Global Artificial Bone Market to Surpass US$ 2,017.6 Million by 2028, Says Coherent Market Insights (CMI)
SEATTLE, July 28, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global artificial bone market is estimated to be valued at US$ 1,375.1 million in 2021 and is expected to exhibit a CAGR of 5.6% during the forecast period (2021-2028).
The increasing number of product launches is expected to drive the growth of global artificial bone market. For instance, in August 2020, Xtant Medical Holdings, Inc., a global medical technology company focused on surgical solutions for the treatment of spinal disorders, announced the U.S. commercial launch of the Matriform Si, a silicated synthetic bone graft strip designed for spinal fusion procedures. The Matriform Si Strip is prepared from Beta-tricalcium phosphate (β-TCP) and porcine collagen for its intended use in filling and bridging degenerative or traumatic bone defects.
Similarly, in December 2020 OrthoPediatrics Corp., a company focused exclusively on advancing the field of pediatric orthopedics, announced the U.S. launch of QuickPack, a fully synthetic bone graft substitute featuring a high viscosity, calcium phosphate cement that closely mimics the mineral phase of natural bone.
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Moreover, increasing bone grafting surgeries is expected to drive growth of the global artificial bone market over the forecast period. For instance, according to a statistical review by Ortho Bullets in 2016, around one million bone grafting procedures are performed in the U.S. every year and the number is estimated to increase by 13% every consecutive year.
The increasing number inorganic growth strategies such as collaborations by key players is expected to drive growth of the market over the forecast period. For instance, in October 2017, DSM Biomedical and Cerapedics, a privately-held orthobiologics company, announced the collaboration to develop and manufacture the next generation peptide enhanced bone grafts, which can be used as synthetic bone substitute in bone diseases/bone fractures.
Key Market Takeaways:
Spinal fusion segment among application is expected to account for largest share in global artificial bone market and is estimated to exhibit a CAGR of 6.1% during the forecast period (2021-2028), owing to the increasing number product launches is expected to contribute to the growth of the spinal fusion segment. For instance, in May 2016, NuVasive, Inc., a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, announced the U.S. launch of the newest solution in its biologics portfolio, AttraX Putty.
Among regions, North America is expected to account for largest share in global artificial bone market and is expected to exhibit a CAGR of 5.7% during the forecast period (2021-2028), owing to the increasing number of prevalence of bone damage in the region. For instance, according to the Ohio State University, around 6.3 million cases of bone fractures are recorded every year in the U.S. Moreover, fractures account for 16% of all musculoskeletal injuries in the U.S. annually.
The increasing prevalence of osteoporosis is expected to drive the global artificial bone market. For instance, according to the World Health Organization report 2018, the prevalence of osteoporosis was around 14.5% in men and 18% in women, and 5.7% in men and 12.7% in postmenopausal women at the hip in 2018 globally.
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Competitive Landscape:
Key players operating in the global artificial bone market include Medtronic Plc., Johnson & Johnson, Baxter International Inc., Smith & Nephew plc, Stryker Corporation, NuVasive, Inc., Allosource, Curasan, Inc., Ziacom Medical SLU, Orthofix International N.V, Biomatlante, and DSM.
Market Segmentation:
Global Artificial Bone Market, By Material:
Ceramics
Composite
Polymer
Hydroxyapatite
Others
Global Artificial Bone Market, By Application:
Spinal Fusion
Dental
Craniomaxillofacial
Joint Reconstruction
Trauma and Extremities
Global Artificial Bone Market, By End User:
Hospitals
Specialty Clinics
Research Organization
Global Artificial Bone Market, By Region:
North America
By Country:
U.S.
Canada
Europe
By Country:
U.K.
Germany
Italy
Spain
France
Russia
Rest of Europe
Asia Pacific
By Country:
Australia
India
China
Japan
ASEAN
South Korea
Rest of Asia Pacific
Latin America
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Middle East
By Country:
GCC
Israel
Rest of Middle East
Africa
By Country/Region:
South Africa
Central Africa
North Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
CONTACT: Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com