Orthopedic Biomaterial Market Research, Size, Major Players, Strategies, Trends, Forecast Till 2027

Comments · 42 Views

The orthopedic biomaterials market is expected to register a CAGR of 10.5% during the assessment period of 2020 to 2027, to reach USD 40,519.52 million by 2027.

The orthopedic biomaterials market is expected to register a CAGR of 10.5% during the assessment period of 2020 to 2027, to reach USD 40,519.52 million by 2027.

Biomaterials are extensively used for manufacturing implants as they do not evoke immunological reactions. The growth of the orthopedic branch of medicine coupled with rising demand for biomaterials for implants is likely to drive the growth of the Asia Pacific orthopedic biomaterial market in the upcoming years.

The advancements in the medical science over the years has catalyzed the adoption of biomaterials for implants and surgeries. The trend is projected to perpetuate during the projection period. Furthermore, the extensive use of biomaterials for the treatment of internal fractures is another factor responsible for driving the expansion of the Asia Pacific orthopedic biomaterial market.

The rising demand for knee and hip replacements coupled with increasing medical emergencies and bone injuries in the region are projected to have a favorable impact on the proliferation of the Asia Pacific orthopedic biomaterial market over the assessment period.

Market Highlights

Orthopedic biomaterials are implanted in the human body as constituents. These devices perform certain biological functions by substituting different tissues such as bone, cartilage, ligaments, and tendons, and even guiding bone repair when necessary. Orthopedic biomaterials are generally chosen for their strength and imitating the bone structure. They also promote the mineralization of tissue around the implants, which calls for bioactive material. The commonly used bioactive material calcium phosphate ceramics, particularly synthetic hydroxyapatite (HA), closely resemble bone apatite and have been developed for bone tissue repair. Increased occurance of musculoskeletal disorders and chronic skeletal disorders increases product demand, which has boosted the demand for orthopedic biomaterial, thereby accelerating market growth. A rising senior population is anticipated todrive the demand for orthopedic biomaterials further.

Segment Analysis

The global orthopedic biomaterials market has been segmented in to product, material, application, and end user. The global market, by product, has been segmented into reconstructivejoint replacement, spinal implants, dental implants, trauma, and orthobiologics. Reconstructive joint replacements are further sub-segmented into knee replacement implants, hip replacement implants, and extremities. Spinal implants are further sub-segmented into spinal fusion implants, Vertebral Compression Fracture (VCF) devices, and motion preservation devices/non-fusion devices. Dental implants are sub-segmented into root form and plate form dental implants. Orthobiologics are further sub-segmented into viscosupplementation, demineralized bone matrix, synthetic bone substitutes, bone morphogenetic protein, allograft, and others. On the basis of material, the market is divided intometal and non-metal.The metal is further segmented into stainless steel, titanium alloy, cobalt alloy. The non-metal is further bifurcated into ceramic and polymeric. The ceramic is sub-segmented into alumina, calcium phosphate, zirconium dioxide and carbon. The polymeric is further sub-segmented into polymethylmethacrylate (PMMA), polyethylene, silicone, polyester. On the basis of application, the market is bifurcated intojoint replacement, fracture fixation, tissue fixation, implant surgery, viscosupple mentation. The joint replacement is segmented into hip replacement, knee replacement, shoulder, and elbow replacement. On the basis of end users, the market is bifurcated into hospitals clinics, andambulatory surgical centers.

Regional Analysis

The global orthopedic biomaterials market research based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East Africa.

The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The Americas dominatedthe market in 2019 and is likely to continue to command during the assessment period. This is due to the high prevalence of orthopedic disorders, new product launches, and technological advancement in this region. The high demand for orthopedic biomaterials and the availability of skilled professionals in the region are expected to fuel the regional market growth. The growing elderly population is also resulting in the growth of the orthopedic biomaterials market in the Americas. As per the Administration for Community Living (US), in the Americas, over the last ten years, the population aged 65 and over grew from 37.2 million in 2006 to 49.2 million in 2016. Hence, a large patient pool suffering from orthopedic ailments, rapid adoption of advanced products, and a growing geriatric population are expected to boost the growth of the orthopedic biomaterials market in the Americas during the study period.

The European orthopedic biomaterials market has been divided into Western Europe and Eastern Europe. The Western European orthopedic biomaterials market has further been classified into Germany, France, the UK, Italy, Spain, and the Rest of Western Europe. Europe is the second-largest region in the orthopedic biomaterial market to witness significant growth during the forecast period due to a higher number of patients and the easy availability of products in the region. In 2017, Switzerland, Finland, Luxembourg, Germany, Austria, and Belgium were among the countries with the highest hip and knee replacements in the region. The Organisation for Economic Co-operation and Development (OECD) averages are 182 per 100,000 for hip replacements and 135 per 100,000 for knee replacements. Since 2000, the number of hip and knee replacement procedures has increased rapidly in most OECD countries. On average, hip replacement rates increased by 30% between 2007 and 2017, and knee replacement rates by 40%. This increase in the number of patients undergoing knee and replacement is anticipated to boost the regional market growth.

The orthopedic biomaterials market in the Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. The Asia-Pacific region is expected to register the highest growth rate in the market. In Asia-Pacific, the population of people aged 65 and above is expected to grow dramatically over the next 50 years. For the region, the population in this age group will increase by 31.4%, from 207 million in 2000 to 857 million in 2050. A large number of adults residing in the region are expected to suffer from various orthopedic disorders. Moreover, the increasing per capita disposable income of middle-class families, which accounts for a large population in Asia, results in individuals spending more on health.

The Middle East Africa orthopedic biomaterials market is segmented into the Middle East and Africa. The key factors propelling the regional market's growth are the increasing the prevalence of orthopedics disorders and funding by private players and government bodies. As per the International Trade Administration report, the Saudi healthcare sector is the largest in the Middle East. Saudi Arabia's health and social affairs budget for 2019 shows an 8% increase to USD 46 billion compared to USD 42.4 billion in 2018.

Key Findings of the Study

  • The global orthopedic biomaterials market is predicted to reachUSD 40,519.52 million by 2027 at a CAGR of 7.5% during the assessment period of 2020 to 2027.
  • The Americas accounted for the largest share of the global orthopedic biomaterials marketdue to prominent players in the US, the high prevalence of orthopedic diseases, and rising healthcare expenditure.
  • By product, the reconstructive joint replacement segment accounted for the largest market share of 32.0%in 2019.
  • On the basis of material, the market is divided intometal andnon-metal. The metal segment is likely to dominate the market at a CAGR of 6.93% during the forecast period of 2020-2027.
  • Based on application, thejoint replacement segment is projected to exhibit a CAGR of 7.78%during the forecast period 2020-2027.
  • Based on end user, the hospitals clinics segment is expected to dominate the market with a share of 46.37% during the forecast period.

Competitive Landscape:

MRFR recognizes the following companies as the key players in the global orthopedic Biomaterials Market—Stryker (US), CoorsTek Inc (US), Zimmer Biomet Holdings Inc (US), Institute Straumann AG (Switzerland), Kyocera Corporation (Japan), Smith Nephew (UK),3M (US), Nobel Biocare Services AG(Switzerland), Medtronic (Ireland), and DePuy Synthes (US).

Access full report @ https://www.marketresearchfuture.com/reports/orthopedic-biomaterial-market-415

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: sales@marketresearchfuture.com