Global ArtificialBone Market, by Material (Ceramics, Composite, Polymer, Hydroxyapatite, andOthers), by Application (Spinal Fusion, Dental, Craniomaxillofacial, JointReconstruction, and Trauma and Extremities), by End User (Hospitals, SpecialtyClinics, and Research Organization), and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa) is estimated to bevalued at US$ 1,375.1 million in 2021 and is expected to exhibit a CAGR of 5.6%during the forecast period (2021-2028), as highlighted in a new report publishedby Coherent Market Insights.
Global Artificial Bone Market-Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19)pandemic and lockdowns in various countries across the globe have impacted thefinancial status of businesses across all sectors. The private healthcaresector is one of the sectors, which has been majorly impacted by the COVID-19pandemic. The lockdown in various countries due to the COVID-19 pandemic hascreated an economic burden on the private healthcare sectors. Healthcareproviders are facing challenges with regards to manpower, equipment,consumables, and other resources to ensure safety in treatment of patients withother diseases, and declining outpatient’s visits, etc. Thus, COVID-19 pandemichas affected the economy in three main ways; 1) by directly affecting theproduction and demand; 2) by creating disruptions in distribution channels; and3) through its financial impact on companies and financial markets. Supplychain and manufacturing activities in India, China, and the U.S. have beendisrupted due to the global lockdowns, while countries such as Saudi Arabia,UAE, Egypt, and others are facing problems with regards to transportation ofbone graft substitutes.
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Thus, impact of the coronavirus(COVID-19) pandemic is expected to limit growth of the global artificial bonemarket during the forecast period.
The increasing number of productapprovals from regulatory authorities such as USFDA is expected to drive growthof the global artificial bone market during the forecast period. For instance,in September 2020, Baxter International Inc., a global provider in advancingsurgical innovation, announced the U.S. Food and Drug Administration (FDA)clearance of its Altapore Shape Bioactive Bone Graft, the latest addition tothe company’s next-generation bone graft substitute product line.
The increasing number strategicacquisitions is expected to provide huge opportunities to the global artificialbone market growth in the near future. For instance, in June 2016, ZimmerBiomet Holdings, Inc. acquired LDR Holding Corporation, in stock deal of aroundUS$ 1 billion. LDR Holding Corp. is a global medical device company focused ondesigning and commercializing novel and proprietary surgical technologies forthe treatment of patients suffering from spine disorders.
The increasing number oftechnological developments in artificial bones is expected to drive the marketgrowth. Major players in the market are focused on developing noveltechnological platforms in artificial bone to expand their product portfolio.For instance, according to the data published in Science Daily Journal, inAugust 2017, researchers from University of British Columbia, Canada developeda new artificial bone design that can be customized and made with a 3-D printerfor stronger, safer, and highly effective bone replacements.
Moreover, the chances of havingbone related diseases in geriatric population is higher. Thus, increasing number of geriatricpopulation is expected to drive the market growth during the forecast period.For instance, according to a report published in March 2016 by the UnitedStates Census Bureau, the geriatric population (aged 65 years and above) isexpected to account for 12% of the global population by 2030 and further to16.7% by 2050, as compared to 8.5% in 2015.
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Browse 35 Market Data Tables and36 Figures spread through 208 Pages and in-depth TOC on Global Artificial BoneMarket, by Material (Ceramics, Composite, Polymer, Hydroxyapatite, and Others),by Application (Spinal Fusion, Dental, Craniomaxillofacial, JointReconstruction, and Trauma and Extremities), by End User (Hospitals, SpecialtyClinics, and Research Organization), and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa) - Forecast to2028"
The increasing number of clinicaltrials to develop synthetic bone graft for the treatment of the bone deformitydue to trauma and other conditions is expected to drive growth of the globalartificial bone market. For instance, in June 2018, Ceramisys Ltd initiated theclinical trial study of the safety and efficacy of the synthetic bone graftsubstitutes for the treatment of the bone deformity due to trauma and otherconditions.
Key Takeaways of the GlobalArtificial Bone Market:
The global artificial bone marketis expected to exhibit a CAGR of 5.6% during the forecast period (2021-2028),owing to the increasing number of product launches, which is expected to propelgrowth of the market during the forecast period. For instance, in 2015, StrykerCorporation's Spine and Trauma & Extremities Divisions launched BIO4, a newtherapeutic alternative to autograft for foot and ankle surgery, which avoidssecondary surgical sites necessary to harvest autograft tissue.
Among material segment, ceramicssegment is expected to drive the market growth owing to increasing new launchesin the market. For instance, in 2018, NuVasive, Inc. launched AttraX Scaffold,an absorbent ceramic-collagen bone graft with an optimized surface.
Major players operating in globalsingle-use products in biopharmaceutical market include Medtronic Plc., Johnson& Johnson, Baxter International Inc., Smith & Nephew plc, StrykerCorporation, NuVasive, Inc., Allosource, Curasan, Inc., Ziacom Medical SLU,Orthofix International N.V., Biomatlante, and DSM.
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CoherentMarket Insights is a prominent market research and consulting firm offeringaction-ready syndicated research reports, custom market analysis, consultingservices, and competitive analysis through various recommendations related toemerging market trends, technologies, and potential absolute dollaropportunity.
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