Brazil Bone Graft And Substitutes Market Growth & Trends
The Brazil bone graft and substitutes market size is anticipated to reach USD 162.23 Million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 4.7% from 2023 to 2030 primarily owing to the rising adoption in the field of dentistry, and intense rivalry to capitalize on untapped opportunities.
Allografts and synthetic materials are included in the material type segment. Allografts are further classified as demineralized bone matrix and others. Synthetic materials are subdivided into bone morphogenetic proteins (BMP), polymers, composites, and ceramics. In 2021, the synthetic segment held the largest revenue market share in Brazil, primarily owing to the advantages of synthetics over allografts. For instance, synthetic bone grafts can enable repairs over a larger area of bone since it is more readily available.
Due to its widespread acceptability among dentists in Brazil, dental application is expected to dominate others. Off-label sales are still a strong trend in the country; off-label products draw in a large customer base by promising high quality at a significantly lower price than branded variants
Furthermore, increasing obesity rates among Brazilians because of population aging and rising incidences of orthopedic disorders, including spinal fusions, are factors boosting the market growth. For instance, according to the Brazilian Institute of Geography and Statistics (IBGE), 17.4% of people in Brazil will likely be aged 65 & above by 2040, an increase from the current 9.2%. Brazil's elderly population is projected to reach 25.5% of the total population by 2060, thereby increasing the prevalence of chronic orthopedic illnesses.
Due to the pricing competitiveness that local manufacturers confront, overseas players are subject to intense competition. Moreover, companies like Johnson & Johnson and Medtronic are able to maintain a competitive market position owing to the continued availability of DBM products and the customers' brand loyalty.
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Brazil Bone Graft And Substitutes Market Report Highlights
The Brazil bone graft and substitutes market was valued at USD 110.27 Million in 2022 and is expected to expand at a CAGR of 4.7 % during the forecast period
Based on the material type, the synthetic segment is expected to be the fastest-growing segment over the forecast period. This is due to its adoption, as there is no risk of disease transmission, the material is readily available, and the products are typically less expensive than other BGS
Based on the application, the dental segment held the largest share and is estimated to grow at the highest CAGR of 4.5% from 2023 to 2030
Companies are strategizing for product enhancement & diversification, and current players are adopting strategies for product launches to address present issues with BGS products. According to a 2018 article in the Brazilian Journal of Pharmaceutical Sciences, Bionnovation Biomedical Products Ltd., for instance, developed and tested its BONEFILL block in preliminary trials with the expectation that a positive outcome would allow the company to introduce a new product. Moreover, firms would eventually increase their market share in the coming years due to positive end-user feedback
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