The Global Bone Graft and Substitutes Market, by Product Type (Bone Grafts and Bone Graft Substitutes), by Application (Spinal Fusion, Dental Bone Grafts, Craniomaxillofacial, Joint Reconstruction, Trauma and Extremities), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 2,640.1 Mn in 2016 and is projected to exhibit a CAGR of 5.5% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Rise in number of reconstructive joint surgeries coupled with development of novel bone grafting substitutes are major factors expected to drive growth of the global bone graft and substitutes market over the forecast period.
Number of hip and knee reconstructive joint surgeries are increasing globally due to growing aging population as well as increasing adoption of sedentary lifestyle. According to Canadian Institute of Health Information, the number of knee replacement surgeries increased by 20.3% in Canada from 2009-2010 to 2014-2015. Bone grafts and substitutes are used in order to fill the voids and damages caused in the knees and hips, thereby healing the broken sites through natural growth. These techniques use various advanced machines and equipment for precision, accuracy, and ease. This has led to increase in the success rate of bone graft surgeries, in turn, propelling growth of the market.
Additionally, rise in medical tourism, especially in the developing economies such as Brazil, Belgium, India, China, Hong Kong are also responsible for driving growth of the global bone grafts and substitutes market. Bone grafting procedures performed in these countries are cost-effective, which in turn, drives traction from the populace living in the developed countries where the prices for these procedures are relatively more expensive. Besides cost-savings, surgeries performed in medical tourism countries offer equivalent levels of quality as well as luxurious post-operative care. This helps boost the market for bone graft and substitutes, specifically in Latin America and Asia Pacific.
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Manufacturers are focusing on developing a variety of synthetic bone graft substitutes and derivatives of allografts such as demineralized bone matrix for better results, high performance, and easy accessibility of synthetic compounds. Synthetic enhanced grafts that help in the improvement of the quality of post-surgical recovery are attracting large customer base, majorly owing to the cost effectiveness and reliability offered by these grafts. For instance, i-Factor by Cerapedics is a peptide enhanced graft that is used in cervical discectomy and fusion surgeries. The graft helps to support bone growth through cell attachment and aviation. Moreover, IBI S.A. developed a bone graft named SmartBone through advanced tissue engineering technologies with resorbable polymers and cell nutrients to enable quick and efficient osteoconduction with a well-blended integration.
Key Takeaways of the Bone Graft and Substitutes Market:
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