The Global Bone Replacement Market Anticipated to Generate a Revenue of $27,643.10 Million, Growing at a CAGR of 7.00% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global bone replacement market is estimated to be valued at $27,643.10 million by 2028, surging from $16,400.00 million in 2020, at a noteworthy CAGR of 7.00%.
Impact Analysis of COVID-19 on the Bone Replacement Market
The global market for bone replacement is estimated to experience a low growth amid the COVID-19 pandemic. This low growth is the result of disruptions in supply chain and closing of hospitals for normal surgeries. In addition to this, key players across the industry are facing issues with regard to less availability of human resource for manufacturing bone grafts and their substitutes. Therefore, demand for bone replacement is decreasing amid the pandemic.
However, by 2021 many companies are recovering their sales as all the lockdowns and restriction have stopped. For instance, Stryker, an American multinational medical technologies corporation, revealed that their spine segment revenue experienced the double-digit growth of 11.3% in 2021 as compared to 2020. All such factors are predicted to bring new opportunities in the global bone replacement market.
Global Bone Replacement Market Analysis
The enormous growth of the global bone replacement market is mainly attributed to increasing prevalence of arthritis that is coupled with rising knee injuries. Moreover, according to National Health Portal of India, approximately 15% of the Indian population is suffering from arthritis due to rising geriatric population in India. These types of factors are fueling the market growth.
High surgical cost of bone replacement owing to high cost of products that are used in bone replacement along with less reimbursements in developed regions are some of the key issues that may create a negative impact on the market during the forecast period.
The increasing number of orthopedic surgeries such as knee, hip, spinal, and ankle replacements are some of the trends that may create huge opportunities for the market in the future. According to the American Academy of Orthopaedic Surgeons (AAOS), in 2018, a report revealed that in US, in 1990, approximately 129,000 total knee arthroplasty (TKA) surgeries were performed, which increased to 600,000 in 2010 and is projected to reach 3 million by 2030. Furthermore, extensive research and development (R&D) activities along with some favorable government policies that are supporting bone replacement are some of the elements that are expected to drive the market further and such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Bone Replacement Market, Segmentation
The global bone replacement market is segmented based on product, material, and region.
The product type segment is further classified into knee, hip, and extremities. Among these, the knee type sub-segment is anticipated to have the fastest as well as dominant growth and surpass $12,900.10 million by 2028, with an increase from $7,374.20 million in 2020.
The market growth can be attributed to increasing demand for knee replacement due to prevalence of osteoarthritis, creating a positive impact on the sub-segment throughout the forecast period.
The material segment is further divided into allografts, autografts, synthetic material, and bone morphogenetic protein. The allografts sub-segment is anticipated to be the dominating as well as fastest growing sub-segment in the global market and register a revenue of $11,567.60 million during the analysis timeframe.
The growth of allografts sub-segment is attributed to its advantages such as it is safe, decreases operating time, low donor site mobility and causes less pain. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The bone replacement market for the North American region is projected to witness dominant share. This market generated a revenue of $6,543.60 million in 2020 and is further projected to reach up to $11,444.20 million by 2028.
The demand for bone replacement is surging in the North American region specifically because of factors such as increasing advancements in medical technologies along with increasing prevalence of bone grafting that will drive the adoption of bone replacement. Also, according to U.S. Census Bureau, in the U.S., the population is expected to reach 98.2 million by 2060. All such factors are anticipated to boost the market in North America region.
Top 10 Key Players in the Global Bone Replacement Market Are -
- Johnson & Johnson (Depuy Synthes)
- B. Braun Melsungen
- AK Medical Holdings Limited (AK Medical)
- Zimmer Biomet Holdings, Inc.
- United Orthopedic Corporation
- Stryker Corporation
- Waldemar Link GmbH & Co. Kg
- Colfax Corporatio
- Exactech Inc.
- Smith & Nephew Plc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Bone Replacement Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of high availability different bone replacement products.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative bone replacement technologies to the customers. However, companies that are in the bone replacement market are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are no substitute available for bone replacement..
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global bone replacement are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.