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IN THE NEWSSeptember 15, 2021- Stryker Corporation launched Citrelock Tendon Fixation Device System, which provides surgeons a differentiated design as it uses resorbable technology.
March 12, 2020- Evonik developed new osteoconductive polyether ether ketone (PEEK) biomaterial for a variety of medical applications.
The global orthopedic biomaterials market is estimated to generate a substantial revenue by expanding at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The surge in incidences of musculoskeletal disorders and other chronic skeletal conditions, coupled with rapidly increasing geriatric population are the primary factors expected to augment the market growth in the upcoming years. According to the World Health Organization, as of 2021, approximately 1.71 billion people have musculoskeletal conditions worldwide. Among musculoskeletal disorders, low back pain causes the highest burden with a prevalence of 568 million people. Along with these, increasing number of trauma cases as a result of accidents and sports is also attributed to raise the demand for biomaterials used in orthopedic implants in the future. Furthermore, notable innovations in the regenerative medicine space and cell-based techniques have paved the way for efficient solutions for treating a wide range of diseases. This is giving rise to the integration of implants made from orthopedic biomaterials into several treatment procedures, which in turn is predicted to play an imperative role in offering profitable business opportunities to the market.
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The market is segmented by materials into ceramics & bioactive glasses, polymers, metals, and calcium phosphate cements, out of which, the ceramics & bioactive glasses segment is anticipated to hold the largest share in the global orthopedic biomaterials market. This can be accounted to the growing adoption of these materials in spine surgery and interbody fusion methods. Apart from these, escalating usage of pedicle screws and synthetic cages during fixation procedures is also assessed to foster the growth of the market segment. Additionally, on the basis of application, the orthopedic implants segment is evaluated to occupy the largest share owing to the increasing occurrence of disc degenerative conditions and bone fractures, along with rising trauma cases and road traffic crashes. As per the American Association for the Surgery of Trauma, road traffic crashes kill 1.2 million people annually around the world (3242 people a day), and 90% of these deaths are in low- or middle-income countries.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global orthopedic biomaterials market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing prevalence of bone degenerative diseases in the region’s low- and middle-income economies. In addition, continuous hike in healthcare expenditure and significant improvements in the medical infrastructure are also projected to propel APAC’s market growth in the future. Moreover, the market in North America is anticipated to grab the largest share during the forecast period. Increasing target population, intensifying geriatric population, and large number of pharmaceutical companies are expected to contribute significantly to the region’s market growth in the future. As per the United States Census Bureau, around 40.3 million U.S. residents were 65 years and older in 2010, which increased up to 54.1 million in July, 2019.
The global orthopedic biomaterials market is further classified on the basis of region as follows:
Our in-depth analysis of the global orthopedic biomaterials market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising incidences of musculoskeletal disorders and other chronic skeletal conditions and increasing geriatric population globally.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Lack of reimbursement related to orthopedics is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing prevalence of bone degenerative diseases in the region’s low- and middle-income economies.
The major players in the market are Evonik Industries AG, Stryker Corporation, DePuy Synthes Inc., Zimmer Biomet Holdings Inc., Invibio Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, application, and by region.
The orthopedic implants segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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