The global orthopedic biomaterials market was valued at US$ 11.56 Billion in 2020 and is expected to reach the market value of US$ 42.79 by 2028 registering a CAGR of 10.6% from 2021 – 2028.
Orthopedic biomaterials are referred to such materials that directly interact with the body fluids & human tissues to treat, replace and improve the functioning of the anatomical parts of the human body. The orthopedic biomaterials are also called implants. Orthopedic biomaterials are implanted in the human body to perform biological functions by repairing or substituting the ligaments, tendons, bones, cartilages, and others. As we get older, we experience increased pain in our bones and joints. In such cases, we must consult a surgeon who further suggests specific medications or treatment. When the medications are not effective, the surgeon suggests implants or orthopedic biomaterials. Orthopedic biomaterials aim to correct musculoskeletal deformities and provide proper support to the chronic skeletal system by reducing the motion in the elevated organ. The high prevalence of chronic skeletal deformities and musculoskeletal disorders, injuries caused by accidents, injuries due to sports are the major factors driving the orthopedic biomaterials market growth globally. According to World Health Organization (WHO) in February 2021, nearly 1.71 billion people had musculoskeletal disorders globally. In addition, an increase in the number of surgeries like joint reconstruction, joint arthroplasty, and viscosupplementation is further paving the way for the growth of the global orthopedic biomaterials market.
An increase in chronic skeletal disorders, the rising geriatric population, growth in the number of musculoskeletal deformities, increasing aging population, accidents causing injuries, and increasing awareness among the people are certain factors that are responsible for the market growth of orthopedic devices globally. In addition, technological advancements of orthopedic devices and the introduction of innovative design along with increased efficiency of the devices further drive the global orthopedics devices market.
Major factors that restrict the global orthopedic biomaterials market include reimbursement variations, high implantation costs, less availability of skilled professionals, stringent government policies, and limited investments in the healthcare industry especially in developing regions.
Ongoing Research & Development will bring out more inherent qualities of the orthopedic biomaterials and improve their role providing a better & innovative way of treatment. Furthermore, extensive investments and strategies like partnerships, collaborations, expansions, and product developments by the market players provide lucrative opportunities to the global orthopedic biomaterials market growth.
The global orthopedic biomaterials market is fragmented on the basis of Materials, Application, End-user, and region. The Material type is further classified into Ceramics & Bioactive Glasses, Calcium Phosphate Cement, Polymers, Metals, and composites. The Ceramics & Bioactive Glasses segment held the largest market share among all the sub-segments. On the basis of application, the global market is segmented into Orthopedic Implants, Orthobiologics, Joint Replacement/Reconstruction, Bio-resorbable tissue fixation, and Viscosupplementation. The Orthopedic implants segment emerged as the most dominant segment in the application type. Based on End-user the global orthopedic biomaterials market is bifurcated into Hospitals & Surgical Centers.
Based on region, the global orthopedic biomaterials market is fragmented into North America, Europe, Asia-Pacific (APAC), and RoW. North America is further classified into U.S. & Canada. Europe is further segmented into Germany, the U.K., France, rest of Europe. Asia-Pacific is segmented into China, Japan, India, rest of APAC. RoW covers South & Central America, Middle East and Africa. Currently, North America dominates the global orthopedic biomaterials market due to specific reasons like extensive investments in the healthcare industry, improved infrastructure, accelerated R&D, and advanced healthcare systems. Europe ranks second in the global orthopedic biomaterials market. However, APAC is expected to register the highest number of CAGR in the forecast period 2021 – 2028 due to the prevalence of bone degenerative diseases and musculoskeletal disorders in developing economies. Moreover, an increase in healthcare expenditure along with better healthcare infrastructure is anticipated to majorly drive the global orthopedic biomaterials market.
Stryker Corp., Zimmer Biomet, DePuy Synthes Inc., DSM Biomedical, Evonik Industries AG, Invibio Ltd., Globus Medical, Matexcel, Exactech, Inc., CAM Bioceramics B.V., AdvanSource Biomaterials Corp, and Heraeus Holding among others are the prominent players of the global orthopedic devices market.
Market Segmentation and Scope of the Global Orthopedic Biomaterials market:
Prominent Players of the Global Orthopedic Biomaterials market: