PORTLAND, Oregon and PUNE, India, November 22, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Bone Grafts and Substitutes Market by Product, Application, Region - Global Opportunity Analysis and Industry Forecast, 2014 - 2022" is poised to grow at a CAGR of 4.1% from 2016 to 2022, to reach $3,397 million by 2022. Bone graft substitutes segment dominated the overall market with a share of more than half of the overall market in 2015, and will continue to lead the market during the forecast period.
Increase in musculoskeletal conditions, advancements in medical technology leading to a shift from autograft to allograft, increased preference for biocompatible bone grafts are key factors that contribute to the growth of the market worldwide. In addition, increase in cases of lifestyle disorders such as diabetes and obesity add to the risk of developing degenerative joint diseases that further fuel the growth of the market. The major restraints of this market are ethical issues related to bone grafting and high cost of surgeries.
Summary of the Bone Grafts and Substitutes Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/bone-graft-substitutes-market
Cell based matrices (CBM) is projected to be the fastest growing segment, with a CAGR of 5.5% from 2016 to 2022, as these materials serve as a cell based bone grafts substitutes that use cells to generate tissue alone or in combination with support matrix. In addition, the exclusive features of CBM such as reproducibility, and cost-effectiveness have fueled the market growth.
Spinal fusion accounted for the major chunk of the total market in 2015 as bone grafts and its substitutes are widely used in the spine fusion procedures worldwide; while the joint reconstruction segment is poised to grow at the highest CAGR of 5.4% during the forecast period primarily due to growth in incidences of bone and joint disorders
Key findings of the Bone Grafts and Substitutes Market:
- Bone graft substitutes segment accounted for more than half of the total market in 2015, while cell-based matrices segment is expected to grow at highest CAGR of 5.5% from 2016 to 2022
- Asia-Pacific is expected to witness highest market growth rate, with a CAGR of 6.4% driven by growth in population, increase in affordability, and improvement in healthcare facilities in the region.
- U.S. was the leading country market and accounted for more than half of the total market in 2015.
- South Korea is expected to be the fastest growing country growing at a CAGR of 8.5%.
- Joint reconstruction segment is poised to grow at the highest CAGR of 5.4% during the forecast period
North America held the leading position in the global market in 2015, and is expected to maintain its lead throughout the analysis period. This is primarily due to the rise in incidences of spinal fusion and joint reconstruction procedures, sedentary lifestyle contributing to joint disorders in the geriatric and younger population, and favorable reimbursement rates in the region.
Major players that operate in this market include Medtronic plc, Stryker Corporation, DePuy Synthes, Integra Lifesciences Holdings Corporation, Wright Medical Group N.V., Zimmer Biomet Holdings, Inc., Xtant Medical Holdings, Inc. (Bacterin), Arthrex, Inc., Baxter International Inc., and Musculoskeletal Transplant Foundation (MTF).
Read similar market research reports on Medical Devices at: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research