The bone grafting and substitutes market in Latin America involves various products which are used in orthopedic surgeries to replace missing bone and support new bone growth. Bone grafting helps heal fractures that are unable to heal on their own or support fusion in spine surgeries. Autografts, which are harvested from another part of patient’s own body, and allografts, which are harvested from human cadavers, are commonly used bone graft options. However, they have limitations in supply and risk of disease transmission which is driving the demand for bone graft substitutes such as bone morphogenetic proteins, Demineralized bone matrix, synthetic bone grafts and bone marrow aspirate concentrates.
The global Latin America Bone Graft and Substitutes Market is estimated to be valued at US$ 559.36 Mn in 2024 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 key trends:
One of the key trends in the Latin America bone graft and substitutes market is the growing adoption of tissue engineered bone graft substitutes. Traditionally bone grafting relies on autografts and allografts. However, scarcity of tissue supply and risk of disease transmission are fuelling research in tissue engineered substitutes as a reliable alternative. Companies are focusing on developing off-the-shelf substitutes utilizing osteogenic cells cultured on 3D scaffolds. For example, bone marrow aspirate concentrate coupled with demineralized bone matrix or beta-tricalcium phosphate scaffolds are gaining traction. OsteoRegenix developed OsteoSelect inject which combines cancellous chips and demineralized cortical bone matrix with bone marrow aspirates in a user-friendly system. Growing inclination towards advanced tissue engineered grafts will continue shaping the market in coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires huge R&D investments and compliance with strict regulations to develop bone graft substitutes.
Bargaining power of buyers: The bargaining power of buyers is moderate as the buyers have a wide range of options available but they are dependent on the products for orthopedic procedures.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material suppliers do not have significant influence over pricing due to availability of substitute materials.
Threat of new substitutes: The threat of new substitutes is high as new bioresorbable materials and tissue-engineered products providing superior outcomes pose a threat to existing bone graft products.
Competitive rivalry: The competitive rivalry is high among existing players to develop innovative products and gain higher market share.
Key Takeaways
The Latin America bone graft and substitutes market is expected to witness high growth over the forecast period owing to rising geriatric population, increasing incidence of bone and joint disorders, and growing preference for minimally invasive surgeries. Latin America Bone Graft And Substitutes Market Size is estimated to be valued at US$ 559.36 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Regional analysis: Brazil is expected to dominate the Latin America bone graft and substitutes market through 2031 due to growing aging population, rising healthcare expenditure, and increasing availability of advanced treatment options. Mexico is also anticipated to register notable growth owing to favorable government policies and infrastructure development in the healthcare sector.
Key players: Key players operating in the Latin America bone graft and substitutes market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc. Key players are focusing on new product launches and growth through acquisitions to strengthen their market position. For instance, in 2022, Baxter acquired NeoTract to enhance its urology portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
