Global Artificial Bone Market, by Material (Ceramics, Composite, Polymer, Hydroxyapatite, and Others), by Application (Spinal Fusion, Dental, Craniomaxillofacial, Joint Reconstruction, and Trauma and Extremities), by End User (Hospitals, Specialty Clinics, and Research Organization), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
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 businesses across all sectors. The private healthcare sector is one of the sectors, which has been majorly impacted by the COVID-19 pandemic. The lockdown in various countries due to the COVID-19 pandemic has created an economic burden on the private healthcare sectors. Healthcare providers are facing challenges with regards to manpower, equipment, consumables, and other resources to ensure safety in treatment of patients with other diseases, and declining outpatient’s visits, etc. Thus, COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Supply chain and manufacturing activities in India, China, and the U.S. have been disrupted due to the global lockdowns, while countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of bone graft substitutes.
Thus, impact of the coronavirus (COVID-19) pandemic is expected to limit growth of the global artificial bone market during the forecast period.
The increasing number of product approvals from regulatory authorities such as USFDA is expected to drive growth of the global artificial bone market during the forecast period. For instance, in September 2020, Baxter International Inc., a global provider in advancing surgical innovation, announced the U.S. Food and Drug Administration (FDA) clearance of its Altapore Shape Bioactive Bone Graft, the latest addition to the company’s next-generation bone graft substitute product line.
The increasing number strategic acquisitions is expected to provide huge opportunities to the global artificial bone market growth in the near future. For instance, in June 2016, Zimmer Biomet Holdings, Inc. acquired LDR Holding Corporation, in stock deal of around US$ 1 billion. LDR Holding Corp. is a global medical device company focused on designing and commercializing novel and proprietary surgical technologies for the treatment of patients suffering from spine disorders.
The increasing number of technological developments in artificial bones is expected to drive the market growth. Major players in the market are focused on developing novel technological platforms in artificial bone to expand their product portfolio. For instance, according to the data published in Science Daily Journal, in August 2017, researchers from University of British Columbia, Canada developed a new artificial bone design that can be customized and made with a 3-D printer for stronger, safer, and highly effective bone replacements.
Moreover, the chances of having bone related diseases in geriatric population is higher. Thus, increasing number of geriatric population is expected to drive the market growth during the forecast period. For instance, according to a report published in March 2016 by the United States Census Bureau, the geriatric population (aged 65 years and above) is expected to account for 12% of the global population by 2030 and further to 16.7% by 2050, as compared to 8.5% in 2015.
Browse 35 Market Data Tables and 36 Figures spread through 208 Pages and in-depth TOC on Global Artificial Bone Market, by Material (Ceramics, Composite, Polymer, Hydroxyapatite, and Others), by Application (Spinal Fusion, Dental, Craniomaxillofacial, Joint Reconstruction, and Trauma and Extremities), by End User (Hospitals, Specialty Clinics, and Research Organization), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2028"
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The increasing number of clinical trials to develop synthetic bone graft for the treatment of the bone deformity due to trauma and other conditions is expected to drive growth of the global artificial bone market. For instance, in June 2018, Ceramisys Ltd initiated the clinical trial study of the safety and efficacy of the synthetic bone graft substitutes for the treatment of the bone deformity due to trauma and other conditions.
Key Takeaways of the Global Artificial Bone Market:
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