Bone replacement is a surgical procedure that are carried out bone transplantation so as to repair or rebuild damaged bones, fill the gap or take the place of an entire section in case of certain accidents or after tumor removal, missing of a bone, and others. The implants are usually made from plastics, metal, ceramic, or even a combination of different materials. They significantly improve mobility and enhance the quality of life, apart from being economical when compared to non-operative treatments.
Forecast Analysis of the Global Bone Replacement Market
Growing prevalence of orthopedic surgeries coupled with increasing cases of musculoskeletal diseases (MSD) across the globe is expected to drive the growth of the market during the forecast period. In addition, rising number of road accidents across the globe along with persistent technological enhancements in bone draft devices are further expected to create immense opportunities for the growth of the bone replacement market during the forecast period. However, extortionate cost of bone replacement procedure is expected to hinder the growth of the market during the forecast period.
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According to the report published by Research Dive, the global bone replacement market is expected to generate a revenue of $27,643.10 million by 2028, growing exponentially at a CAGR of 7.00% during the forecast period 2021-2028. The major players of the market include Johnson & Johnson (Depuy Synthes), AK Medical Holdings Limited, United Orthopedic Corporation, Stryker Corporation, Exactech Inc., Colfax Corporation, Smith & Nephew Plc, Waldemar Link GmbH & Co. Kg, B. Braun Melsungen, Zimmer Biomet Holdings, Inc., and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global bone replacement market to grow exponentially.
For instance, in November 2020, OssDsign, a Swedish medical technology company specializing in regenerative implants for improved healing of bone defects, acquired Sirakoss, a global manufacturer of bone graft substitutes in all cash transaction of USD $11 million, excluding milestone and royalty payments, which will significantly provide strengthen OssDsign’s presence with a five times larger addressable market than it presently holds.
In July 2021, Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal healthcare, announced a partnership with OSSIS, a New Zealand-based company focused on complex hip replacements and replacement involving bone tumors and trauma, in order to serve as the exclusive Asia Pacific distributor for Zimmer’s patient-specific 3D printed titanium hip replacement joints.
In September 2020, Smith & Nephew Plc, a British multinational medical equipment manufacturing company, acquired the extremity orthopedics business of Integra LifeSciences, a New jersey-based medical device manufacturing company, for $240 million in order to enable Smith & Nephew to control and manage a portfolio of shoulder replacement products and other devices.
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Most Profitable Region
The North America region is expected to be most profitable, and generate a revenue of $11,444.20 million during the forecast period. High number of road accidents coupled with the increasing demand for bone replacements in this region is expected to drive the growth of the market during the forecast period. In addition, huge number of geriatric populations in this region is further expected to accelerate the growth of the regional bone replacement market during the forecast period.
COVID-19 Impact on the Market
The outbreak of coronavirus has had an adverse impact on the growth of the global bone replacement market, owing to the occurrence of lockdowns in various countries across the globe. Entanglement with the rising covid-19 infections among people and stringent lockdown restrictions resulted in delaying and rescheduling of surgical procedures in hospitals and clinics across the globe during the pandemic. Thus, the novel coronavirus pandemic has had a negative impact on the market.
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