The orthopedic biomaterial market is growing pervasively, witnessing an exponential growth backed by the increasing investments in the R&D activities. Healthcare segment extensively absorbs orthopedic biomaterial for a range of medical applications from medicines to implants. Over the past decade, orthopedic biomaterials have evolved greatly. Combining medicine, biology, physics, and chemistry orthopedic biomaterials have presented the world with the regenerative bone and tissue engineering.
The Orthopedic Biomaterial Market of asia pacific is expected to reach USD 40,519.52 million by 2030 at 10.5% CAGR during the forecast period 2022-2030. Additional factors such as growing population and urbanization worldwide are fostering the market growth. Improving economic conditions that enable access to the quality life & the improved healthcare provides impetus to the market growth. Seminal efforts &investments put in the development of innovative biomaterials, by the key market players are paying off well, fuelling the market growth. Also, initiatives taken by the Government are playing a major role in fostering the market growth.
On the other hand, factors such as low awareness among people about the advantages of these materials along with the high cost associated with the orthopedic biomaterial are likely to impede the market growth. Also, the skepticism of physicians towards the advancement & efficacies of these implants affects the market growth negatively. However, the demand for sophisticated implants by the physicians and patients, in turn, would contribute to the market growth to a great deal.
Global Orthopedic Biomaterial Market - Segmentations
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Types : Metals (Titanium Alloy, Stainless Steel, Cobalt Alloy, and others.), and Non- Metal (Polymeric (polyester, silicone, polyethylene, polymethylmethacrylate (PMMA), others.), Natural Biomaterials, and Ceramic (alumina, zirconium dioxide, calcium phosphate, carbon, others.), among others.
By Applications : Joint Replacement (shoulder, elbow, hip and, knee replacement, among others.), Tissue Fixation (suture anchors, interference screws, and others.), Fracture Fixation Devices (screws, plates for bones, rods, and others), and Spine Implants among others.
By End-Users : Hospitals and Clinics and Specialty Centers among others.
By Regions : North America, Europe, APAC, and the Rest-of-the-World.
Global Orthopedic Biomaterial Market - Geographical Analysis
The North America market dominates the global orthopedic biomaterial market owing to the increasing healthcare expenditure followed by Europe and the Asia Pacific. North America market for orthopedic biomaterial is expected to continue with its dominance in the years to come owing to the favorable government regulations coupled with the increasing integration of orthopedic biomaterial in the region.
Simultaneously, the increasing prevalence of different orthopedic surgeries, along with the increasing geriatric populace boost the market growth in the region, leading to an increase in patient population. Furthermore, increasing awareness among the people, towards the benefits of biodegradable products and the rising demand for technologically advanced treatments and products enhance the growth of the orthopedic biomaterial market in North America.
The Europe region accounts for the second-largest orthopedic biomaterial market attributing to the increased research & development activities in the field backed by the government support and funds. The market is expected to grow due to the availability of innovative treatment facilities and rising research activities in orthopedic biomaterials for nanotechnology. Moreover, increasing cases in orthopedic surgeries along with the rising population awareness regarding keeping good health is fostering the market growth in the region.
Whereas attributing to the huge population and the burgeoning medical treatment market in the region, Asia-Pacific market is emerging as the fastest growing market for orthopedic biomaterial. Growing markets of India, China, and Brazil backed by the increasing consumers’ awareness & improved lifestyle provide impetus to the market growth. Besides, the improved economy in the region presages the potential this market holds to grow further, creating the opportunities in the orthopedic biomaterial market during the forecast period.
On the other hand, the Middle East & Africa market witnesses impedimental growth due to the unmet medical needs aroused due to the unavailability of funds, limited medical facilities and the poor political conditions in Africa.
Key Players:
The fervent players leading the global orthopedic biomaterial market include CERADYNE, CoorsTek Inc., Straumann, Kyocera Corporation, Stryker, 3M ESPE, Materion Corporation, Nobel Biocare Services AG, DePuy Synthes, and Morgan Advanced Materials.
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