Bone Grafts and Substitutes Market to Reach $4.4 Billion, Globally, by 2033 at 4.4% CAGR: Allied Market Research
Wilmington, Delaware, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Bone Grafts and Substitutes Market by Type (Allografts, Bone Grafts Substitutes, Cell-based Matrices), Application (Spinal Fusion, Trauma, Joint Reconstruction, Dental Bone Grafting, Craniomaxillofacial), and End user (Hospitals, Specialty Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "bone grafts and substitutes market" was valued at $2.8 billion in 2023, and is estimated to reach $4.4 billion by 2033, growing at a CAGR of 4.4% from 2024 to 2033.
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Prime determinants of growth
Furthermore, new materials and methods for bone grafting have been developed as a result of medical technology breakthroughs, improving the safety and efficacy of surgery. Moreover, the need for orthopedic operations is being driven by the world's aging population, which is further boosting market expansion. Additionally, the market for bone substitutes and grafts is witnessing growth due to rise in awareness of the significance of bone health and the availability of numerous treatment alternatives.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2022 | $2.8 Billion |
| Market Size In 2035 | $4.4 Billion |
| CAGR | 4.4% |
| No. Of Pages In Report | 280 |
| Segments Covered | Type, Application, End User, and Region |
| Drivers | Increase In Prevalence Of Orthopedic Conditions |
| Increase In Demand For Dental Bone Grafts | |
| Advancements In Bone Grafts And Substitutes | |
| Opportunities | Ethical And Regulatory Issues Related With Bone Grafting Procedures |
| Restraint | High Cost Of Surgeries |
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Segment Highlights
The demand for bone grafts and substitutes is expected to surge owing to an increase in the frequency of musculoskeletal conditions, the creation of sophisticated bone grafts owing to technical breakthroughs, and an increase in sports injuries. Increase in the frequency of musculoskeletal conditions including osteoporosis, osteoarthritis, and other bone-related diseases are increasing the need for bone replacements and grafts. As these disorders can result in bone loss, bone grafts and replacements are frequently utilized to restore bone mass and improve recovery. In addition, advances in technology have led to the development of new bone grafts and substitutes that offer improved biocompatibility, better healing properties and reduced risk of infection or rejection. Furthermore, the lack of advantageous reimbursement policies in certain economies is anticipated to impede the market's expansion. Moreover, the major participants in the bone grafts and substitutes market can benefit from the growth in the number of surgical procedures every year.
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Regional Outlook
By region, North America held the largest market share in terms of revenue in 2023, the global bone grafts and substitutes market revenue, and is expected to dominate the market during the forecast period. This is attributed to its advanced technology infrastructure, strong demand & availability of bone grafts, supportive regulatory environment, and collaborative ecosystem fostering innovation and growth in the bone grafts and substitutes market. However, the Asia-Pacific region is expected to witness rapid industrialization in countries such as China and India. This has led to the establishment and expansion of manufacturing facilities, including advancements and accessibility of such products along with surge in the geriatric population are expected to drive the market growth during the forecast period.
Key Players:
- Arthrex, Inc.
- Johnson & Johnson
- Medtronic plc
- NuVasive, Inc.
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Baxter International Inc.
- Xtant Medical Holdings, Inc.
- Integra LifeSciences
- Orthofix Holdings Inc.
The report provides a detailed analysis of these key players in the global bone grafts and substitutes market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments in Bone Grafts and Substitutes Market Worldwide
- In January 2023, Zimmer Biomet Holdings, Inc. announced that it has reached a definitive agreement to acquire Embody, Inc. to support healing in the most challenging orthopedic soft tissue injuries—including the Tapestry biointegrative implant for tendon healing and the Tapestry RC, one of the first arthroscopic implant systems for rotator cuff repair.
- In August 2022, Orthofix Medical Inc. announced a strategic partnership agreement with CGBio, a developer of innovative synthetic bone grafts currently used clinically in Asia for spine, orthopedic, trauma, and dental applications.
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