Growing Incidence of Orthopedic Disorders Encouraging Demand for Bone Void Fillers
Increase in the incidence of Orthopedic disorders, such as osteoporosis, spinal deformity, spinal injuries, etc., is a primary factor responsible for the growth of the bone void fillers market. In the U.S., the annual incidence of osteoporosis is found to be approximately 1.5 million and the incidence of hip fractures is recorded to be twice of that.
Similarly, in Canada, nearly 10% of the population aged above 40 years is diagnosed with osteoporosis and around 21% is expected to suffer from bone fractures in the arm, wrists, spine, or hips. This has increased the demand for bone void fillers in North America.
In 2010, the number of new fractures in European countries was found to be 3.5 million, in which hip fractures, vertebral fractures, and forearm fractures accounted for 620,000, 520,000, and 560,000 respectively, which required bone void fillers for treatment. The incidence of these fractures is expected to reach 4.5 million by 2050, with a growth rate of 28%.
In Argentina, 34,000 hip fractures occur every year in the geriatric population, and this number is estimated to reach more than 76,000 by 2050. In Brazil, one person in 17 people suffers from osteoporosis each year.
In Mexico, 1 out of 4 people suffer from osteoporosis and around half of them are likely to suffer from a hip fracture by the age of 50. In Russia, approximately 14 million people, i.e. 10% of the population, suffer from osteoporosis and 20 million suffer from osteopenia.
In Ukraine, nearly 28% postmenopausal women, i.e., 7 million women, are at the risk of developing osteoporosis and osteopenia. Thus, the increasing population with orthopedic disorders throughout the world is creating high demand for bone void fillers.
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- Johnson and Johnson
- Zimmer Biomet
- Stryker Corporation
- NuVasive®, Inc.
- Wright Medical Group, Inc.
- Hoya Corporation
- B.Braun Melsungen AG
- Heraeus Holding
- Smith & Nephew plc
Medical Tourism Strongly Backing the Rising Demand for Orthopedic Surgeries
Rising demand, coupled with increased awareness about advanced technology enabled orthopedic surgeries in India and China in the recent years, is expected to boost the demand for bone void fillers.
The demand for bone void fillers is significantly high in certain countries, such as Singapore, India, China, and Japan, due to the increasing trend of medical tourism due to the availability of low-cost surgical solutions.
Moreover, the increasing incidence of Orthopedic-related disorders, coupled with increased affordability by service providers in hospitals and Orthopedic clinics, are also among factors boosting the demand for better-quality bone void fillers.
Medical tourism is growing at a significant pace owing to the high cost of procedures in North America, which is expected to increase the demand for bone void fillers. Several Americans are thus traveling to Latin America due to the availability of treatment options of a similar quality at a lower cost.
Hospitals in Latin America are accredited and form strategic partnerships with hospitals in U.S. for the transfer of patients. On an average, the prices of undergoing surgeries with bone void fillers is 30% less as compared to North America.
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High Surgical Costs to Remain Challenge Limiting Bone Void Fillers Market Growth
The cost of orthopedic surgeries varies based on the location and experience of surgeons. It was estimated that the average cost was nearly US$ 25,000 to US$ 30,000, which includes consultant fees. In case a surgery requires the usage of bone void fillers, an additional cost of US$ 1,000 to US$ 2,000 is added.
The high cost of Orthopedic surgery in the Latin America and the Middle East & Africa regions is expected to hamper the growth of the bone void fillers market in these regions. Hence, lack of affordability of Orthopedic procedures in these countries due to their high cost is a prominent factor restraining the growth of the bone void fillers market.
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Manufacturers Maintaining the Strategic Focus on Emerging Markets
Most of the major players in the bone void fillers market are focusing on emerging markets due to the high growth potential present in these markets. Changes in the disease patterns, as a result of changes in the lifestyle, rising affluence, improved access to healthcare services, and rise in the demand for quality healthcare in China, India, & Brazil, are among the factors that are presenting lucrative opportunities to the manufacturers of bone void fillers.
However, new entrants in the bone void fillers market are expected to face certain hurdles such as local competition, stringent regulatory policies & approval processes, healthcare infrastructure, and affordability. Increasing elderly population in India and China is presenting additional growth opportunities for the manufacturers of bone void fillers.
Increase in the incidence of accidents due to increasing urbanization is also a major factor that is expected to drive the India and China bone void fillers markets.
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Competitive Landscape – Bone Void Fillers Market
The competition section of the bone void fillers market report features the profiles of the key players in the bone void fillers market based on their product offerings, market shares, marketing approach, and differential strategies.
Some of the key players profiled in the bone void fillers market report include Johnson & Johnson, BONESUPPORT AB, Heraeus Holding, Medtronic plc, Wright Medical Group, Inc., SBM France, Zimmer Biomet, Stryker Corporation, Graftys, Integra LifeSciences Corporation, Bone Solutions Inc., Orthorebirth Co. Ltd., HOYA Corporation, Exactech Inc., 3-D Matrix, Arthrex, Inc., K2M Inc., OsteoMed, RTI Surgical Inc., B. Braun Melsungen AG, Smith & Nephew plc., and NuVasive, Inc.
Bone void fillers are biologic materials that are used to fill gaps and voids during Orthopedic and dental surgeries. Bone void fillers are made of absorbable, biocompatible, bioactive, and osteoconductive material.
About the Report
FMI has conducted a research study on the bone void fillers market for the forecast period 2018 to 2028. The bone void fillers market report offers a comprehensive evaluation of the business opportunities prevailing in the bone void fillers market, along with insights on key regulations, the number of procedures, and pricing.
The report on the bone void fillers market also elaborates on the macro-economic factors influencing the dynamics of the bone void fillers market.
The report offers a comprehensive taxonomy of the bone void fillers market based on material type, form, end user, and region. By material type, the bone void fillers market is segmented as demineralized bone, calcium sulphate, calcium phosphate, tricalcium phosphate, and others.
Based on form, the bone void fillers market is segmented as putty, paste, gel, granules, beads, sponge, strip, and fibres. On the basis of end user, the bone void fillers market is segmented as hospitals, ambulatory surgical centres, and specialised clinics. The bone void fillers market has been analysed across the regions of North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA.
Additional Questions Answered
Some of the additional questions addressed in this report on the bone void fillers market are:
- What is the revenue potential of bone void fillers across the regions of North America and Europe?
- Who are the key competitors in the bone void fillers market and what are their product portfolios and growth strategies?
- What are the major factors influencing the growth of the bone void fillers market?
- Which trends are being followed by the leading manufacturers of bone void fillers to retain their market share?