The global bone replacement market size was estimated at more than US $14,317.10 million in 2020 and is expected to increase with the registered compound annual growth rate (CAGR) of 5.80% during the forecast period from 2021 to 2027.
Bone replacement products are used as a substitute to fill gaps between bones. The products have application in bone surgical processes like replacing a particular section after a severe injury or tumor removal.
Due to the rise in traumatic injuries and the geriatric population, the demand for bone replacement products is growing constantly. Recent data from the International Osteoporosis Foundation worldwide states that 1 out of every 3 women above 50 years of age and 1 out of 5 men are likely to suffer osteoporotic fractures during their life. The data precisely depicts the growth in the bone replacement product requirement.
Apart from the rising geriatric population, the growing number of road accidents and advancements in specialized bone graft materials are anticipated to fuel the growth of the global bone replacement market. As per the report published by Association for Safe International Road Travel, there are around 20 to 50 million people worldwide, who suffer from bone injuries like bone dislocation, and fractures every year. Thus, the growing number of accidents and injuries will positively impact the market growth during the forecast timeframe.
The incline in medical requirements will develop profitable opportunities for the growth of the market. According to World Health Organization, the geriatric population is anticipated to increase by 250% in developing countries by 2050. Thereby, the global bone replacement market can see promising growth in developing regions.
The expensive cost of the bone replacement procedure and ethical issues are expected to hold back the market from growth.
COVID-19 Impact
The COVID-19 outbreak put a break in the manufacturing activities. The terror of Covid-19 infection and nationwide lockdowns forced several industries to put a pause in their activities for a certain period. Following that, the bone replacement market also experienced an abrupt decline in the business. Hospitals and clinics experienced a striking decline in the requirement of surgical procedures as healthcare systems focused more on curing COVID-19 patients. As a result, public health bodies preferred rescheduling or suspension of surgeries. Hospitals had to terminate orthopedic elective procedures including hip, knee, and spine replacement during the pandemic phase. UK-based NHS hospitals suspended all the surgeries to utilize resources in the treatment of COVID-19 cases. U.S. federal government also advised healthcare bodies to postpone non-urgent surgery procedures in the country.
Meanwhile, medical societies, surgeons, and patients who continued the elective surgeries even at the risk of infection are expected to register a slight growth in the market.
Bone Replacement Market Regional Analysis
North America is projected to hold dominance in the global bone replacement market during the analysis period. The regional market would show promising growth in the upcoming years, owing to the large geriatric population in the state. The geriatric population is more likely to experience bone disorders.
As per the reports published by U.S. Census Bureau, the state has over 47.8 million geriatric population, which is projected to reach 98.2 million by 2060. Thus, a rise in the geriatric population is expected to grow the share of the region during the forecast period.
Key Market Segments
Product Type
Hip
Fixed Bearing Implants
Hybrid Total Hip Implants
Mobile Bearing Total Hip Implants
Total Hip Implant Fixation
Knee
Total Knee Replacement
Partial Knee Replacement
Extremities
Upper Extremities
Lower Extremities
By Material
Allografts
Autografts
Synthetic Materials
Bone Morphogenic Proteins (BMPs)
By Age Group
<45 Years
45-64 Years
65+ Years
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key Companies
Braun melsungen
Ak medical holdings limited (ak medical)
Colfax Corporation (djo global, inc.)
Johnson & Johnson (depuy synthes)
Smith & nephew plc
Waldemar link gmbh & co. Kg
United orthopedic corporation
Exactech inc
Stryker Corporation
Zimmer biomet holdings, Inc.
Other prominent players
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