Orthopedic Biomaterial Market to Reach USD 29.62 Billion and Growing at a CAGR of 9.4% in 2028 | Regional Analysis|

Orthopedic Biomaterial Market Forecast

 

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.

Market Overview:

Orthopedic biomaterials are implanted in the human body as constituents. These devices are designed to perform certain biological functions by substituting or repairing different tissues such as bone, cartilage, or ligaments and tendons and even guiding bone repair when necessary.

The growth of the orthopedic biomaterials market is driven by factors such as the growing demand for next-generation orthopedic biomaterials and the increasing prevalence of orthopedic diseases. In addition, the increasing prevalence of chronic diseases creates a lucrative opportunity for the market. However, lack of reimbursement and an ambiguous regulatory framework is likely to restrain the market growth.

COVID-19 Analysis:

The pandemic is likely to have devastating effects on the global economy, more intense than the global financial crisis during 2008-2009. It is affecting the demand and supply chain, which will severely hurt global trade. The top players in the market are expected to continue to fulfill the current demand for orthopedic biomaterials, including reconstructive joint replacements and spinal implants. Furthermore, various governments across the world are encouraging the key players to improve the current manufacturing facilities. However, with the decline in elective surgical procedures, the orthopedic biomaterials market is expected to witness a slump in 2020.

List of Key Companies Covered in this Report:

1.            Stryker (US)

2.            CoorsTek Inc. (US)

3.            Zimmer Biomet Holdings Inc. (US)

4.            Institut Straumann AG (Switzerland)

5.            Kyocera Corporation (Japan)

6.            Smith & Nephew plc (UK)

7.            3M (US)

8.            Nobel Biocare Services AG(Switzerland)

9.            Medtronicplc (Ireland)

10.         DePuy Synthes (US)

Market Dynamics:


Increasing older population leading to an increase in the patient population

Geriatric individuals are more susceptible to orthopedic diseases. Thus, the growing geriatric population is likely to increase the demand for orthopedic biomaterials. According to the Office for National Statistics, in 2017, ~18% and 2.4% of the total UK population was aged over 65 years and 85 years, respectively. With the high incidence of joint replacement procedures, over 1 million hip and total knee replacement procedures are performed each year in the US. This huge number of joint and knee replacements is increasing the demand for orthopedic biomaterial. Therefore, the growing elderly population is anticipated to boost the growth of the global orthopedic biomaterials market over the assessment period.

Growing demand for next-generation orthopedic biomaterials

Restraints

Lack of reimbursements

Limited reimbursement coverage options are present for these products. The reimbursement for orthopedic biomaterials is also declining in various countries, which has impeded market growth. This lack of reimbursements has put pressure on manufacturers to lower the prices for these materials. All these factors have restricted the growth of the market.

Opportunities

Technological advancement in the medical implants market

Nowadays, consumers are becoming more conscious and aware of the issues related to health. Thus, companies are focusing more on research & development to introduce better technology and treatment, which gives them an edge over their competitors. Companies are looking forward to introducing innovative technologies. Currently, several devices are present in the market for various medical conditions. Players focus on the development of technologically advanced products. For instance, in September 2019, Zimmer Biomet Holdings, Inc., a US-based healthcare solutions provider, announced FDA 510(k) clearance for the Persona Revision Knee System for revision knee replacement procedures. It offers components designed to match a patient's anatomy for a personalized fit.

Value Chain Analysis

The global orthopedic biomaterials market is growing steadily due to the rising incidence of orthopedic injury and growing demand for next-generation orthopedic biomaterial. So,with the rising use of orthopedic biomaterial, many players are showing keen interest in launching new products. The value chain analysis of the orthopedic biomaterials market comprises four major components: the software development process and designing, followed by R&D and designing, manufacturing, distribution, marketing,and sales with post-selling services.

 

Segment Overview:

By Product

Reconstructive Joint Replacements:

Reconstructive joint replacement is a medical procedure that includes the replacement of the damaged joint. It includes minor repair to total joint replacement and offers pain relief as well as permanent solutions to joint disorders. Reconstructive joint replacements include various types of implants, such as knee replacement implants, hip replacement implants, and others. According to the American Academy of Orthopedic Surgeons (AAOS), around 1.6 million hip and knee surgeries and 966,000 knee replacements were performed in the US in 2017.

The market growth of this segment is attributed to the increasing geriatric population and rising cases of orthopedic surgery. Moreover, there has been a strong focus on improving healthcare services globally, which further boosts the market's growth.

Spinal Implants:

A spinal implant is a type of medical device used in the management of spine disorders. Spinal implants consist of polyetheretherketone (PEEK) and titanium alloys. Cobalt chromium alloys are used in disc replacements type of spinal implants. As per the North American Spine Society, around 1.4 million spinal procedures were performed each year in the US. The largest number of procedures were performed in cervical repair, with over 350,000 total procedures.

Dental Implants:

Dental implants are a type of surgical component that edges with the jaw's bone to support dental prostheses like crowns, dentures, and facial prostheses. Moreover, the modern dental implant is a biological process also known as osseointegration, in which titanium material is used to form a close bond to the bone. Dental implants have two types such as root-form dental implants and plate-form dental implants.

Trauma:

Trauma is a critical injury to the bones, joints, ligaments, muscles, and soft tissue caused by accident and fall. As per the World Health Organization, prevalence of trauma orthopedic injury is around 63.6%.

Orthobiologics:

Orthobiologics are biological substances used to provide relief in musculoskeletal injuries.Orthobiologics are various types such as viscosupplementation, demineralized bone matrix, synthetic bone substitutes, bone morphogenetic proteins, and allograft.

 

Free Sample Report @ https://www.marketresearchfuture.com/reports/orthopedic-biomaterial-market-415

 

Regional Analysis

Americas:

The Americas dominated the orthopedic biomaterials market in 2019 and is likely to continue during the assessment period as well. This can be attributed to the high prevalence of orthopedic diseases, product launches, and technological advancement in this region. The high demand for orthopedic biomaterials and the adequate 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 orthopedicbiomaterials market in the Americas. As per the Administration for Community Living, 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.

Europe:

Europe held the second-largest position in the orthopedic biomaterials market in 2019 and is anticipated to witness significant growth over the forecast period due to a higher number of patients and the availability of products in the region. In 2017, Switzerland, Finland, Luxembourg, Germany, Austria, and Belgium were among the countries with the highest number of hip and knee replacements in the region. The OECD averages are 182 per 100,000 population for hip replacements and 135 per 100,000 for knee replacements. On average, hip replacement rates increased by 30% between 2007 and 2017, and knee replacement rates increased by 40% in the same period. This increase in patients undergoing knee and replacement is anticipated to boost the regional market's growth.

Asia-Pacific:

The Asia-Pacific is anticipated to register the highest growth rate duringthe forecast period. According to the United Nations, across Asia, the number 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. This is expected to drive the growth of the regional orthopedic biomaterials market during the study period.

Middle East & Africa:

The orthopedic biomaterials market in the Middle East & Africa has been growing steadily in recent years. The key factors propelling the growth of the regional market are the increasing the prevalence of orthopedics disorders and funding by private players and government bodies.

Competitive Landscape

The global orthopedic biomaterials market is characterized by the presence of many global, regional, and local vendors catering to the demand created by a large patient pool in need of diagnostic and surgical services. The availability of innovative products is increasing the lucrativeness of the global orthopedic biomaterials market. The key players have adopted the strategy of signing contracts and agreements to expand their global presence and optimize operational costs.

The market is highly competitive, with players competing and partnering to gain a substantial market share. The global orthopedic biomaterials market is moderately consolidated with rising competition, product launches, rising collaborative partnerships, and other strategic decisions to achieve operational efficiency. The vendors compete based on cost, quality, timely availability, and reliability of products offered. It is decisive for the players operating in the orthopedic biomaterials market to provide cost-efficient products to survive and succeed in an increasingly competitive and growing market environment.

 

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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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

Email: sales@marketresearchfuture.com

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