Bone Replacement Market Projected to Grow at a CAGR of 7.00% and Garner a Revenue of $27,643.10 Million by 2028

As per analysis by Research Dive, the bone replacement market is expected to register a revenue of $27,643.10 million by 2028, growing from $16,400.00 million in 2020, at a healthy CAGR of 7.0%.

Dynamics of the Market

Drivers: The biggest driving factor for the bone replacement market is the increased demand for bone replacement due to osteoarthritis which is the most common form of arthritis. The prevalence of osteoarthritis is expected to increase within people aged above 65 up to 80% of people. This will eventually increase the demand for bone replacement. Besides, the growing prevalence of musculoskeletal illnesses (MSD) is projected to increase the market growth.

Opportunities: The rise in the number of road accidents along with technological advancements in bone graft devices are expected to create massive growth opportunities for the bone replacement market. Additionally, most market leaders involved in the global market of bone replacement are continuously implementing effective business strategies such as product innovations. This factor may lead to an increase in the demand for bone replacement and present growth opportunities in the market during the analysis timeframe.

Restraints: The high cost of bone replacement and lack of medical policies that cover the expenses of bone replacement are some of the restraints that may create a negative impact on the market during the forecast period.

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Impact Analysis of COVID-19 on the Global Bone Replacement Market

The COVID-19 pandemic has made a moderate impact on the bone replacement market because of complete lockdown and lack of transport facility available during the pandemic. Moreover, bone replacement surgeries were postponed in many countries due to restrictions in the hospitals. Also, according to the Journal of Arthroplasty, in 2020, 30,000 and 3,000 primary and revision knee replacement surgeries were canceled. Such types of factors negatively affected the bone replacement market all over the globe.

Segments of the Market

The report has fragmented the global bone replacement market into multiple segments based on product, replacement, and region.

Based on product, the knee sub-segment will have significant as well as fastest market growth and it is expected to generate a revenue of $12,900.10 million by 2028. This is mainly because knee replacement is the most common type of bone replacement that is caused mainly due to osteoarthritis. a center for orthopedic and neurological care and research has predicted a staggering 673% rise in the number of total knee replacement surgeries, reaching 3.5 million procedures by 2030.

Based on material, the allografts sub-segment is predicted to be the most dominant and is estimated to surpass $11,567.60 million by 2028. This growth can be attributed to the increasing demand for allografts, driven by their ability to restore mobility, alleviate pain, and potentially aid patients in regaining normal function. These attributes contribute to the rising demand for allografts in the bone replacement market.

Based on region, the North America bone replacement market is projected to flourish immensely and is anticipated to generate a revenue of $11,444.20 million by 2028. This is majorly owing to the presence of major market players and innovations in bone replacement in the US. In addition, the significant expansion of the region is primarily fueled by an increase in road accidents, attributed to a substantial portion of the elderly population.

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Prominent Market Players

The key players operating in the global bone replacement market include 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., and Smith & Nephew Plc.

These companies are implementing various strategies like introducing new products, forming collaborations, expanding their operations, entering joint ventures, and making agreements to bolster their market share and uphold their leadership across diverse regions. The report also summarizes several crucial aspects, such as the financial performance of key market players, SWOT analysis, product portfolio, and the latest strategic advancements.