Synthetic Bone Graft Substitutes Market Trends

Growth Drivers

• Advancements in synthetic substitutes:  This is one of the crucial factors driving business in the market. As the innovations progress, the upliftment of the market also expands with constant efforts from major firms. In this regard, Biocomposites in 2023 acquired a minority stake in Renovos Biologics, aiming to advance the development of Renovite BMP-2, which is a synthetic nanoclay bone fusion gel. This collaboration appreciably enhances the product portfolio, reflecting a positive market focus to act as a solution for unmet medical needs. Moreover, the most significant advancements for practical purposes have been the integration of nanotechnology to improve surface characteristics at the molecular level, which inhibits cell adhesion, proliferation, and faster bone regeneration.
• Supportive medical policies: The market is remarkably influenced by favorable healthcare polices and government-backed medical expenditure. In this regard, the U.S. FDA extends its support with a breakthrough device designation, which was recently granted to Renovos' bone graft gel, encouraging the global players to invest in the sector, thereby contributing to market acceleration. Moreover, more countries and their related health agencies are starting to see the reception of synthetic grafts in terms of clinical and economic outcomes. Governments are developing reimbursement schemes that will cover a wider variety of synthetic graft-related procedures.
• Growing adoption of minimally invasive surgeries: Minimally invasive surgical approaches are growing in popularity due to implications of less time in the OR, less pain, and more rapid recovery. Synthetic bone graft substitutes are ideal for minimally invasive techniques due to factors like ease of use, available in injectable or moldable forms, and improved consistency/integrity. This sharing of minimally invasive surgical techniques have positively impacted the growth of synthetic bone graft substitutes in spinal surgery, dental surgery, and orthopedic surgery.

Challenges

• High manufacturing and development costs: The high costs associated with the production of synthetic bone graft substitutes act as a major restraint for the market to capture an optimum manufacturing base. The process comprises recombinant DNA technology and extensive quality control measures that makes it challenging for manufacturers involved in the market. Furthermore, the expenses associated with clinical trials and regulatory approvals further block accessibility, particularly in price-sensitive regions.
• Limited awareness and reimbursement challenges: In certain areas, limited awareness among patients and healthcare providers of the benefits of synthetic bone graft substitutes restricts market growth. In addition, reimbursement policies in developing countries and some insurance providers vary or are nonexistent to some extent, which can ultimately make these grafts too expensive. If there are limited benefit levels, then the patient's OOP cost may be a barrier, which inhibits their uptake.