Albany, NY -- (SBWIRE) -- 10/27/2016 -- The rising geriatric population and increasing prevalence of bone and joint disorders are the key factors boosting the global bone grafts and substitutes market. Transparency Market Research (TMR) projects the market to rise at a significant pace of 4.5% CAGR between 2015 and 2023, as the number of orthopedic surgeries conducted worldwide increases dramatically. However, incidences of post implantation infection might inhibit the market's growth to an extent. Stringent regulations implemented to curb such incidences could also limit bone grafts and substitutes sales. Nevertheless, the rising medical tourism in developing economies will create growth opportunities for the market in the forthcoming years.

As per TMR, the global bone grafts and substitutes market stood at US$2.35 bn in 2014 and is expected to reach US$3.48 bn by 2023.

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Increasing Arthritis Surgeries will Fuel Demand from Spinal Fusion Segment

By application, the global bone grafts and substitutes market is segmented into long bone, spinal fusion, foot and ankle, joint reconstruction, and craniomaxillofacial. Of these, the spinal fusion application segment held the largest share in the market in 2014. The rising demand for minimally invasive surgeries and the increasing geriatric population around the world are the key factors fuelling demand from this segment. The increasing number of fatal and non-fatal accidents, coupled with the rising arthritis surgeries will also support growth of this segment. As per TMR, the spinal fusion segment is expected to rise at a CAGR of 4.4% between 2014 and 2023.

Besides this, the use of bone grafts and substitutes is also expected to increase in joint reconstruction surgeries. These surgeries are mainly conducted to restore the form and function of the body part affected by infection, tumor, or other diseases. The rising awareness about the effects of joint problems and benefits offered by surgeries in relieving pain will fuel demand from this segment in the forthcoming years.

North America Dominates Global Market, Asia Pacific to Report High CAGR

Regionally, North America held the largest share in the global bone grafts and substitutes market in 2014. Several leading companies are located in this region, making this region a hotbed of innovation. Launch of novel therapeutics is higher in North America than most other regions, besides which the region is also witnessing an increasing number of road accidents. These are the key factors fuelling sales of bone grafts and substitutes in North America. Furthermore, the increasing geriatric population will fuel the number of orthopedic surgeries conducted in the region. This will in turn bolster demand for bone grafts and substitutes. As per TMR, the North America bone grafts and substitutes market is expected to reach US$1.23 bn by 2023.

In Europe, the bone grafts and substitutes manufacturers will witness rising demand in countries such as Germany, Spain, Italy, France, and the U.K. However, TMR forecasts, the Asia Pacific market to exhibit remarkable growth during the forecast period. The rising medical tourism across countries such as India, China, Malaysia, Singapore, and Thailand, will prove lucrative for the manufacturers of bone grafts and substitutes in the region. Stringent medical device regulations in South Korea, Japan, and China will limit foreign competition, thus bolstering sales opportunities for the domestic players.

Some of the leading players operating in the global bone grafts and substitutes market are Stryker Corporation, Zimmer Inc., Medtronic PLC, Wright Medical Group, Inc., DePuySynthes, AlloSource, and Nuvasive, Inc.

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