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Bone Grafts and Substitutes Market Size to Expand USD 5.03 BN by 2032

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Ottawa, June 21, 2023 (GLOBE NEWSWIRE) — The bone grafts and substitutes market size were valued at USD 2.88 billion in 2022. To replace missing bones or heal fractured bones, bone grafts and substitutes are used. They consist of osteoconductive matrix that fills up wounds to speed healing, osteoinductive proteins that support the division of identical bone cells into two, and osteogenic cells that create bone in the proper conditions. Since they are bioresorbable, they don’t result in an antigen-antibody reaction. These qualities make them popular for treating fractures and bone injuries, as well as in trauma, spinal, face, foot, and ankle procedures.

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The rise in occurrences of joint and bone problems is one of the most significant factors that is anticipated to support market expansion. The demand for bone grafts for orthopedic operations has increased. Due to its use as a replacement in the autologous kind of bone graft, bone grafts are in high demand. The market for bone graft cell substitutes is anticipated to expand over the forecast period as a result of an increase in incidences of bone deformities.

Market Growth

The rise in occurrences of joint and bone problems is one of the most significant factors that is anticipated to support market expansion. The demand for bone grafts for orthopedic operations has increased. Due to its use as a replacement in the autologous kind of bone graft, bone grafts are in high demand. The market for bone graft cell substitutes is anticipated to expand over the forecast period as a result of an increase in incidences of bone deformities. The introduction of new polymer and ceramic materials with physiologically superior properties is one of the major market trends currently being seen. The creation of free-form biomaterial scaffolds for tissue regeneration is aided by the emergence of new manufacturing technologies like fast prototyping and 3D printing. Additionally, because of increased morbidity rates, an ageing population, and an increase in osteoarthritis cases, there is a growing demand for bone grafts and substitutes. In addition, a move toward minimally invasive procedures and rising patient knowledge of the advantages of bone regeneration using biologics are fueling the market’s expansion.

Regional Analysis

With nearly 47.81% of worldwide revenue in 2022, North America dominated the market. The three main factors influencing the accessibility of an advanced healthcare system, growing knowledge of innovative products that are commercially available, and increasing healthcare spending of 16.9% in 2018 are driving the regional market’s expansion.

During the forecast period, Asia Pacific is anticipated to see profitable growth. Rising medical travel and beneficial government measures are to blame for this expansion. However, in some countries, adoption is constrained by severe regulatory standards. For instance, the Korean Food and Drug Administration must approve the product before it can be marketed in South Korea (KFDA). The Therapeutic Goods Administration in Australia oversees the products (TGA).

Bone Grafts & Substitutes Market, by Region ($Million)

Region 2021 2022 2032 CAGR
North America 1,310.4 1,377.5 2,360.1 5.6 %
Europe 657.8 694.3 1,238.1 6.0 %
Asia Pacific 522.9 554.0 1,028.1 6.4 %
LAMEA 244.4 255.5 410.1 4.9 %

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Competitive Landscape

Allosource, DePuySynthes Inc., Baxter, NuVasive Inc., Smith & Nephew, Medtronic, Orthofix Holdings Inc., TBF Tissue Engineering, Stryker Corporation, OrthoFix Medical Inc., MedBone Biomaterials, and SeaSpine are a few of the leading companies reshaping the market’s competitive landscape. Numerous of these businesses are using tactics like mergers, acquisitions, and partnerships to broaden their product line and profit from the expanding market need. The major market players are also raising funding for various technical advancements and related research in an effort to achieve a competitive edge.

Scope of the report

Coverage Details
Market Size in 2030 USD 4.47 Billion
Europe Revenue Share 24.1% in 2022
Asia Pacific Revenue Share 19.23% in 2022
Allograft Segment Revenue Share 55.78% in 2022
Synthetic Segment Revenue Share 44.22% in 2022

Market Dynamics of the Bone Grafts and Substitutes Market

Market Drivers: Increasing relevance of dental procedures

The global market for bone grafts and substitutes has seen new growth potential as a result of the increasing relevance of dental procedures. For suppliers in the worldwide bone grafts market, fractures in and around the tooth cavity have opened up a number of opportunities. Over the past ten years, there have been more investments in dental technologies and equipment. By offering top-notch dental care, this is done to make sure that the unmet demands of the medical sector may be fulfilled. The market is primarily driven by the rising prevalence of chronic bone disorders, technological improvements, rising patient awareness and healthcare spending, and rising treatment demand for complex bone diseases.

Market Restraints: Bone Grafts and Substitutes Market

The use of artificial bone grafts carries a number of dangers. There is a possibility of negative reactions, and occasionally, bone development may not be complete. The likelihood of infection is likewise very high. The market’s expansion throughout the forecast period would be hampered by all of these reasons. The use of these artificial items comes with a number of hazards. The risk that these items pose to a person’s health led the regulatory authorities to recall a number of them.

Market Opportunities: Rising demand for orthopedic procedures

Many nations have begun to loosen their limits on healthcare institutions as a result. As a result, the market is anticipated to develop again as demand for orthopedic procedures increases. The introduction of synthetic grafts that are biocompatible is also anticipated to promote market expansion. To establish a better footing, market participants are investing in the creation of such grafts. For instance, in October 2019, McGill University created a biocompatible, hardened multilayered bone graft for treating big bone lesions, which was expected to provide it a competitive edge over other market participants.

Report Segmentations

Material Type Insight

The allograft section is anticipated to hold a prominent position in the upcoming years, depending on the type of material. The market has historically been led by the allograft sector, which has the highest revenue market share. The advantages of using allografts have led to an increase in demand for them. Since the material is osteoconductive and provides excellent immediate structural support, the market is predicted to expand. During the projection period, these two factors will propel the allograft segment’s market expansion. Additionally, the use of allograft lessens the need for additional bone surgery.

During the projected period, a sizable market share for the synthetic sector is also anticipated. When it comes to the use of synthetic materials, patients like these materials more because there is a very low danger of any kind of disease transmission when using synthetic materials. Additionally, synthetic material is more biocompatible than the allograft portion.

Bone Grafts & Substitutes Market, by Material ($Million)

Material 2021 2022 2032 CAGR
Allograft 1,528.8 1,607.1 2,753.5 5.6 %
Synthetic 1,206.7 1,274.2 2,283.0 6.0 %

Application Insight

According to the application, the spinal fusion market will command the highest proportion in the ensuing years. The market is anticipated to expand substantially during the projected period as there has been an increase in the use of bone graft for cases of spondylosyndesis. The ageing of the world’s population and the consequent rise in the number of orthopedics conditions linked with it will both contribute to the market’s expansion. A variety of corrective surgery procedures are likewise in greater demand. Future market expansion will be fueled by these corrective procedures as well. The number of elderly patients is anticipated to increase over the course of the forecast period, driving the market’s growth. Graphs are also being used more frequently for various dental treatments. This market segment is anticipated to offer a sizable amount of potentials for market expansion.

Recent Development

  • In the year 2018, Straumann purchased a 30% share in Botiss Biomaterials.
  • In the year 2019, this business also established a joint venture with Modern Dental Group. The partnership’s goal is to establish a distribution business that will benefit the people of Macau and Hong Kong.
  • NuVasive Inc. acquired Simplify Medical in February 2021 to bolster the business’ cervical portfolio and increase its growth opportunities over the course of the projection year.
  • Stryker Corporation completed the acquisition of Wright Medical Group N.V. in November 2020. The acquisition of this biologics and extremities-focused medical equipment company is projected to contribute to the expansion of Stryker Corporation’s range of bone graft alternatives.

Market Segmentation

By Material Type

  • Allograft
    • Demineralized Bone Matrix
    • Others
  • Synthetic
    • Ceramics
      • HAP
      • β-TCP
      • α-TCP
      • Bi-phasic Calcium Phosphates (BCP)
      • Others
    • Composites
    • Polymers
    • Bone Morphogenic Proteins (BMP)

By Application

  • Foot & Ankle
  • Craniomaxillofacial
  • Joint Reconstruction
  • Dental
  • Long Bone
  • Spinal Fusion

By End User

  • Hospital
  • Specialty Clinics
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

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Artificial Intelligence

Forum Systems Releases GenAI Productivity-Risk Framework and two Fine-tuned Models for Enterprise Customers

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Announcing a framework to balance productivity and risk for enterprise deployments of GenAI models and releasing two fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—with optimized productivity-risk profiles
Gartner Data & Analytics Summit 2024, LONDON, May 13, 2024 /PRNewswire/ — Forum Systems, a leader in LLM and API technologies, today announced the public release of two language models fine-tuned to optimize their productivity-risk profile from the Gartner® Data & Analytics Summit 2024. The research is discussed at length in two recent articles, Framework for LLM Selection by Balancing Model Risk with Workforce Productivity and Improving Productivity-Risk Profile through LLM Fine-tuning. This groundbreaking work presents a framework for balancing productivity and risk in GenAI deployments, an urgent question among business leaders today.

“LLMs security has its tradeoffs. More restrictive models will be safer but may hamper productivity. If enterprises aren’t measuring the productivity-risk balance of their models, they are in the dark about whether they’ve achieved an optimal tradeoff,” remarked Mamoon Yunus, CEO of Forum Systems. He continued, “classic machine learning metrics like precision and recall can serve as proxies for productivity and risk. Fine-tuning on extensive manual multi-vote labeled data, our LLMs show superior performance compared to base models.” 
The fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—are based on Mistral-7B-Instruct-v0.2 and Meta-Llama-3-8B-Instruct.
In the first article, Forum Systems developed a framework for balancing risk and productivity and assessed the productivity-risk profile of Mistral and Llama 3 before fine-tuning. It found that, when asked to classify prompts as either safe or unsafe, Mistral was more precise and thus aligned with higher productivity, while Llama 3 was more restrictive and thus aligned with lower risk.
The second article analyzed the models after they were fine-tuned on a hand-curated dataset of about 20,000 prompts. The study showed that the productivity-risk profile of both models can see meaningful improvements after fine-tuning. Forum Systems has released both fine-tuned models on Hugging Face to contribute to the broader community of researchers and those working in AI governance and AI alignment, believing its framework for analyzing the trade-offs between productivity will also prove valuable to business leaders deploying safe and effective GenAI offerings.
As Gartner analyst Arun Chandrasekaran recently stated, “Generative AI (GenAI) has the potential to transform businesses across industries. Most business and technology leaders believe that the benefits of GenAI far outweigh its risks.” He recommends, “Put responsible AI at the heart of your generative efforts. Promote harmonious interaction among humans and machines with design thinking and by incorporating human feedback into GenAI applications.” Forum Systems agrees with Chandrasekaran’s analysis and recommendation. Its work in optimizing productivity-risk profiles of small models demonstrates that enterprise-class responsible AI deployments are within reach through fine-tuning.
Source: Gartner, 10 Best Practices for Scaling Generative AI Across the Enterprise, Arun Chandrasekaran, Leinar Ramos, Alberto Pietrobon, 10 January 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About the Gartner Data & Analytics Summit 2024 Gartner analysts will provide additional analysis on data and analytics trends at the Gartner Data & Analytics Summits, taking place March 11-13 in Orlando, FL., March 26-27 in São Paulo, April 24-25 in Mumbai, May 13-15 in London May 21-23 in Tokyo, and July 29-30 in Sydney. Follow news and updates from the conferences on X using #GartnerDA.
About Forum SystemsForum Systems is leading the Enterprise GenAI revolution. Forum’s patent-pending QuantumSim™, together with Forum Sentry, mitigate the unpredictable nature of LLMs through integration with corporate APIs, ensuring LLM output is truthful and accurate. QuantumSim™ is secure by design and ships with industry-leading guardrails, moderation, data obfuscation, and observability for LLM-enabled offerings. Used by some of the largest global companies for building intelligent business workflows, Forum’s suite of products provides unique solutions that allow enterprises to reinvent themselves with GenAI.
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Artificial Intelligence

LG CEO EMBARKS ON STRATEGIC U.S. VISIT TO ENHANCE AI INITIATIVES

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AI as Key Driver for Future Growth and Customer Experience Innovation
SEOUL, South Korea, May 13, 2024 /PRNewswire/ — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.

AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.
Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”
He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.
Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”
At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.
LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
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Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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