According to Coherent Market Insights, the global artificial bone market is estimated to be valued at US$ 1,308.2 million in 2020 and is expected to exhibit a CAGR of 5.6% over the forecast period (2020-2027).
Key Trends and Analysis of the Global Artificial Bone Market:
Key trends in the global artificial bone market include increasing incidence of fracture due to high prevalence of osteoporosis, increasing product launches and approvals, and development of novel artificial bone materials by research organizations.
According to the statistics provided by the International Osteoporosis Foundation (IOF) in October 2018, around 70 million people in China are suffering from osteoporosis and around 687,000 cases of hip fractures are registered every year in China.
Increasing approval of new synthetic bone grafts by regulatory authorities is expected to boost growth of the global artificial bone market over the forecast period. For instance, in March 2018, Synergy Biomedical, LLC received clearance from the Therapeutic Goods Administration (TGA) in Australia for BIOSPHERE PUTTY, an advanced synthetic bone graft product.
Furthermore, development of novel artificial bone materials by research organizations, exhibiting equivalent efficiency at affordable prices is also expected to propel the market growth over the forecast period. For instance, in September 2016, a medical 3D printing alliance, which consists of Taiwan’s National Applied Research Laboratories (NARLabs), China Steel’s branch company ThinTech Materials Technology, the TongTai Group, and the United Orthopedic Corporation, launched a new medical 3D printing bone material. This new material underwent and passed the ISO-10993 biocompatibility international regulation’s verification. The group is intended to launch its new material in the global market over the forecast period.
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Key Market Takeaways:
The global artificial bone market is expected to exhibit a CAGR of 5.6% over the forecast period. This is owing to increasing demand for bone grafts. According to an article published in the Science Direct Journal in December 2017, over 2 million bone grafting procedures are performed every year, globally.
Among region, North America is expected to hold dominant position in the global artificial bone market over the forecast period, owing to increasing demand for orthopedic procedures such as total hip replacement and total knee replacement in the region. According to the American Academy of Orthopedic Surgeons, by 2030, the number of total hip replacement and total knee replacement is expected to reach around 635,000 and 1.28 million, respectively in the U.S.
Key players operating in the global artificial bone market include Johnson & Johnson (DePuy Synthes), Baxter International Inc., Medtronic Plc, Stryker Corporation, Orthofix International N.V., AlloSource, Inc., NuVasive, Inc., Smith & Nephew plc, DSM, Biomatlante, Curasan, Inc., and Ziacom Medical.
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Global Artificial Bone Market, By Material:
Global Artificial Bone Market, By Application:
Trauma and Extremities
Global Artificial Bone Market, By End User:
Global Artificial Bone Market, By Region:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
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Coherent Market Insights
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