PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401779
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401779
Orthopaedic Biomaterials Market size was valued at USD 18,910 Million in 2022, expanding at a CAGR of 8.0% from 2023 to 2030.
Reconstructive implants, fracture treatment goods, spinal products, rehabilitation products, arthroscopy products, electrical stimulation products, casting products, etc. are few types of orthopedic biomaterials. Typically, these orthopedic biomaterials are composed of materials that are strong enough to endure severe loads.
Orthopaedic Biomaterials Market- Market Dynamics
Increasing prevalence of chronic skeleton diseases among older adults to propel market demand
The market growth is mainly driven by the rising prevalence of chronic bone diseases and musculoskeletal ailments. It is anticipated that the growing percentage of older adults who are especially susceptible to these diseases will accelerate the growth. The World Health Organization reported in October 2022 that in 2020, there were more adults 60 years of age and older than children under the age of five. Furthermore, it is anticipated that 22% of the population would be 60 years of age or older by 2050. The need for orthopedic surgeons is being driven by the rising incidence of musculoskeletal issues and orthopedic disorders. For example, a study that was published in PubMed Central in December 2021 found that the number of unique orthopedic surgeons increased by 1.6% from 2012 to 2020.
Orthopaedic Biomaterials Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.0% over the forecast period (2023-2030)
Based on Type segmentation, ceramics & bioactive glass was predicted to show maximum market share in the year 2022, owing to high adoption of ceramics in tissue repairs.
Based on Application segmentation, orthopedic implants segment was the leading segment in 2022, mainly due to increasing incidences of disc degenerative among older adults.
Based on End-User segmentation, hospitals was the leading End-User in 2022, mainly due to high use of biomaterials at hospitals for orthopedic treatment.
On the basis of region, North America was the leading revenue generator in 2022, owing to rising number of patients with knee injuries.
The Global Orthopaedic Biomaterials Market is segmented on the basis of Type, Application, End-User, and Region.
The market is divided into five categories based on Type: ceramics & bioactive glass, polymers, calcium phosphate cement, metal, and composites. The ceramics & bioactive glass segment dominates the market. The high demand for tissue repair and soft damage is contributing to segment growth.
The market is divided into five categories based on Application: orthopedic implants, joint replacement/reconstruction, orthobiologics, viscosupplementation, and bio-resorbable tissue fixation. The orthopedic implants segment dominates the market and is likely to maintain its dominance during the forecast period. The The orthobiologics segment is estimated to grow at the fastest CAGR owing to rise in bone related surgeries.
The market is divided into five categories based on End-User: hospitals, clinics, and others. The hospitals dominate the market and is likely to maintain its dominance during the forecast period. The increasing number orthopedic operation in hospitals is anticipated to boost the market growth.
Orthopaedic Biomaterials Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The increase in patients needing knee replacements and other orthopedic surgeries pertaining to the joints is the reason for this trend. It is projected that the rapid uptake of cutting-edge solutions for implant load-bearing and bone gap filling would further propel the regional market.
Many local and international companies in the industry focus on serving the demands of the increasing number of patients. To increase their market share, the major companies in the industry are placing a strong emphasis on the creation of novel and cutting-edge products as well as partnerships, mergers and acquisitions, and approvals. Further, advancement in orthopedics is estimated to offer new growth opportunities for market growth.
In February 2022, Orthofix Medical started a synthetic bioactive bone graft solution, Opus BA, a mix of carbonate apatite bone mineral, bioactive glass.
In October 2021, Osfirm introduced a novel implantable Whitlockite Biomaterial. Whitlockite is a form of magnesium tricalcium phosphate that has shown superior bioactive regenerative properties.
The scope of this report covers the market by its major segments, which include as follows: