The statistics portray the growing geriatric population around the globe and therefore the concern for the prevalence of different types of diseases among them. Out of all the disorders, orthopedic disorders are a common disorder where the tendons and ligaments change their structure and as a result, affects the joints.
Owing to the age, the body is unable to produce new bone, which is raising the need for the adoption of bone grafting treatments. Healthcare specialists are therefore increasingly suggesting the application of synthetic bone graft substitutes owing to the numerous favorable properties of the grating technique. Additionally, rising number of patients with orthopedic disorders globally, coupled with the increasing awareness for such techniques are some of the factors anticipated to drive the growth of the global synthetic bone graft substitutes market in the coming years.
Research Nester has released a report titled “Synthetic Bone Graft Substitutes Market — Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The Organisation for Economic Co-operation and Development (OECD), in one of its statistical data, stated that the elderly population around the world has peaked to 8.921% of the total population in the year 2018 from 7.641% of the total population in the year 2010.
The global synthetic bone graft substitutes market is anticipated to grow with a CAGR of 7.4% during the forecast period, i.e., 2020–2028 owing to the rising number of product developments for developing substitutes for bone-related surgeries, increasing patient awareness about synthetic bone graft substitutes for the treatment of orthopedic conditions, and the increasing prevalence of chronic bone diseases globally.
The global synthetic bone graft substitutes market is segmented by material into ceramics, composites and polymers. Among these segments, the composites segment is projected to grow with the highest CAGR of 8.7% during the forecast period. Factors such as the relatively simple reconstruction technique of composite synthetic bone graft substitutes over other material types and the excellent cosmetic and functional results provided by the composites material are anticipated to drive the growth of the segment during the forecast period.
Regionally, the global synthetic bone graft substitutes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in North America held the largest market share of 43.6% in the year 2019. The growth of the market in the region can be attributed to the increasing awareness about the commercially available advanced synthetic bone graft substitute products, rising healthcare expenditure, and the increasing number of orthopedic surgical procedures in the region.
However, concerns regarding the post-treatment complications of patients who have undergone the treatment of synthetic bone graft substitutes are some of the factors anticipated to limit the market growth.