The aim of this work is to evaluate the effect of a spatial gradient of material properties (mass density and stiffness coefficients) of cortical bone on its ultrasonic response obtained with an axial transmission device. Therefore, a two-dimensional finite element time-domain method is derived to model transient wave propagation in a three-layer medium composed of an inhomogeneous transverse isotropic solid layer sandwiched between two acoustic fluid layers and excited by an acoustic linear source located in one fluid layer, delivering broadband ultrasonic pulses. The model couples the acoustic propagation in both fluid media with the elastodynamic response of the solid layer. A constant spatial gradient of material properties is considered for two values of bone thicknesses corresponding to relatively thick and thin bone widths. For a thin bone (0.6 mm) compared to wavelength (around 4 mm at 1 MHz), the results are in good agreement with a S(0) Lamb wave assuming a homogeneous material with spatially averaged material properties. For a thick bone (4 mm), the results are in agreement with the propagation of a lateral wave and allow the derivation of an equivalent contributing depth in the case of a transverse isotropic inhomogeneous solid layer.