Albany, NY, Aug. 23, 2016 (GLOBE NEWSWIRE) -- The global bone graft and substitutes market is projected to exhibit a CAGR of 4.5% between 2015 and 2023. The market stood at US$2.35 bn in 2014 and is expected to reach US$3.48 bn by the end of 2023. The market was dominated by the spinal fusion application segment in 2014. It is expected to rise at a CAGR of 4.4% during the forecast period. Regionally, North America dominated the global bone graft and substitute market in 2014. Several key players are domiciled in the region. This combined with rising geriatric population will enable the North America market to reach US$1.23 bn by the end of 2023.
With only a few companies enjoying dominance, the global bone grafts and substitutes market demonstrates a consolidated vendor landscape. As per Transparency Market Research (TMR), the top three companies including Stryker Corporation, Zimmer, and Medtronic accounted for over 50% of the market in 2014. “The key market players are in a constant competitive state as they vie for sustainable growth and increasing their global footprint,” said a lead TMR analyst.
Download the Bone Grafts and Substitutes Industry Fact Sheet by 2023 @http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=6200
Manufacturers operating in the global bone grafts and substitutes market have shown interest in signing long-term contracts with dental clinics and hospitals in order to maintain their sales and service relationships. They frequently offer additional services to strengthen their relationship with buyers and enjoy sustainable growth. Besides this, the companies are also exploring acquisition opportunities to expand their geographic presence.
Rising Prevalence of Bone Disorders Fuels Demand for Bone Grafts and Substitutes
The rising prevalence of bone and joint disorders will significantly fuel demand for bone grafts and substitutes. According to the Centers for Disease Control and Prevention (CDC) over 67 million people in the U.S. alone are likely to be diagnosed with arthritis by 2030. Besides this, arthritis is also considered one of the leading causes of disability affecting millions around the world. The situation has proven quite favorable for the market in terms of bolstering demand for joint and reconstructive bone surgery. This in turn translates into high demand for bone grafts and substitutes.
Browse Research Report: http://www.transparencymarketresearch.com/bone-grafts-substitutes-market.html
The dramatic rise in the number of orthopedic surgeries is also expected to aid the market’s expansion. In developing countries, the bone grafts and substitute manufacturers are expected to capitalize on the increasing medical tourism. As per TMR, in the last couple of years, India, China, Malaysia, Japan, and Mexico have emerged as key destinations for affordable treatment attracting people from across the globe. The number of people visiting these nations for orthopedic and dental surgeries has spiked considerably, thus boosting bone grafts and substitutes sales.
Ethical Issues Rising from Gaps between Demand and Supply of Allografts to Inhibit Market
Reports of post implantation infections have been creating bottlenecks for the market. The market is also inhibited by implant failures on various occasions. “Obtaining allografts from donors and preserving them give rise to various ethical issues related to storing and harvesting them,” said a TMR analyst. Such long gestation periods between demand and supply of allografts may give rise to ethical issues. Hence stringent regulations have been implemented on the usage of bone grafts and substitutes aimed at curbing the prevalence of malpractices that increase the risk of infection. This in turn is limiting the market’s trajectory to an extent.
- Top three companies accounted for over 50% of the global market in 2014.
- Increasing preference for minimally-invasive surgeries to boost demand from spinal fusion application segment at 4.4% CAGR between 2015 and 2023.
- North America market expected to reach US$1.23 bn by 2023, due to the presence of several leading companies in the region
Browse Latest Related Research Reports:
- Surgical Procedures Volume Market: http://www.transparencymarketresearch.com/surgical-procedures-volumes.html
- Medical Sensors Market: http://www.transparencymarketresearch.com/medical-sensors-market.html
- Infusion Pumps Market: http://www.transparencymarketresearch.com/infusion-systems-market.html
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Transparency Market Research 90 State Street, Suite 700 Albany, NY 12207 Tel: +1-518-618-1030 USA - Canada Toll Free: 866-552-3453 Email: firstname.lastname@example.org Website: http://www.transparencymarketresearch.com Blog: http://www.tmrblog.com/
Source:Transparency Market Research