Advanced Bone Grafts Market in North America Driven by Rising Per Capita Expenditure on Health Care
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The global advanced bone grafts market has been broadly classified based on product type and end-user. In terms of product type, the market has been divided into demineralized bone matrix, synthetic bone grafts, and bone morphogenic proteins (BMPs). Synthetic bone grafts are further categorized into bone void fillers and materials to manufacture ceramics. The synthetic bone grafts segment held the largest market share in terms of revenue in 2015, which is attributed to availability and sterility, longer shelf life, and increasing geriatric population. The segment is expected to continue to dominate the market, with bone void fillers accounting for highest revenue by 2024.
The dominance is attributed to the rising adoption rate for the procedures, government funding in the health care sector, and cost-effectiveness of the procedure. However, the demineralized bone matrix segment is expected to be the fastest growing segment in terms of CAGR, due to its superior biological properties, high osteoinductivity, and availability in various forms such as gel, putty, chips, and powder. Based on end-user, the global advanced bone grafts market has been segmented into hospitals, orthopedic centers, and dental clinics. In 2015, the orthopedic centers segment held the largest share of the advanced bone grafts market, due to the high incidence of bone fractures and trauma, and availability of well-equipped facilities.
The dental clinics segment is expected to dominate the advanced bone grafts market by 2024, which is attributed to the emphasis given by population on esthetics and technological advancements in the procedures. Based on application, the advanced bone grafts market has been divided into spinal fusion, bone fractures & trauma, dental treatment, and others. The spinal fusion and bone fractures & trauma segments dominated the advanced bone grafts market in 2015 owing to rising incidence of bone fractures and trauma in sports field, favorable reimbursement policies, and availability of developed health care infrastructure and well-equipped facilities. The dental treatment segment is anticipated to lead the advanced bone grafts market by 2024. The segment is likely to be driven by high incidence of dental fractures and rising patient preference for minimally invasive surgical procedures.
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Geographically, the global advanced bone grafts market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe captured the largest share of the advanced bone grafts market in terms of revenue. The dominance of the regions is attributed to technological advancements, high adoption rate of the procedures among the population, and favorable medical reimbursement policies. Rising per capita expenditure on health care is expected to drive the advanced bone grafts market in North America during the forecast period.
Key players in the advanced bone grafts market are RTI Surgical, Medtronic, Zimmer Biomet, DePuy Synthes, Baxter Healthcare Corporation, Berkeley Advanced Biomaterials, Inc., NuVasive, Inc., Integra LifeSciences Corporation, Stryker Corporation, and Alpha-Bio Tec Ltd. among others.
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