NEW YORK, Dec. 7, 2016 /PRNewswire/ --The global bone graft
and substitutes market is expected to reach over USD 3.6 billion by 2024, growing at an estimated
CAGR of 5.2% from 2016 to 2024, according to a new study by Grand
View Research, Inc. Key drivers of the market include the growing
elderly population and the resultant rise in orthopedic surgeries
coupled with the perpetually rising awareness regarding the
benefits of commercially available synthetic substitutes.
Moreover, the bone grafts and substitutes market is witnessing
positive growth owing to the escalating number of road accidents
resulting in fractures and other bone injuries across the world.
For example, Association for Safe International Road Travel stated
that every year 20 to 50 million people get injured or are disabled
due to road accidents. The association also predicts that with no
preventive steps taken injuries stemming from road accidents would
become the fifth leading cause of death by 2030. Considering the
above-mentioned factors, rising number of road accidents are
anticipated to boost the demand for BGS during the forecast
period.
However, risks such as immune response and disease transmission are
the major factors challenging the growth of the global BGS market.
In addition, the stringent regulatory approval process coupled with
the high cost of the advanced products is another significant
deterrent for the market growth.
Further Key Findings From the Study Suggest:
Allograft segment accounted for the largest revenue share in 2015.
Availability of allografts in different shapes and sizes catering
to varied surgical needs of patients is the prime factor analyzed
to propel the growth of the segment.
Continual efforts to develop improved allografts such as
demineralized bone matrix grafts with greater osteoconductive and
osteoinductive capabilities are anticipated to have a positive
impact on the growth of the segment during the forecast period.
Thus, this segment is anticipated to grow at the fastest CAGR of
4.6% from 2016 to 2024.
Utilization of BGS was observed to be the highest in spinal fusion
surgeries among other applications. Increased demand for spinal
fusion surgeries owing to the surging geriatric population coupled
with the demand for minimally invasive surgeries is the foremost
factor spurring the demand for BGS in spinal fusion surgeries.
Rapidly booming dental tourism industry and relatively low cost of
the surgeries are some of the key factors propelling the growth of
the dental application segment; which is to grow at the fastest
CAGR during the forecast period.
North America was leading the
global BGS market in 2015. Dominance of North America was majorly attributed to high
awareness regarding commercially available products, greater
healthcare expenditure, and the availability of advanced
infrastructure.
Emerging countries, such as China,
Brazil, and Mexico, are projected to exhibit significant
growth from 2016 to 2024. The soaring medical tourism industry
offering advanced medical services at an affordable cost is the
major factor expected to fuel the growth of the BGS market in these
countries.
Several small as well as big players are operating in this sector.
Few global players operate in various geographies through
subsidiaries and a broad distribution network.
Key players of this market include but are not limited to Baxter,
Medtronic, Stryker Corporation, Orthofix Holdings, Inc.,
AlloSource, DePuy Synthes, NuVasive, Inc., Wright Medical Group
N.V., Smith & Nephew, Inc., and Orthovita, Inc.
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