Bone Graft Substitutes Market to Reach USD 3.93 Billion by 2027; Increasing R&D Initiatives to Stoke Demand: Fortune Business Insights™
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What is the Scope of this market?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
• North America (The U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
COVID-19 Impact: Market to Experience -12.6% Decline in 2020
The COVID-19 pandemic has led to the healthcare institutions focusing on treating people suffering from the disease. In contrast, several elective medical procedures and orthopedic surgeries have either been canceled or postponed. Based on our analysis, the market will exhibit a huge decline of -12.6% in 2020 due to the aforementioned reasons. However, the market will return to normalcy once the pandemic is over.
Bone grafting is a type of surgical procedure that aids in restoring a displaced bone with bone grafts or substitutes. It helps to efficiently fix bone fractures that may pose a significant health risk to the patient.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
What does the Report Provide?
The market report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter's Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Increasing R&D Initiatives to Feed Market Growth
In July 2020, Baxter received the FDA clearance for its Altapore Shape bioactive bone graft specially designed to enhance bone growth. Several companies are focusing on R&D initiatives to develop advanced bone graft substitutes. In addition to this, the increasing adoption of synthetic graft substitutes due to their beneficial properties such as high sterility, lower risk of morbidity, and abundant availability of raw materials is expected to contribute to the global bone graft substitutes market growth during the forecast period.
Synthetic Segment Held 29.3% Market Share in 2019
Based on type, the synthetic segment held a market share of about 29.3% in 2019 and is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of synthetic procedures due to their lowered risk of infection.
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North America to Remain at Forefront; Presence of Prominent Players to Aid Growth
Among all the regions, North America is expected to hold the highest position in the global bone graft substitutes market in the forthcoming years. This is attributable to the presence of established players that are developing advanced bone graft substitutes in the region between 2020 and 2027. North America stood at USD 1.27 billion in 2019.
On the other hand, Europe is expected to hold the second position in the market backed by the increasing number of orthopedic surgeries in the region.
Merger and Acquisition by Major Companies to Strengthen Their Market Positions
The global market comprises small, medium, and large companies focusing on maintaining their presence. The large companies are focusing on acquiring other small companies to expand their bone graft substitutes portfolio and further strengthen their market positions. Moreover, the adoption of organic and inorganic strategies by other key players is expected to bode well for market growth in the forthcoming years.
• November 2020 - Stryker announced the acquisition of Wright Medical Group N.V., a medical device company focused on extremities and biologics. This acquisition is expected to strengthen Stryker's bone graft substitutes portfolio aid in maintaining its dominance.
List of the Companies Profiled in the Global Market:
• Medtronic (Dublin, Ireland)
• DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (New Brunswick, U.S.)
• RTI Surgical Holdings, Inc. (Alachua, U.S.)
• Stryker (Kalamazoo, U.S.)
• Zimmer Biomet (Warsaw, U.S.)
• Smith & Nephew plc (London, U.K.)
• Wright Medical Group N.V. (Amsterdam, The Netherlands)
• SeaSpine (Carlsbad, U.S.)
• AlloSource (Centennial, U.S.)
• Bioventus (Durham, U.S.)
• MTF Biologics (Edison, U.S.)
• Orthofix Holdings, Inc. (Lewisville, U.S.)
• Exactech, Inc. (Gainesville, U.S.)
• Aesculap, Inc. (B. Braun Company) (Tuttlingen, Germany)
• Other Players
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