New York, USA, April 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global bone replacement market is projected to garner a revenue of $27,643.10 million by 2028, growing rapidly at a CAGR of 7.00% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Increase in the number of road accidents across the globe is expected to drive the growth of the market. In addition, rising cases of musculoskeletal diseases (MSD) is further expected to bolster the growth of the bone replacement market during the forecast period.
Restraints: High cost of bone replacement surgical procedures are expected to impede the growth of the market.
Opportunities: Persistent technological advancements in bone graft devices is expected to create massive opportunities for the growth of the bone replacement market during the forecast period.
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COVID-19 Impact on the Market
The outbreak of coronavirus has had a negative impact on the growth of the global bone replacement market, owing to the increasing focus on COVID-19 infections among hospitals and clinics across the globe, resulting in the postponement of non-urgent or non-essential surgeries across the globe. Thus, the outbreak of Covid-19 has had an adverse impact on the growth of the market.
Segments of the Market
The report has divided the bone replacement market into various segments based on product, material and region.
Product: Knee Replacement Type Sub-segment to be Most Lucrative
The knee replacement type sub-segment is expected to be generate a revenue of $12,900.10 million during the forecast period. Growing cases of arthritis, especially among the geriatric population across the globe is expected to drive the growth of the sub-segment during the forecast period.
Material: Allografts Sub-segment to be Most Lucrative
The allografts sub-segment is projected to garner a revenue of $11,567.60 million during the forecast period. Surging demand for allografts, owing to the various benefits provided by them such as reduction in pain, increased mobility to the patients is expected to bolster the growth of the bone replacement market sub-segment during the forecast period.
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Region: North America Region Expected to Dominate the Market
The North America region is expected to generate a revenue of $11,444.20 million during the forecast period. Surging demand for bone replacements in this region is expected to stimulate the growth of the market. In addition, extensive presence of geriatric population in this region is further expected to accelerate the growth of the regional bone replacement market during the forecast period.
Key Players of the Market
The major players of the market include
- Zimmer Biomet Holdings, Inc.
- Exactech Inc.
- Smith & Nephew Plc
- Stryker Corporation
- AK Medical Holdings Limited
- Johnson & Johnson (Depuy Synthes)
- B. Braun Melsungen
- United Orthopedic Corporation
- Waldemar Link GmbH & Co. Kg, Colfax Corporation.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in June 2021, Paragon 28, Inc., a market-leading orthopedic medical device company focused exclusively on the foot-and-ankle, acquired the product lines of Additive Orthopaedics, a medical company, dedicated to the development of 3D printed orthopedic devices specifically for the extremities, in order to enable Paragon 28’s customers an exclusive access to the only FDA-approved patient specific total talus replacement implant.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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Related links:
- Why is Bone Replacement a Proactively Useful Option for Millennials Dealing with Different Issues of Bones?
- Increasing Prevalence of Orthopedic Surgeries across the Globe to Propel the Growth of the Global Bone Replacement Market
