The North American bone grafts and substitutes market is set to reach $2.1 billion by 2023, according to a GlobalData report.
Here are seven observations:
1. The market, which includes the United States, Canada and Mexico, was valued at $1.7 billion in 2016. The United States leads the space, with 95 percent of the regional revenue.
2. The market is expected to grow at a compound annual growth rate of 3.5 percent.
3. An increasing number of spinal fusion, trauma fixation and joint reconstruction cases will boost the North American bone grafts and substitutes market.
4. Additionally, companies’ focus on creating comprehensive orthobiologics platforms will spur market growth.
5. Increased adoption of demineralized bone matrices, synthetic bone substitutes and cell-based matrices will expand the market.
6. GlobalData analyst reports companies will need to demonstrate clinical transparency as well as offer clinical efficacy data to gain traction in the industry.
7. Dublin, Ireland-based Medtronic; Raynham, Mass-based DePuy Synthes; and Kalamazoo, Mich.-based Stryker lead the market.