According to a recent survey by Future Market Insights (FMI), the Bone Grafts and Substitutes Market was valued at US$2.9 billion in 2021 and is projected to reach a staggering US$6.3 billion by 2032.
This significant growth is largely driven by the increasing demand for spinal fusion procedures. FMI’s report highlights that this segment, specifically within the deployment mode category, will be a major force in the market, with a projected CAGR (Compound Annual Growth Rate) of 6.9% by 2032.
The US to Command the Larger Proportion of Bone Grafts and Substitutes Market throughout the Analysis Period
The US commands 37.3% of the market share and is expected to maintain the position intact with an absolute opportunity growth of US$ 1.2 Bn to reach a valuation of US$ 2.4 Bn by 2032. Owing to the rapidly increasing requirement for bone grafts and substitutes in Spinal Cord Injuries (SCIs) cases, its demand in the US is expected to increase. A CDC report has anticipated 67 Mn adults in the country to be arthritis patients by 2030, which will increase the demand for bone grafts since it is an essential requirement for arthritis treatment.
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“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 Substitute 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.
The key recent developments of Bone Grafts and Substitutes manufacturers are as follows:
- In February 2022, Opus B.A., a highly efficient and synthetic bioactive bone graft solution, was launched by Orthofix Medical Inc. to benefit the process of cervical and lumbar spine fusions.
- In February 2021, Simplify Medical was amassed by NuVasive Inc. to strengthen the company’s cervical portfolio, thus expanding its growth avenues during the forecast period.
- In November 2020, the acquisition of Wright Medical Group N.V. was finalized by Stryker Corporation. The amassing of this medical equipment enterprise specializing in extremities and biologics is anticipated to aid in the enhancement of Stryker Corporation’s bone graft substitute portfolio, to expand its position in the market.
- 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.
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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 (2017-2021) and forecast statistics for the period of 2022-2032.
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).
Key Segments Covered in Bone Grafts and Substitutes Market Survey
The Bone Grafts and Substitutes Market is segmented based on material type, deployment mode and region.
By Material Type:
- Allograft
- Demineralized Bone Matrix
- Other Allografts
- Synthetic
- Ceramics
- Composites
- Polymers
- Bone Morphogenic Proteins (BMP)
By Deployment Mode:
- Craniomaxillofacial
- Dental
- Foot & Ankle
- Joint Reconstruction
- Long Bone
- Spinal Fusion
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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