USD 14.93 billion
Report ID: SQSG35A2065 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Bone Replacement Market was valued at USD 14.93 billion in 2021 and it is expected to reach at USD 22.15 billion by 2028, at a CAGR of 5.7% over the forecast period (2022-2028).
Bone replacement is a surgical treatment required for a variety of reasons, including the replacement of missing bone, the filling of gaps caused by specific accidents, and bone transplantation to repair and rebuild damaged bones. Additionally, bone replacement permits the replacement of bones in any area of the body. Knee, extremities, and hip replacements are among the few bone replacements easily accessible. The increasing prevalence of osteoarthritis drives the global expansion of bone replacement treatments. These operations require bone transplant alternatives such as allografts, autografts, and ceramics. However, with reducing procedure costs, shorter recovery times, and a better success rate of bone grafting, the global market for bone replacement has experienced a substantial increase in demand, which is expected to continue during the forecast period.
Global Market Size
USD 14.93 billion
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The Global Bone Replacement Market is segmented based on product type, materials, age group, and region. Based on product type, the market is segmented into hip, knee, and extremities. Based on material, the market is segmented into allografts, autografts, synthetic materials, and bone morphogenetic proteins (BMPs). Based on age group, the market is segmented into lesser than 45 years, 45-64 years, and greater than 65 years. Based on region, the global Bone Replacement market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product Type
Due to an increase in the prevalence of arthritis and a rise in knee injuries, it is anticipated that the knee bone replacement segment will grow at a remarkable rate throughout the projected period. In addition, the growing old aged population will drive the demand for knee replacement surgeries, hence propelling the growth of the bone replacement market throughout the analysis period.
Analysis by Material
The allografts segment is predicted to register the highest growth rate during the forecast period. Increasing demand for allografts due to their unique properties, such as their ability to ease pain, restore movement, and assist patients in regaining normal functioning are some of the major factors driving the demand and propelling the bone replacement market growth.
Allografts are different from autografts as they come from a donor other than the recipient. This can also be employed as an alternative to autografts since they possess superior osteoconductive characteristics which are anticipated to drive the global bone replacement market during the analysis period.
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North America accounted for the largest market share of the global bone replacement market in 2021 and is anticipated to increase steadily during the analysis period. This is due to the presence of a sizable senior population is the major reason for the regional market growth during the forecast period. According to the US Census Bureau, the United States has a massive population of more than 47 million people aged 60 or over, and this figure is anticipated to reach approximately 98.2 million by 2060. As the older population is more susceptible to bone problems, resulting in an increasing demand for bone replacement surgery this is propelling the demand for bone replacement procedures and driving the market growth during the analysis period.
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An increase in road accidents, an aging population, and technological improvements drive the market.
Expensive bone replacement and ethical difficulties are the major restraints for the market.
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The Bone Replacement market is relatively fragmented, with a high level of competition. Few large players, like AK Medical Holdings Ltd., Stryker Corporation, and Johnson & Johnson, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
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According to our analysis, Knee, extremities, and hip replacements are among the few bone replacements easily accessible. The increasing prevalence of osteoarthritis drives the global expansion of bone replacement treatments. The allografts segment is predicted to register the highest growth rate during the analysis period. North America accounted for the largest market share of the global bone replacement market in 2021. According to the US Census Bureau, the United States has a massive population of more than 47 million people aged 60 or over. This figure is anticipated to reach approximately 98.2 million by 2060. This is due to the presence of a sizable senior population is the major reason for the regional market growth during the projection period.
|Market size value in 2021||USD 14.93 billion|
|Market size value in 2028||USD 22.15 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Bone Replacement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Bone Replacement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Bone Replacement Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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