Bone Replacement Products Market– Effective Solution for Bone Problems
The global bone replacement products market was valued at US$ 31.7 billion in 2016 and is expected to witness a robust CAGR of 4.4% over the forecast period (2017 - 2025).
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The bone replacement products market is expected to propel in Europe with the rising number of replacement procedures and readmissions. According to the European Commission, 2015, around 800,000 hip procedures were carried out every year in Europe, costing around US$ 1.5 billion. Furthermore, an estimated 20% of implants fail within 20 years, requiring corrective surgery costing an additional EUR 2.3 billion a year. Some of the major players operating in the bone replacement products market include Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, Stryker Corporation, Smith & Nephew Plc, United Orthopedic Corporation, Depuy Synthes, Medtronic Plc., Japan Medical Dynamic Marketing, Inc., JRI Orthopedics, Exactech, Inc., and Mathys.
Osteoporosis is characterized by low bone mineral density (BMD) and deterioration of bone tissues, leading to increased risk of developing traumatic bone fractures. The global incidence of osteoarthritis is expected to escalate, owing to increasing obesity and ageing population, in turn increasing demand for bone replacement products. According to the World Health Organization (WHO), 2013, around 28.2% of the global population above 60 years of age, suffered from osteoarthritis with an estimated 80% recorded with mobility handicaps. The market is expected to gain significant traction in North America, owing to the government initiatives to improve quality of life and reduce burden of people with musculoskeletal conditions. For instance, in 2014, the United States Bone and Joint Initiative (USBJI), an international collaborative movement sanctioned by the United Nations/World Health Organization, which helps increase awareness about the bone and joint health and disease prevention. However, increasing adoption of conservative medical therapies and non-operative methods such as anti-inflammatory medications for the treatment of musculoskeletal conditions are the factors restraining the growth of bone replacement products market.
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Bone replacement products are required to fill the gap or replace the entire section following an accident or after tumor removal, which includes the implants made from metal, ceramic, plastic, and combination of materials. Bone replacement products are widely used when bone grafting is not possible. Moreover, improved mobility, improved quality of life, and cost-effectiveness of bone replacement procedures are major advantages offered by the bone replacement products as compared to non-operative treatments.
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