The global bone grafts and substitutes market is anticipated to grow at a CAGR of 4.7% during 2016 to 2023.. During a bone graft, a piece of bone is added to the place of a fracture or other bone imperfection. The value of bone transplantation is proved by the rate of its use. . Surgeons transplant bone as a minimum of 10 times more often than they do any other transplantable organ. Repeated efforts to grow enhanced allografts such as demineralized bone matrix grafts with greater osteoinductive and osteoconductive capabilities which are estimated to have an encouraging impact on the growth of the bone grafts and substitutes market during the forecast period. The major factors which are driving the bone graft and substitute market are rising incidences of musculoskeletal conditions due to sudden exertion and repetitive strain, increasing base of elderly population, development of biocompatible synthetic bone grafts. The major restraints of the bone grafts and substitutes market are high cost of surgeries, and the stringent regulatory approval process.
The global bone grafts and substitutes market is segmented into its application and type. The application segment of the bone grafts and substitutes market is further divided into spinal fusion, foot and ankle, long bone, craniomaxilofacial, joint reconstruction, dental. The type segment of bone grafts and substitutes market is further divided into bone graft substitutes and allografts. Utilization of bone graft and substitute was pragmatic to be the maximum in spinal fusion surgeries amongst other applications. Since there is increased demand for spinal fusion surgeries due to the rising geriatric population attached with the demand for minimally invasive surgeries is the leading factor prompting the demand for bone graft and substitute in spinal fusion surgeries. It is estimated that 96% of patients with degenerative spondylolisthesis experience fusion surgery as an aid to decompression surgery in the United States. The ideal bone graft and substitute should offer three essential elements an osteo-inductive properties or factors, osteoconductive matrix, and osteogenic cells.
Constant efforts to develop and enhanced allografts for example demineralized bone matrix grafts with greater osteoinductive and osteoconductive abilities are expected to have a constructive impact on the development of the market during the forecast period. Rapidly thriving dental tourism industry and comparatively low cost of the surgeries are some of the important factors driving the growth of the dental application segment. Medical tourism and the dental tourism is where people from one country seek medical, dental or surgical care in some other country such as India and China. People seek care in these countries because of affordability, receiving greater care than they would have received in their own country and the treatment is cost efficient in developing countries instead of developed countries. This is also one of the major factor driving the bone graft and substitute market in developing countries. Medical tourism is majorly and positively impacting the pharmaceuticals and medical industries and is also impacting the society in the emerging countries. In developing countries, the demand for medical and healthcare facilities is increasing which brings increased investments in the sector and efforts to improve the infrastructure and quality of care being provided. This results in increased employment opportunities for natives and thus created the way for industrial as well as social growth. It is estimated that the global medical tourism industry produces between $45 and $72 billion every year. In India, medical tourism is a growing sector. In 2015, Indian medical tourism sector was around $ 3 billion, and is anticipated to grow around $8 billion by the year 2020. The rise in aging population is also drives the bone graft and substitute market at a great extent, since the risks associated with musculoskeletal conditions increase with age. It is estimated that the number of Americans ages 65 and older was around 46 million in the year 2016 and it is anticipated to be around 98 million by the year 2060. The world’s older population endures to grow at an extraordinary rate. In the year 2015, 8.5 % of people worldwide are aged 65 and over which is around 617 million and it is anticipated that it will increase nearly 17% of the world’s population by the year 2050.
Based on geography, the global bone grafts and substitutes market is segmented into North America, Europe, Asia-Pacific and Row. North America was expected to be the leading market for bone grafts and substitutes in the year 2016. North America was chiefly accredited to high awareness regarding commercially available products, the accessibility of advanced infrastructure and greater healthcare expenditure. The United States per capita healthcare expenditure is valued to be $9024 which is more than twice the average as compare to the other developed countries. APAC is expected to lead the market in coming years due to increased healthcare spending in the region. Improved healthcare sector is one of the major factor which has increased medical tourism in APAC region and is the key growth factor for APAC bone graft and substitutes market. The major players of the bone grafts and substitutes market are Allosource, Baxter International, Depuy Synthes, Integra Lifesciences Holdings Corporation, Johnson & Johnson, Medtronic Plc, Musculoskeletal Transplant Foundation, Nuvasive, Inc., Orthofix Holdings, Inc., Orthovita, Inc., Stryker Corporation, Smith & Nephew, Inc, Wright Medical Group N.V, Xtant Medical Holdings, Inc., Zimmer Biomet Holdings, Inc. Acquisition, merger, innovation and new product launch are the major strategies which help to sustain in the market. On December 19, 2016 Kuros Biosciences is acquire Xpand Biotechnology, the collective entity expects to feat two complementary technologies Kuros’s fibrin/PTH biologics platform and Xpand’s synthetic surface science technology. This acquisition is Form Orthobiologics Firm with Bone Graft Substitute.
