The coronavirus (COVID-19) pandemic is impacting production, supply chains, and demand of Bone Grafts and Substitute Market . In this report, we have revised our market data to indicate our best understanding of what is happening in Bone Grafts and Substitute Market . Get this report for in-depth understanding of the latest trends, market drivers, opportunities, and challenges.
Market Overview
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 2024-2027. 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.
Rising Dental Surgeries Pushing Market Growth
The rising cases related to dental procedures especially in the U.S. is pushing the market growth for bone grafts and subsitiute products. As per the stats released by the U.S. Department of Health and Human Services, nearly one third of the American population suffer from dental problems. This has boosted the establishment of dental firms in the country at significant rate.
For instance, number of dental establishments in the U.S. increased from 113,218 in 2002 to 125,151 in 2012. Therefore, rising cases of dental related problems coupled with ongoing establishment of dental firms is likely to positively influence the market growth 9ver the coming years.
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Impact Analysis on COVID-19:
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. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 on Bone Grafts and Substitute Market in the upcoming years.
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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