April 20, 2024
Latin America Bone Graft and Substitutes Market

Latin America Bone Graft and Substitutes Market is Expected to be Flourished by Rising Number of Road Accidents and Trauma Cases

The bone graft and substitutes are medical procedures or products used to replace missing bone or support weakened or damaged bone. Bone grafts are often required to repair bone fractures that are difficult to heal, support fusions of bones, or fill large defects resulting from injuries, infections, or defects present from birth. Bone graft substitutes include allograft bone (from another person), synthetic bone graft extenders/substitutes, and bone morphogenetic proteins (BMP). Uses of bone grafts and substitutes include foot and ankle fusions, joint reconstruction and replacement, spinal and cranial defects. \

The Latin America bone graft and substitutes market is estimated to be valued at US$ 559.36 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising incidence of road accidents and trauma cases requiring bone grafting procedures is a key driver estimated to propel growth of the Latin America bone graft and substitutes market over the forecast period. According to the World Health Organization, road traffic injuries are the eighth leading cause of death globally. Similarly, statistics from Pan American Health Organization reveal that in Latin America and Caribbean region, around 31,000 people die each year due to road traffic crashes. Bone injuries are common in such accidents requiring procedures such as spinal fusion, joint reconstruction, and even replacement, boosting demand for bone grafts and substitutes. Additionally, growing geriatric population vulnerable to bone conditions such as osteoporosis also contributes to market growth. For instance, as per WHO, the proportion of population over 60 years in Latin America will double from 11% in 2000 to 22% by 2050. Older individuals have increased risk of bone fractures that may require bone grafting surgeries.

Segment Analysis
Latin America Bone Graft and Substitutes Market can be segmented into Allografts, Bone Graft Substitutes, and Cell-based Matrices. Among these, Allografts dominated the market in 2019. Allografts are the gold standard for bone grafts and substitutes and are safe and biocompatible for clinical usage. Further, increasing demand for minimally invasive surgeries have encouraged the usage of bone graft substitutes.

PEST Analysis
Political: Countries in Latin America like Brazil and Mexico have taken initiatives to modernize healthcare infrastructure and promote quality healthcare. This has positively impacted market growth.
Economic: Rising per capita healthcare expenditure and growing elderly population are driving demand for bone grafting procedures in the region. Moreover, growing medical tourism is benefiting the market.
Social: Increasing incidence of degenerative bone diseases, aging population, and growing obese population are major factors attributed to bone disorders which require bone grafts. Product awareness is also rising.
Technological: Advancements in bone grafting techniques involving cell-based technologies, growth factors, and synthetic bone grafts are supporting the market growth. Usage of 3D printing for custom bone grafts is also gaining traction.

Key Takeaways

Latin America Bone Graft And Substitutes Market Size is estimated to be valued at US$ 559.36 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

The Latin America Bone Graft and Substitutes market is expected to witness high growth. Brazil dominated the Latin America market in 2019 owing to growing healthcare industry, increasing healthcare expenditure, and rising geriatric population in the country.

Key players operating in the market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. Major players are focusing on new product launches and geographical expansion to strengthen their market presence. Rising prevalence of bone disorders, increasing usage of bone grafting in spinal fusion surgeries, and growing aging population are expected to drive the market growth during forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it