Global Artificial Bone Market, By Material (Ceramics, Composite, Polymer, Hydroxyapatite, and Others), By Application (Spinal Fusion, Dental, Craniomaxillofacial, Joint Reconstruction, and Trauma and Extremities), By End User (Hospitals, Specialty Clinics, and Research and Academic Institutes), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1.53 Billion in 2023 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing product approval by regulatory bodies is expected to drive the growth of the global artificial bone market over the forecast period. For instance, in February 2022, Kuros Biosciences, a provider of bone graft technologies, announced that its MagnetOs Granules has been cleared by the U.S. Food and Drug Administration (FDA) for the indications in the spine.
Global Artificial Bone Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. The virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of products from one place to another.
The coronavirus (COVID-19) pandemic and lockdowns in various countries across the globe have impacted the financial status of business across all sectors. Private healthcare sector is one of the sectors, which is majorly impacted by the COVID-19 pandemic. Moreover, coronavirus pandemic has negatively impacted the development, production, and supply of artificial bones market. The government and the regulatory bodies of various countries are focusing on implementing various guidelines and initiatives to decrease or control the spread of the COVID-19 among individuals across the globe. For instance, on April 30, 2020, the American Academy of Orthopedic Surgeons published clinical considerations for its members to tackle the COVID-19 pandemic situation. Following are the guidelines provided by the American Academy of Orthopedic Surgeons to navigate through the COVID-19 pandemic:
- First Priority: Safety of patients is considered to be the top most priority
- Second Priority: Safety of health care personnel and staff
- The members of American Academy of Orthopedic Surgeons should adhere to Centers for Disease Control Prevention (CDC) and relevant federal, state, and local public health guidance
Thus, impact of the coronavirus (COVID-19) pandemic is expected to limit growth of the global artificial bone market during the forecast period.
Global Artificial Bone Market: Key Developments
In June 2022, Amrita Vishwa Vidyapeetham, a private deemed university based in Coimbatore, India, received approval from the Central Drugs Standard Control Organization (CDSCO), is India's national regulatory body for cosmetics, pharmaceuticals and medical devices for a conducting pilot clinical trial for a novel bone graft.
In October 2022, CGBio, a healthcare provider in South Korea, secured a firm foothold for the sale of its synthetic bone graft material used clinically for spine, orthopedic, trauma, and dental applications in North America through a license-out and finished product supply contract with Orthofix, a medical device company.
Browse 35 Market Data Tables and 35 Figures spread through 180 Pages and in-depth TOC on “Global Artificial Bone Market”- Forecast to 2030, Global Artificial Bone Market, By Material (Ceramics, Composite, Polymer, Hydroxyapatite, and Others), By Application (Spinal Fusion, Dental, Craniomaxillofacial, Joint Reconstruction, and Trauma and Extremities), By End User (Hospitals, Specialty Clinics, and Research and Academic Institutes) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Link:
https://www.coherentmarketinsights.com/market-insight/artificial-bone-market-1899
Key Takeaways of the Global Artificial Bone Market:
- The global artificial bone market is expected to exhibit a CAGR of 5.9% during the forecast period. The adoption of organic growth strategies such as product launches by the key players in the market offers lucrative growth opportunities for the global artificial bone market. For instance, in October 2020, Orthofix Medical Inc., a medical device company, announced the launch of the O-Genesis graft delivery system and the AlloQuent structural allograft Q-Pack.
- Among end user, the hospitals segment is expected to hold a dominant position in the global artificial bone market during the forecast period, and this is attributed to the increasing number of hospitals. For instance, according to data published on August 11, 2023, by SmartScrapers, in 2023, there are a total of 2363 private hospitals in Canada.
- Among region, North America is expected to be the dominant region in the global artificial bone market, owing to the increasing number of bone graft procedures. For instance, according to data published in March 2022 by Wolter Kluwer, in the U.S., over 500,000 bone graft procedures are performed annually.
- The major players operating in the global artificial bone market are Medtronic Plc., Johnson & Johnson, Baxter International Inc., Smith & Nephew plc, Stryker Corporation, NuVasive, Inc., Allosource, Curasan, Inc., Ziacom Medical SLU, Orthofix International N.V., Biomatlante, and DSM, OssDsign AB, Halma plc.
