Bone Grafts and Substitutes Market Projected to Reach US$3.48 bn by the end of 2023
Players in the market are showing interest in being a part of long term contracts with dental clinics and hospitals so as to better maintain their sales and service relationships. Players are also offering additional services to improve their relationship with buyers. Many companies are participating in merger and acquisitions so as to expand their geographical reach.
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According to Transparency Market Research, the global bone graft and substitutes market will be worth US$3.48 bn by the end of 2023. On the basis of geography, the market was led by North America in 2015 on account of the presence of a large number of players. The increasing number of product innovations and launch of novel therapeutics in this region is driving the bone grafts and substitutes market in North America.
The high demand for orthopedic surgeries especially by geriatric population base is another reason for the growth of the market in the region. By 2023, the North American market is estimated to be worth US$1.23 bn. By application, the bone grafts and substitutes in spinal fusion segment is estimated to expand at a 4.4% CAGR between 2015 and 2023.
Increasing Incidences of Arthritis Driving Bone Grafts and Substitutes Market
The growing prevalence of bone and joint disorders is a key factor boosting the growth of the market across the world. The Centers for Disease Control and Prevention (CDC) reports that over 67 mn people in the U.S. alone, are expected to be diagnosed with arthritis by 2030. Since arthritis is a leading cause of disability and is affecting millions around the world. All these factors are anticipated to fuel the growth of the bone grafts and substitutes market.
The dramatic growth in the number of orthopedic surgeries being held will also fuel the growth of this market. The market in developing nations is expected to boom on account of medical tourism. The countries such as, Japan, Mexico, China, and Malaysia are emerging as key markets for bone grafts and substitutes. Affordable treatment is boosting the growth of this market in these nations.
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Increasing Cases of Implant Failure to Pose a Threat to Market
The increasing reports of post implantation infections are one of the key challenges of the global bone grafts and substitute market. The increasing implant failures are also posing a threat to the growth of this market. The increasing difficulty in obtaining allografts from donors and reserving is causing ethical issues related to storing and harvesting them, which is another challenge for the market. In addition to this, gestation periods between supply and demand of allografts are very long and will give rise to ethical issues.
Thus, several stringent regulations have been implemented on the use of bone grafts and substitutes so as to curb malpractices. These regulations are also being implemented to keep risk of infections in check. All these factors will restrict the growth of the market. However, the growing geriatric population will drive the growth prospects of the market. In addition to this, growing healthcare expenditure is also expected to bode well for the market. This will even inspire new players from entering the market, stated a TMR analyst.
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