Precedence Research’s latest report on the global orthopedic biomaterials market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global orthopedic biomaterials market size was valued at US$ 11.48 Billion in 2019 and is projected to reach US$ 26.5 Billion by 2027, rising at a market growth (CAGR) of 9.83% during the forecast period. Increasing demand of orthopedic implants and rising injuries owing to sports and road calamities fuel the growth of the global orthopedic biomaterials market.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for orthopedic biomaterials market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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Orthopedic biomaterials are natural or synthetic material used to replace an organ in the human body. They are generally required in surgical implants, orthopedics, prosthetics and others. Various biomaterial based medical devices comprise stents, heart walls, hip joints, artificial knee, etc. Biomaterials aid in the innovations of regenerative medicines.
These products are customized to perform numerous biological functions by repairing certain tissues in the human body. For instance, the orthopedic biomaterials are used for joint reconstruction, spine implants, bio resorbable tissue fixation and orthobiologics. In several regions such as North America, Asia, and Japan the government regulated the use of biomaterials which are of high quality. The biomaterials are implanted into human body hence would require safety and efficiency approval for marketing. Further, as these biomaterials are implanted in the human body, they should be biocompatible and must pass the ISO biocompatibility testing standards.
Growing prevalence of musculoskeletal diseases and disorders are the key driving factors for the growth of orthopedic biomaterials market. The reason for the occurrences of musculoskeletal disorder is orthopedic trauma or injury which affect the muscles, ligaments, tendons, bone and nervous. The orthopedic trauma affects the musculoskeletal systems. Increasing usage of nanoparticles in to orthopedic bioimplant will further propel the growth of the market. Currently, R&D activities into in the healthcare sector continuously focus to develop the treatment, therapies and medications for degenerative diseases.
One of the crucial influences for the market growth is changing consumer preferences from traditional materials to nanophase materials. Considerable benefits of biomaterials led substantial inventions in the regenerative medicines sector in the past couple of years. Increasing awareness among young generations towards health care and increasing geriatric population is expected to boost the growth of the orthopedic biomaterials market. Additionally, increasing demand for medical implant, substantial growth in the cardiovascular diseases escalates the growth of the market. However, procedure of manufacturing biomaterials is very time consuming and must go through biocompatibility testing and clinical trials which hampers the market growth. Nonetheless, growth in the adoption of implantable devices, increasing patient population and availability of flexible government regulations in the emerging region is projected to offer significant growth avenues for orthopedic biomaterials market over the forecast period.
Regionally, the orthopedic biomaterials market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa. North America dominated global orthopedic biomaterials market in 2019 owing to increasing demand for technologically advanced orthopedic implants. North America is projected to further mirror this trend throughout the prediction period. As per National Health Statistics Report, 209 million Americans participated in sports and fitness activity in 2013, which is increased up to 213 million 2015. This has resulted in increased number of orthopedic surgeries including joint reconstruction, joint arthroplasty and viscoupllementation.
Europe closely followed North America owing to cumulative orthopedic surgery cases and increasing focus on health care. Lack of awareness and availability of treatment facilities in the Middle East and Africa witness the slow growth in the orthopedic biomaterials market.
Asia Pacific is expected to record the highest CAGR over the forecast period. Growing healthcare industry in Japan, budding demand for cosmetic and plastic surgeries in India and less stringent tax policy in China and escalating elderly population drives the orthopedic biomaterials market significantly in this region.
- Companies involved in the marketplace are focusing on developing innovative orthopedic biomaterials at competitive prices.
- The arrival of 3D printing is projected to substantially enhance the demand for orthopedic biomaterials due to benefits coupled with fabricating scaffolds.
- Increasing prevalence of bone degenerative diseases and bone disorders in low- and middle-income countries drives the regional market growth.
- Significant average selling price of the orthopedic implants, favorable coverage of orthopedic procedure and growing demand for technologically advanced orthopedic implants from surgeons with enhanced lifetime and quality flourishes the growth in developed region.
Key Players of the global orthopedic biomaterials market are:
- Acumed, LLC
- Medtronic plc
- Globus Medical, Inc.
- Stryker Corporation
- Koninklijke DSM N.V.
- Exactech, Inc.
- Johnson & Johnson
- Zimmer Biomet
- Wright Medical Group, Inc.
- NuVasive, Inc.
Segments Covered in the Report:
By Material Outlook
- Ceramics & Bioactive Glasses
- Calcium Phosphate Cement
By Application Outlook
- Orthopedic Implants
- Joint Replacement
- Bio-resorbable Tissue Fixation
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina