According to Future Market Insights (FMI), the global Bone Grafts and Substitutes Market Size was valued at US$ 2.9 billion in 2021 and is predicted to reach US$ 6.3 billion by 2032. According to the report’s findings, the spinal fusion segment by deployment mode will continue to be critical for the market, as it will create the majority of revenue. According to the deployment model, the spinal fusion category will account for a CAGR of 6.9% in 2032. The increasing incidence of SCI cases worldwide, which is a major cause in the rising demand for Bone Grafts and Substitutes in the spinal fusion segment.
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The US to Command the Larger Proportion of Bone Grafts and Substitutes Market throughout the Analysis Period
The United States controls 37.3% of the market and is predicted to keep its dominance with a 1.2-billion-dollar absolute opportunity increase to reach a valuation of 2.4 billion dollars by 2032. Its demand in the United States is predicted to rise due to the rapidly increasing demand for bone transplants and substitutes in Spinal Cord Injuries (SCIs). According to the CDC, 67 million adults in the United States will have arthritis by 2030, increasing the demand for bone transplants, which are required for arthritis treatment.
“The application of allograft bone grafts in demineralized bone matrices procedures have significant potential to emerge as a key market driver during the forecast period for the Bone Grafts and Substitutes market.” comments an analyst at Future Market Insights.
Bone Grafts and Substitutes Market: Competition Insights
Currently, Bone Grafts and Substitutes providers are largely aiming at adopting strategies such as mergers, acquisitions, and partnerships. They are working towards finding a balance between expanding their product portfolio and capitalizing on the growing market demand. The key companies operating in the Bone Grafts and Substitutes market include Allosource, DePuySynthes Inc., Baxter, NuVasive Inc., Smith & Nephew, Medtronic, Orthofix Holdings Inc., TBF Tissue Engineering, Stryker Corporation, OrthoFix Medical Inc., MedBone Biomaterials, and SeaSpine.
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The key recent developments of Bone Grafts and Substitutes manufacturers are as follows:
- Orthofix Medical Inc. released Opus B.A., a highly efficient and synthetic bioactive bone graft solution, in February 2022 to aid in the process of cervical and lumbar spine fusions.
- NuVasive Inc. acquired Simplify Medical in February 2021 to boost the company’s cervical portfolio, hence expanding its growth avenues during the anticipated year.
- Stryker Corporation completed the acquisition of Wright Medical Group N.V. in November 2020. The acquisition of this medical equipment company specialising in extremities and biologics is expected to help Stryker Corporation improve its bone graft substitute range and extend its market position.
- In July 2020, the FDA approved the Altapore Shape bioactive bone graft, by Baxter. The specific attributes of this bone graft among many include enhanced bone growth.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Bone Grafts and Substitutes Market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
The study reveals extensive growth in the Bone Grafts and Substitutes Market in terms of Material Type (Allograft and Synthetic), Deployment Mode (Craniomaxillofacial, Dental, Foot & Ankle, Joint Reconstruction, Long Bone, and Spinal Fusion), and across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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