Bone Replacement Devices Market: Introduction

  • Bone replacement is a surgical procedure used to fix joints and bone damages caused due to severe orthopedic diseases and fractures. It is also performed for correction of deformities or as reconstruction to damaged or missing bones.
  • Increase in prevalence of orthopedic diseases is anticipated to drive the market. Moreover, road traffic accidents lead to bone damage or bone fracture. Thus, rise in number of road traffic accidents is likely to fuel the growth of the bone replacement devices market.

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Key Drivers, Restraints and Opportunity of Global Bone Replacement Devices Market

  • Surge in geriatric population is likely to fuel the growth of the market. For instance, according to the Arthritis Foundation, in 2015, estimated 91.2 million adults were either reported with joint pain symptoms or diagnosed with arthritis.
  • As per a report by the United Nations, by 2050, older persons are expected to account for more than 25% of the population in Europe and North America, 20% in Oceania, 17% in Asia, Latin America & the Caribbean, and 6% in Africa. It also states that, the population aged 80 years or above was 125 million in 2015. It is expected rise to 202 million and 434 million by 2030 and 2050, respectively.
  • Increase in availability of specialty care services such as specialty hospitals and availability of advanced treatment options are boosting life expectancy rates worldwide, thus leading to an increase in geriatric population

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  • Hence, rise in geriatric population leads to increase in demand for care, services, and technologies to prevent and treat chronic conditions associated with the aging population
  • Unhealthy diet, lack of exercise, and change in lifestyle results in increase in obesity among people which creates pressure on lower extremities. Thus, it leads to orthopedic disorder and bone damage. Hence, rise in number of people with obesity is anticipated to drive the market. For instance, according to the Arthritis Foundation, estimated prevalence of obesity accounts for 50% of risk of knee osteoarthritis.
  • Furthermore, rise in awareness about orthopedic diseases and advanced treatment is likely to boost the growth of the market. In January 2018, BoneSmart partnered with Maxx Orthopedics to develop educational content for patients.
  • Factors such as rise in geriatric population, increase in number of bone replacement surgeries, and rise in demand for cost effective bone implants create the growth opportunities in the market
  • Key players are offering personalized or custom fit bone replacement products to provide better effectiveness and comfort to patients. For instance, Conformis offers its iTotal PS Custom Knee System, Zimmer Biomet offers NexGen solutions of custom fit implants, etc.
  • Rise in health care infrastructure and urbanizations offers lucrative opportunities for the medical device manufacturers

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Product Recalls

  • Product recalls by the U.S. Food and Drug Administration are likely to restrain the global bone replacement devices market. For instance, in November 2018, Food and Drug Administration recalled the class 2 HydroSet XT Injectable HA Bone Cement due to incorrect expiry date.

North America to Hold Major Share of Global Bone Replacement Devices Market

  • North America is expected to hold major share of the market and it is expected to grow at a moderate CAGR during the forecast period. The growth of the market in the region can be attributed due to presence of key market players, early adoption of technologically advanced products, and rise in number of bone replacement surgeries. For instance, according to the American Joint Replacement Registry 2018, in the U.S. estimated 59.6% procedures accounted for total knee replacement from 1,186,955 procedures performed in 2017.
  • Asia Pacific expected to hold significant share of the bone replacement devices market and it is expected to grow at rapid pace during the forecast period. The market in the region is primarily driven due to rise in number of road traffic accidents, surge in aging population, and increase in prevalence of obesity among the population. For instance, according to an article published in the International Journal of Community Medicine and Public Health, a study conducted during January to March, 2017 stated that the prevalence of abdominal and generalized obesity is higher in North India.

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Key Players Operating in Global Market

The global bone replacement devices market is highly concentrated due to the presence of key players. Several manufacturers hold major share in their respective region. The industry players are engaged in developing new products and adopting new technologies. The prominent players operating in the global bone replacement devices market are:

  • RTI Surgical Holdings, Inc.
  • Zimmer Biomet
  • BBS-Bioactive Bone Substitutes
  • Biomatlante
  • CoreBone
  • XLO
  • Stryker
  • Medtronic
  • Meril Life Sciences Pvt. Ltd.
  • OSSIO

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