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Bone Replacement Industries
Growth of the Bone Replacement Market is driven by rise in number of road accidents, growth in geriatric population.
PORTLAND, OR, UNITED STATES, January 18, 2022 /EINPresswire.com / -- The global bone replacement market size was valued at $14.31 billion in 2020 and is projected to reach $25.20 billion by 2030 registering a CAGR of 5.90% from 2021 to 2030. Bone replacement is a surgical procedure that replaces missing bone to repair bone fractures that are very complex, pose a significant health risk to the patient, or fail to heal properly. The bone replacement procedure makes use of grafts, synthetic materials, and other biologics. Furthermore, some small or acute fractures can be cured without bone replacement, but the risk is greater for large fractures such as complex fractures. Bones generally have the ability to regenerate completely but require a very small fracture space or some sort of scaffold to do so.
The overall impact of COVID-19 pandemic is likely to remain fairly negative for medical companies in the bone replacement industry. Companies are facing a set-back, owing to the lockdown, which has led to disruptions in the supply chain activities across the globe. Moreover, key players in the industry are facing issues with regard to the availability of human resource for manufacturing of bone replacement at production facilities. In addition, end users such as hospitals and clinics reported decline in patient visits due to the lockdown restrictions implemented worldwide. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities. Moreover, the demand for bone replacement is anticipated to increase post recommencing the elective surgeries and procedures in the near future.
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The factors that drive the growth of the bone replacement market are rise in number of road accidents (minimum of more than 1.25 million each year), growth in geriatric population, and technological advancements in bone graft devices. Furthermore, increasing rate of patients associated with family history of osteoporosis will stimulate the growth of bone replacement business. However, high cost of bone replacement surgeries and ethical issues related to bone grafting procedures act as major restraints of the market. Presence of large patient pool and increase in medical needs provide lucrative opportunities for the growth of the market. According to WHO, the geriatric population in developing countries is projected to increase by 250% between 2010 and 2050 as compared to 71% in developed countries. This is expected to increase the patient population in these regions, thereby fueling the bone replacement market growth.
The knee replacement segment will grow at immense pace during the forecast period, owing to increase in prevalence of arthritis coupled with rise in knee injuries, which will surge the demand for knee replacement. Additionally, the growing geriatric population will further propel knee replacement surgeries, thus propelling the market growth.
Based on material, the allografts segment is anticipated to become the fastest-growing segment during the forecast duration. Currently, there is an increase in the demand for allografts primarily due to their exclusive characteristics such as they help reduce pain, restore mobility and may also help patients regain their normal functions. Allograft differs from autografts in a manner that these are derived from an individual other than the recipient of the graft. These can also be used as a substitute to autograft, as these exhibit higher osteoconductive properties.
North America is projected to account for a major share of the global bone replacement market during the forecast period. The market in the region is anticipated grow in future, owing to the presence of large portion of geriatric population. According to the U.S. Census Bureau, the U.S. has a huge population of around 47.8 million with age above 60 years and the number is projected to reach 98.2 million by 2060. Geriatric population is more prone toward bone disorders, leading to higher demand for bone replacement surgery, resulting in lucrative business growth opportunity in the future.
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The Major Key Players Are:
AK Medical Holdings Limited (AK Medical), B. Braun Melsungen, Colfax Corporatio, Exactech Inc., Johnson & Johnson (Depuy Synthes), Smith & Nephew Plc, Stryker Corporation, United Orthopedic Corporation, Waldemar Link GmbH & Co. Kg, and Zimmer Biomet Holdings, Inc.
Key Findings Of The Study:
•Based on product type, the Knee segment held the largest share in the global bone replacement market in 2020.
•On the basis of material, the allografts held the largest bone replacement market share in 2020 and is expected to remain dominant during the forecast period.
•On the basis of age group, the 45-64 yrs segment held largest market share in 2020 and is expected to remain dominant during the forecast period.
•Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 5.20 % during the forecast period.
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