeries to deliver autograft, allograft, and synthetic material. The LITe BIO Delivery System was approved by the U.S. Foods and Drugs Administration in July 2017 for to improve visualization, to work under fluoroscopy.
However, growth of the global artificial bone market is expected to be hampered over the forecast period, owing to high cost of spinal fusion surgeries and joint replacement/ reconstruction. For instance, according to the MedSurge, a pharmaceutical company report 2018, the cost of the spine fusion surgeries in Indian hospitals ranged from around US$ 4,800 to US$ 7,800 and the cost of the scoliosis spine surgery in India ranged from US$ 10,500 to US$ 11,500 in year 2018.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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