The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Bone Grafts and Substitute Market .
According to a new report published by Fast.MR titled, “Bone Grafts and Substitutes Market by Product and End-Use: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global bone grafts and substitutes market was estimated at around USD 2.87 billion in 2019 and is expected to grow with the CAGR of 4.0% during forecast period 2023-2027. Rising awareness pertaining to bone regeneration is expected to drive market growth.
The technological innovations related to bone regeneration is expected to fuel the market growth for bone grafts and substitutes. The rising old aged population are the most susceptible age group which are prone towards problems related to weakening of bones. As per the stats released by the United Nations, global geriatric population reached 962 million in 2017 and is projected to reach 2.1 billion by 2050. Therefore, growing geriatric population is likely to positively influence the market growth over the coming years.
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Spine relates procedures is expected to remain a dominant segment for the market growth. The market is largely organized with Medtronic being considered as a market leader owing to its strong presence in spine related technologies. In 2014, nearly 20% of the market share was captured by Medtronic. However, over the coming years the market share of Medtronic is likely to decrease owing to arrival of small start-ups focused on developing synthetic based products for bone grafting.
The market for bone grafts and substitutes is likely to be driven by two basic factors. The first key factor is likely to come from surgeons who demand for efficient products to improve patients well-being and outcomes. The second factor is expected to be the role of regulators which continue to scrutinize the healthcare system while focusing on economics of the sector.
Key vendors of the industry are Zimmer Biomet, Wright Medical Group N.V., Stryker Corporation, Smith & Nephew Inc., Orthofix Holdings Inc., Nuvasive Inc., Kuros Biosciences, Baxter, DePuy Synthes Inc., and AlloSource.
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