Hi Suresh, My students and I are developing an innovative method to do so. The problem is quite a beauty mathematically speaking. Everything you have learned about bone fracture now has to go backward but plastically and create contact. FEM in contact problems is quite a challenge in itself. Stay in touch and as we advance in the research we may be able share few ideas.

hi dear suresh

you can study in mechano-regulation method and learn how you can simulate bone healing with FE. for modeling bone healing you need writing script with python and abaqus and fortran or mathlab. 

Thank you milad earlier I had come across an article where they have tried to study healing bone . My dought was since FEA creates a mathematical model of the simulated tissues and works on assigned properties . The healing bone keeps transforming with time till it gets matured. Can soft wares keep the properties changed with time simulation?