Global Bone Grafts and Substitutes Market is Expected to Reach $3.36 Billion by 2028: Says AMR
Rise in incidences of musculoskeletal conditions, technological advancements in medical devices, and development of biocompatible synthetic bone grafts fuel the growth of the global bone grafts and substitutes market. By type, the bone graft substitutes segment held the major share in 2020. By region, on the other hand, the market across Asia-Pacific would garner the fastest CAGR by 2028.
Portland, OR, July 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Bone Grafts And Substitutes Market was pegged at $2.65 billion in 2020 and is estimated to hit $3.36 billion by 2028, registering a CAGR of 4.3% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Rise in incidences of musculoskeletal conditions, technological advancements in medical devices, and development of biocompatible synthetic bone grafts fuel the growth of the global bone grafts and substitutes market. On the other hand, high cost of surgeries and ethical issues related with bone grafting procedures impede the growth to some extent. However, emerging market opportunities are expected to be beneficial for the market.
COVID-19 scenario-
- The outbreak of COVID-19 has made the key players in the industry face issues in regards to the availability of human resources for manufacturing bone grafts & substitutes at production facilities, which in turn has impacted the market negatively.
- However, government bodies in several countries have come up with relaxed norms and the market is anticipated to revive soon.
The global bone grafts and substitutes market is analyzed across type, application, and region. Based on type, the bone graft substitutes segment accounted for more than half of the total market share in 2020 and is expected to lead the trail by the end of 2028. The cell based matrices segment, on the other hand, would project the fastest CAGR of 5.1% from 2021 to 2028.
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Based on application, the spinal fusion segment contributed to nearly half of the total market revenue in 2020 and is anticipated to rule the roost by 2028. Simultaneously, the joint reconstruction segment would cite the fastest CAGR of 5.5% from 2021 to 2028.
Based on region, North America held the major share in 2020, generating nearly three-fifths of the global bone grafts and substitutes market. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 6.3% during the forecast period. The other regions studied in the report include Europe and LAMEA.
The key market players analyzed in the global bone grafts and substitutes market report include Baxter International Inc., Musculoskeletal Transplant Foundation, Integra LifeSciences Holdings Corporation, Johnson & Johnson (DePuy Synthes), Medtronic Plc., Zimmer Biomet Holdings, Inc., Arthrex, Inc., NuVasive, Inc., Stryker Corporation, and Xtant Medical Holdings. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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