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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