Bone Replacement Market by Product (Knee, Hip, and Extremities), Material (Allografts, Autografts, Synthetic Material, and Bone Morphogenetic Proteins (BMPs)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global Bone Replacement Market Analysis

The global bone replacement market size is predicted to garner $27,643.10 million in the 2021–2028 timeframe, growing from $ 16,400.00 million in 2020, at a healthy CAGR of 7.00%. 

Market Synopsis

Strategic alliances among market players, along with growing demands for bone replacement across the globe, are expected to accelerate the growth of the bone replacement market.

However, higher cost of bone replacement along with lack of proper reimbursement in surgery procedures are some of the growth-restricting factors for the market.

According to the regional analysis, the Asia-Pacific bone replacement market size is anticipated to grow during the review period and generate revenue of $6,192.10 million, with CAGR of 7.60% due to increasing geriatric population in the region.

Bone Replacement Overview 

Bone replacement is the surgical procedure that is needed for various reasons such as missing of bone, filling of gaps due to certain accidents, and bone transplantation to repair and rebuild damaged bones. Also, bone replacement allows replacement of bones in any part of the body. Some of the few bone replacements are knee, extremities, and hips.

Covid-19 Impact on Bone Replacement Market Shares

The novel coronavirus pandemic had a devastating effect on several industries. The global bone replacement market experienced a notable decline in growth during this period. Bone replacement market growth was affected due to delaying or rescheduling in surgery procedures throughout the pandemic. Also, ongoing restrictions in hospitals decreased the market for bone replacement.

However, many countries are working dedicatedly to support patients during pandemic and performing essential bone replacement and other surgeries. For instance, in October 2020, NHS hospitals in UK announced postponement of all surgeries that were non-urgent or non-essential for three months. In addition to this, U.S. federal government and American College of Surgeons advised the hospitals for postponing the surgeries within the country. The above-stated factors show that the pandemic may have affected the market but resuming all surgeries removing lockdowns from countries will ultimately increase the sustainable opportunities for bone replacement market in the coming years.

Increasing Prevalence of Orthopedic Surgeries and Musculoskeletal Illnesses (MSD) to Surge the Market Growth

The global bone replacement industry is witnessing a massive growth mainly due to increasing instances of musculoskeletal illnesses (MSD) and orthopedic surgeries across the globe. Also, more than 3 million people in the US are getting operated for musculoskeletal illnesses (MSD). Along with this, according to a report article by the State of Musculoskeletal Health, in 2019, in UK, more than 8.75 million people were aged between 45 years and approximately 33% of them suffered from osteoarthritis. All such aspects may boost expansions to fuel growth of the global bone replacement market.

Furthermore, according to Arthritis Foundation statistics, in 2017, more than 30.8 million adults suffered from osteoarthritis in the United States, and approximately 14 million individuals suffered from symptomatic knee osteoarthritis. In addition to this, they estimated that approximately 130 million people across the world will be affected by osteoarthritis by 2050. These types of factors are predicted to drive the growth of the market.

To know more about global bone replacement market trends, drivers, get in touch with our analysts here.

High Cost of Bone Replacement to Restrain the Market Growth

Bone replacement is very costly as compared to other surgeries. Along with this, in countries such as China, India, and other developing countries, medical insurances do not cover the expensive procedures of bone replacement. These are some of the factors anticipated to hinder the market value of the bone replacement in the next few years.  

Rising Number of Road Accidents along with Technological Advancements in Bone Graft Devices to Create Massive Investment Opportunities

The global bone replacement market is spreading at a very fast pace due to increasing number of road accidents across the globe. According to WHO (World Health Organization), in June 2021, approximately 1.3 million people worldwide die each year in road traffic crashes. Thus, the growing rate of road crashes and accidents is one of the factors that will escalate bone replacement business in the upcoming years. Moreover, technological advancements and product innovations are some of the factors that are positively affecting the bone replacement market growth.

Furthermore, bone replacement industry already has leading market players innovating strategies to attract customers. For example, in October 2019, DePuy Synthes, franchise of orthopedic and neurosurgery companies, announced that they launched ATTUNE Cementless Knee across the globe; this ATTUNE Cementless Knee offers better stability and features novel cementless technology. All such aspects may further lead to lucrative market opportunities for key players in the upcoming years.

To know more about global bone replacement market trends, opportunities, get in touch with our analysts here.

[PRODUCTGRAPH]

Source: Research Dive Analysis

The knee replacement type sub-segment is predicted to have a dominating as well as fastest market growth in the global market. The sub-segment is expected to register a revenue of $12,900.10 million during the forecast period. Knee replacement sub-segment will grow at immense pace over the projected period owing to growing prevalence of arthritis that will increase the knee injuries and will ultimately boost the demand for knee replacement sub-segment. Moreover, center for orthopedic and neurological care and research revealed that number of total knee replacement surgeries is expected to increase by 673% to 3.5 million surgical procedures by 2030. These factors and strategic alliances may bolster the growth of the sub-segment during the forecast period and bone replacement market demand.  

[MATERIALGRAPH]

Source: Research Dive Analysis

The allografts sub-segment of the global bone replacement market growth is projected to have the dominant share. It is also projected to surpass $11,567.60 million by 2028, with an increase from $6,469.30 million in 2020. This growth in the market can be attributed to growing demand for allografts due to their characteristics such as restore mobility, reduce pain and may also help patients regain their normal functions. All such elements may increase the demand for sub-segment and bone replacement market demand. 

[REGIONGRAPH]

Source: Research Dive Analysis

The Market for Bone Replacement in North America to be the Most Dominant

The North America bone replacement market accounted $6,543.60 million in 2020 and is projected to register a revenue of $11,444.20 million by 2028. The extensive growth of the North America bone replacement market is mainly driven by higher road accidents owing to presence of large portion of geriatric population with existence of top leading companies augmenting the industry growth in the region. Moreover, growing demands for bone replacement across US is one of the factors that is fueling the market growth across the globe. These factors will ultimately drive the demand in the bone replacement market across the region.   

The Market for Bone Replacement in Asia-Pacific to be the Fastest Growing

The share of Asia-Pacific bone replacement market is expected to rise at a CAGR of 7.60%, by registering a revenue of $6,192.10 million by 2028. The growth shall be a result of rising demand for rising medical tourism along with favorable government initiatives and growing incidences of bone grafting. Such aspects may bolster the demand for bone replacement market, in the upcoming years.

Competitive Scenario in the Global Bone Replacement Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading bone replacement market players are 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.

Porter’s Five Forces Analysis for the Global Bone Replacement Market:

• Bargaining Power of Suppliers: The product suppliers of bone replacement market are high in number and are larger and more globalized. So, there will be less threat from the suppliers.
  Thus, the bargaining power of suppliers is low.  
• Bargaining Power of Buyers: Buyers demand different types of bone replacement that are of different materials and are advanced. This has increased the pressure on the bone replacement providers to offer the best bone replacement surgeries. This gives the buyers the option to freely choose bone replacement that best fits their preference.
  Thus, the bargaining power of the buyers is high. 
• Threat of New Entrants: Companies entering the bone replacement market are adopting various innovations such as developing bone replacement that are available in various innovation and government approved.
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: There are no substitute available for bone replacement. Although there are fewer treatments that could be performed before deciding to opt for bone replacement, some people still need urgent bone replacement surgeries.
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Depuy Synthes and Stryker Corporation. These companies are launching their value-added services in the international market and strengthening the footprint worldwide.
  Therefore, competitive rivalry in the market is high.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. By product  trends
2.3. By material trends

3. Market overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Market value chain analysis

3.8.1. Stress point analysis
3.8.2. Raw material analysis
3.8.3. Manufacturing process
3.8.4. Material analysis
3.8.5. Operating vendors

3.8.5.1. Raw material suppliers
3.8.5.2. product  manufacturers
3.8.5.3. product  distributors

3.9. Strategic overview

4. Bone Replacement Market, by Product 

4.1. Overview

4.1.1. Market size and forecast, by product 

4.2. Knee

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region, 2020-2028
4.2.3. Market share analysis, by country 2020 & 2028

4.3. Hip

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region, 2020-2028
4.3.3. Market share analysis, by country 2020 & 2028

4.4. Extremities

4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast, by region, 2020-2028
4.4.3. Market share analysis, by country 2020 & 2028

5. Bone Replacement Market, by Material

5.1. Overview

5.1.1. Market size and forecast, by Material

5.2. Allografts

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region, 2020-2028
5.2.3. Market share analysis, by country 2020 & 2028

5.3. Autografts

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region, 2020-2028
5.3.3. Market share analysis, by country 2020 & 2028

5.4. Synthetic Material

5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region, 2020-2028
5.4.3. Market share analysis, by country 2020 & 2028

5.5. Bone Morphogenetic Proteins (BMPs)

5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by region, 2020-2028
5.5.3. Market share analysis, by country 2020 & 2028

6. Bone Replacement Market, by Region

6.1. Overview

6.1.1. Market size and forecast, by region

6.2. North America

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by product , 2020-2028
6.2.3. Market size and forecast, by Material, 2020-2028
6.2.4. Market size and forecast, by country, 2020-2028

6.2.5. U.S.

6.2.5.1. Market size and forecast, by product , 2020-2028
6.2.5.2. Market size and forecast, by Material, 2020-2028

6.2.6. Canada

6.2.6.1. Market size and forecast, by product , 2020-2028
6.2.6.2. Market size and forecast, by Material, 2020-2028

6.2.7. Mexico

6.2.7.1. Market size and forecast, by product , 2020-2028
6.2.7.2. Market size and forecast, by Material, 2020-2028

6.3. Europe

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by product , 2020-2028
6.3.3. Market size and forecast, by Material, 2020-2028
6.3.4. Market size and forecast, by country, 2020-2028

6.3.5. Germany 

6.3.5.1. Market size and forecast, by product , 2020-2028
6.3.5.2. Market size and forecast, by Material, 2020-2028

6.3.6. UK

6.3.6.1. Market size and forecast, by product , 2020-2028
6.3.6.2. Market size and forecast, by Material, 2020-2028

6.3.7. France

6.3.7.1. Market size and forecast, by product , 2020-2028
6.3.7.2. Market size and forecast, by Material, 2020-2028

6.3.8. Spain

6.3.8.1. Market size and forecast, by product , 2020-2028
6.3.8.2. Market size and forecast, by Material, 2020-2028

6.3.9. Italy 

6.3.9.1. Market size and forecast, by product , 2020-2028
6.3.9.2. Market size and forecast, by Material, 2020-2028

6.3.10. Rest of Europe

6.3.10.1. Market size and forecast, by product , 2020-2028
6.3.10.2. Market size and forecast, by Material, 2020-2028

6.4. Asia Pacific

6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast, by product , 2020-2028
6.4.3. Market size and forecast, by Material, 2020-2028
6.4.4. Market size and forecast, by country, 2020-2028

6.4.5. China

6.4.5.1. Market size and forecast, by product , 2020-2028
6.4.5.2. Market size and forecast, by Material, 2020-2028

6.4.6. Japan

6.4.6.1. Market size and forecast, by product , 2020-2028
6.4.6.2. Market size and forecast, by Material, 2020-2028

6.4.7. India 

6.4.7.1. Market size and forecast, by product , 2020-2028
6.4.7.2. Market size and forecast, by Material, 2020-2028

6.4.8. South Korea

6.4.8.1. Market size and forecast, by product , 2020-2028
6.4.8.2. Market size and forecast, by Material, 2020-2028

6.4.9. Australia 

6.4.9.1. Market size and forecast, by product , 2020-2028
6.4.9.2. Market size and forecast, by Material, 2020-2028
6.4.9.3. Comparative market share analysis, 2020 & 2028

6.4.10. Rest of Asia Pacific

6.4.10.1. Market size and forecast, by product , 2020-2028
6.4.10.2. Market size and forecast, by Material, 2020-2028

6.5. LAMEA

6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast, by product , 2020-2028
6.5.3. Market size and forecast, by Material, 2020-2028
6.5.4. Market size and forecast, by country, 2020-2028

6.5.5. Latin America  

6.5.5.1. Market size and forecast, by product , 2020-2028
6.5.5.2. Market size and forecast, by Material, 2020-2028

6.5.6. Middle East 

6.5.6.1. Market size and forecast, by product , 2020-2028
6.5.6.2. Market size and forecast, by Material, 2020-2028

6.5.7. Africa

6.5.7.1. Market size and forecast, by product , 2020-2028
6.5.7.2. Market size and forecast, by Material, 2020-2028

7. Company profiles

7.1. Johnson & Johnson (Depuy Synthes)

7.1.1. Company overview
7.1.2. Operating business segments
7.1.3. Product portfolio
7.1.4. Financial Performance
7.1.5. Recent strategic moves & developments

7.2. B. Braun Melsungen

7.2.1. Company overview
7.2.2. Operating business segments
7.2.3. Product portfolio
7.2.4. Financial Performance
7.2.5. Recent strategic moves & developments

7.3. AK Medical Holdings Limited (AK Medical)

7.3.1. Company overview
7.3.2. Operating business segments
7.3.3. Product portfolio
7.3.4. Financial Performance
7.3.5. Recent strategic moves & developments

7.4. Zimmer Biomet Holdings, Inc.

7.4.1. Company overview
7.4.2. Operating business segments
7.4.3. Product portfolio
7.4.4. Financial Performance
7.4.5. Recent strategic moves & developments

7.5. United Orthopedic Corporation

7.5.1. Company overview
7.5.2. Operating business segments
7.5.3. Product portfolio
7.5.4. Financial Performance
7.5.5. Recent strategic moves & developments

7.6. Stryker Corporation

7.6.1. Company overview
7.6.2. Operating business segments
7.6.3. Product portfolio
7.6.4. Financial Performance
7.6.5. Recent strategic moves & developments

7.7. Waldemar Link GmbH & Co. Kg,

7.7.1. Company overview
7.7.2. Operating business segments
7.7.3. Product portfolio
7.7.4. Financial Performance
7.7.5. Recent strategic moves & developments

7.8. Colfax Corporatio

7.8.1. Company overview
7.8.2. Operating business segments
7.8.3. Product portfolio
7.8.4. Financial Performance
7.8.5. Recent strategic moves & developments

7.9. Exactech Inc.

7.9.1. Company overview
7.9.2. Operating business segments
7.9.3. Product portfolio
7.9.4. Financial Performance
7.9.5. Recent strategic moves & developments

7.10. Smith & Nephew Plc.

7.10.1. Company overview
7.10.2. Operating business segments
7.10.3. Product portfolio
7.10.4. Financial Performance
7.10.5. Recent strategic moves & developments

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