Market Overview:
Global Bone Replacement Market size was valued at USD 2.91 billion in 2019 and is poised to grow from USD 3.06 billion in 2023 to USD 4.94 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031). The neurovascular devices market is poised for considerable growth, propelled by several key drivers, such as rising cases of neurological disorders, continuous technological innovation, and an increasing need for minimally invasive procedures, are expected to take the neurovascular devices market to considerable heights.
Other factors contributing to this can be attributed to the large and rapidly growing patient population suffering from such targeted diseases in key markets, resulting in a significant rise in demand for neurovascular devices. One of the major factors acting as a potential catalyst to drive the market growth over the forecast period is a high prevalence of acute ischemic stroke.
Market Insights:
Bone Replacement Market Driver
An increase in road accidents, an aging population, and technological improvements drive the market.
- Increase in road accidents, aging population, and technological improvements in bone grafting devices are anticipated to drive the bone replacement market.
- The Increasing number of patients and the rise in medical needs present lucrative growth prospects for the bone replacement sector during the forecast period.
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Key Market Segments:
Disease Pathology
Product Type
Hip, Knee, Extremities
Material
Allografts, Autografts, Synthetic Materials, Bone Morphogenetic Proteins (BMPs)
Age Group
Lesser Than 45 Years, 45-64 Years, Greater Than 65 Years
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Bone Replacement Market Analysis by Product Type
Due to an increase in the prevalence of arthritis and a rise in knee injuries, it is anticipated that the knee bone replacement segment will grow at a remarkable rate throughout the projected period. In addition, the growing old aged population will drive the demand for knee replacement surgeries, hence propelling the growth of the bone replacement market throughout the analysis period.
Bone Replacement Market Analysis by Material
The allografts segment is predicted to register the highest growth rate during the forecast period. Increasing demand for allografts due to their unique properties, such as their ability to ease pain, restore movement, and assist patients in regaining normal functioning are some of the major factors driving the demand and propelling the bone replacement market growth.
Allografts are different from autografts as they come from a donor other than the recipient. This can also be employed as an alternative to autografts since they possess superior osteoconductive characteristics which are anticipated to drive the global bone replacement market during the analysis period.
Regional Insights:
North America accounted for the largest market share of the global bone replacement market in 2021 and is anticipated to increase steadily during the analysis period. This is due to the presence of a sizable senior population is the major reason for the regional market growth during the forecast period. According to the US Census Bureau, the United States has a massive population of more than 47 million people aged 60 or over, and this figure is anticipated to reach approximately 98.2 million by 2060. As the older population is more susceptible to bone problems, resulting in an increasing demand for bone replacement surgery this is propelling the demand for bone replacement procedures and driving the market growth during the analysis period.
Prominent Players in Neurovascular Devices Market:
- Zimmer Biomet
- Stryker Corporation
- DePuy Synthes (Johnson & Johnson)
- Smith & Nephew
- Medtronic plc
- Wright Medical Group N.V.
- NuVasive, Inc.
- ConforMIS, Inc.
- Integra LifeSciences Corporation
- Aesculap Implant Systems (B. Braun Melsungen AG)
- DJO Global, Inc.
- Globus Medical, Inc.
- Arthrex, Inc.
- Baxter International Inc.
- Heraeus Holding GmbH
- Exactech, Inc.
- Materialise NV
- Evonik Industries AG
- Kyocera Corporation
- Japan Medical Dynamic Marketing, Inc. (JMDM)
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Additional Insights:
Market Penetration: Analysis of the product portfolio of different market players and the status of new product launches.
Product Development/Innovation: Assessment of R&D activities, new product development, and emerging trends.
Market Development: Analysis of regions with high growth potential.
Market Diversification: Assessment of new products, recent developments, and emerging regional markets.
Competitive Landscape: Growth strategies, revenue analysis, and product innovations by market players.
Key Questions Answered in Neurovascular Devices Market Report:
What is the global market size of the Bone Replacement Market?
Who are the key vendors in the Bone Replacement Market?
What is the key driver of the Bone Replacement Market?
What is the key market trend for the Bone Replacement Market?
Which region accounted for the largest share in the Bone Replacement Market?
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