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Albany, NY, Aug. 06, 2018 (GLOBE NEWSWIRE) -- TMR estimated the global revenue of the bone grafts ad substitutes market is expected to grow at a CAGR of 4.5% over the forecast period from 2015 to 2023. With this rate, the market is expected to attain value of US$3.48 bn by the end of the 2023. In 2015, market in North America accounted for the larger share in the global market for bone grafts and substitutes. This growth is attributable to presence of large number of key players coupled with increasing number of innovations in the region. Thanks to these factors, the revenue of the region is estimated to reach the value of US$1.23 bn by the end of 2023. Applications of bone grafts and substitutes in spinal fusion is expected to dominate and expand with a CAGR of 4.4%.
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Demand for Novel Treatment of Numerous Bone Disorders to Propel Growth
Prevalence of bone and joint disorders are growing, says the report of Centers for Disease Control and Prevention (CDC). The reports mentioned that more than 67mn people in the US are expected to detect the diseases such as arthritis by the end of 2030. This concludes that arthritis is one of the leading factor responsible for disorders. As a novel cure, the number of orthopedic surgeries will be increased which in turn the boost the adoption of the bone grafts and substitutes. This factor is booting growth of the global bone grafts and substitutes market.
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Bone grafts and substitutes are the material that promote healing process of bone, osseous reconstruction, and improves bone formation due to their properties such as osteogenic, osteoinductive, and osteoconductive. The bone grafts and substitutes are mainly used in the sports, facial, trauma plastic, and spinal surgery for replacing a missing or bone with material from body of patient. These are boosted uptake of the global bone grafting and substitutes which is likely to propel growth of the global market for bone grafts and substitutes market.
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Increasing Incidences for Bone Disorder among Geriatric Population to Fuel Growth
Some of the technological advancements in the medical field for development of compatible bone grafting increase in demand for dental bone grafts drive the market growth.
Despite of this growth, high cost of surgeries are hampering growth of the global bone grafts and substitutes market. Some issues related to demand and supply of bone grafting are crimping growth of the global market for bone grafts and substitutes. Additionally, several stringent regulations imposed on the usage of bone grafts and substitutes to withdraw risk of infections. These factors are expected to restrict the growth of the market Nevertheless, launch of innovative substitutes in re bone grafts and substitutes market having potential opportunities to fuel growth of the market. Furthermore, high demand from geriatric population mainly for the treatment of the diseases like arthritis are creating lucrative opportunities in the key players in the global bone grafting and substitutes market.
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The global bone grafts and substitutes market is consolidated with leading companies, finds Transparency Market Research (TMR). Some of the key players operating in the bone grafts and substitute market include DePuy Synthes, Nuvasive, Inc., Medtronic, Wright Medical Group, Inc., and Zimmer Biomet. The three companies such as Stryker Corporation, Medtronic, and Zimmer accounts for more than 50% of shares in the market. Players operating in the market are struggling for a sustainable growth for expansion of the business and offering additional services for improving the relationship with consumers. For business expansion, the key players have adopted the key trends including acquisition, mergers and partnership.
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This information is from the new report by TMR, titled “Bone Grafts and Substitutes Market (Type - Allografts (Demineralised Bone Matrix) and Bone Graft Substitutes (Bone Morphogenic Proteins (BMP) and Synthetic Bone Grafts); Application - Spinal Fusion, Long Bone, Foot and Ankle, Craniomaxilofacial, Joint Reconstruction, and Dental) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023.”
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