Orthopedic biomaterials help to restore the structural integrity of bones that have been damaged by disease or trauma. They are organically constructed from organic or synthetic materials. Another use for it is inner fracture fixation. Viscosupplementation, bio-resorbable tissue fixation, ortho biologics, joint replacement/reconstruction, and orthopedic implants are some of the uses for the substance. Orthopedic biomaterials come in a variety of forms. Examples include ceramics and bioactive glass, polymers, calcium phosphate cement, metal biomaterials, and composites.
The Global Orthopedic Biomaterials Market was valued at US$ 12,345.7 Million in 2022 and is anticipated to reach US$ 21,576.5 Million by the end of 2030 with a CAGR of 7.2% from 2023 to 2030
For instance, according to National Health Statistics Reports, 213 million Americans aged 6 and older engaged in sports and fitness activities throughout their early years. A surge in orthopedic operations including viscosupplementation, joint reconstruction, and joint arthroplasty is also assisting the growth of this industry. The global increase in musculoskeletal illnesses is the main element contributing to the market’s expansion. In humans, musculoskeletal disorders typically affect the joints, bones, and muscles and promote the growth of various inflammatory and painful ailments. Orthopedic biomaterials are necessary for the effective healing of such musculoskeletal problems, which is anticipated to drive market expansion. The World Health Organization (WHO) reported that 1710 million people globally experienced musculoskeletal issues in 2022. As sports injuries, accident-related trauma cases, and orthopedic procedures like joint repair and joint arthroplasty rise, there is also a large demand for orthopedic biomaterials. The market for orthopedic biomaterials is expanding as a result. Over the next few years, it is anticipated that the usage of orthopedic biomaterials will increase as the world’s aging population grows increasingly vulnerable to joint problems and procedures. A July 2022 report from the World Health Organization estimates that approximately 1710 million people globally experience musculoskeletal issues.
Global Orthopedic Biomaterials Market Amid COVID-19 Pandemic
Fewer traffic accidents and injuries occurred as a result of the pandemic’s widespread lockdowns, which also curtailed private and public transit. This caused healthcare institutions to shift their attention from surgical procedures to COVID-19 patients, which had a short-term effect on the market in the early pandemic period, especially in specialist hospitals. Additionally, because of resource constraints, orthopedic clinics and hospitals around the world were only able to handle emergencies, while other institutions were converted into confinement facilities and treatment centers for COVID-19 patients. The eventual halt to all elective surgeries has limited exposure to various techniques and hands-on experience. Therefore, during the COVID-19 pandemic, these factors had a significant global impact on the demand for orthopedic biomaterials.
However, as the number of pending surgical procedures rises, the post-COVID-19 situation will probably worsen.
Additionally, there is a huge demand for orthopedic biomaterials due to the increase in sports injuries, accident-related trauma cases, and orthopedic surgeries like joint reconstruction and joint arthroplasty. This is propelling the growth of the orthopedic biomaterial market.
Increasing Prevalence of the geriatric population along with the increased rates of musculoskeletal injuries and patients choosing knee replacement, construction, and other orthopedic operations related to joints to Boost the Global Orthopedic Biomaterials Market
The aging population, increased rates of musculoskeletal injuries, and growth in the number of patients selecting knee replacement, construction, and other orthopedic procedures involving joints are all expected to have an impact on the market. The World Population Prospects 2022 report from the UN Department of Economic and Social Affairs predicts a rise in the proportion of people 65 and older, from 10% in 2022 to 16% in 2050. By 2030, it is anticipated that the number of persons 65 and older will have surpassed that of children under the age of five and will be nearly equal to that of children under the age of twelve.
Over the next few years, it is anticipated that the usage of orthopedic biomaterials will increase as the world’s aging population grows increasingly vulnerable to joint problems and procedures. A July 2022 report from the World Health Organization estimates that approximately 1710 million people globally experience musculoskeletal issues. The growing prevalence of musculoskeletal injuries brought on by such a high burden of musculoskeletal disorders is driving the growth of the orthopedic biomaterials market.
The market is also growing as a result of industry advancements. As an illustration, a fresh implantable Whitlockite Biomaterial was unveiled. Whitlockite, a kind of magnesium tricalcium phosphate, has shown exceptional bioactive regenerative and reconstructive properties as well as remarkable biocompatibility, making it an effective biomaterial for implant utilization on fracture or bone defect sites.
As a result, it is expected that the aforementioned factors will encourage market expansion during the research period. However, the lack of reimbursement policies for the operations would somewhat restrict the market growth.
North America to Spearhead the Global Orthopedic Biomaterials Market
Due to the growing target population, rise in the geriatric population, high adoption of cutting-edge orthopedic products, and presence of numerous pharmaceutical firms specializing in orthopedics, North America is anticipated to account for a sizeable portion of the global orthopedic biomaterials market. One of the main forces for the segment’s growth is the rise in knee injuries. For instance, among the top 3 inpatient procedures carried out each year in Canada are knee replacements. The market’s expansion is also being fueled by the regulatory authority’s permission.
Rising geriatric population: The prevalence of geriatric patients, along with an increase in the number of patients with chronic diseases and obesity, is a major factor driving the growth of global orthopedic biomaterials. Other important factors include the introduction of new services by a significant number of key players. The government’s endeavors to offer correct services to the healthcare facilities sector fuel market expansion.
Adoption of new technologies: The North American market is anticipated to increase gradually as a result of the introduction of new technologies including the Internet of Things, artificial intelligence, robotics, and others. The region holds a sizable market share, which can be attributable to ongoing studies on orthopedic biomaterials for various reasons and the expanding North American pharmaceutical market.
Adoption of new products: high adoption of cutting-edge orthopedic products is boosting the revenue of various companies in North America.
Some of the key players operating in the market are DSM Biomedical B.V, Evonik Industries AG, Stryker Corporation, Zimmer Biomet Holdings Inc., Exactech, Inc., CAM Bioceramics B.V., DePuy Synthes (Johnson & Jhonson), Invibio Limited, Globus Medical, Others. Furthermore, companies operating in the Orthopedic Biomaterials market have adopted several growth strategies to expand their market share and increase their revenue.
Partnerships and Collaborations: Companies are forming partnerships and collaborations to share expertise and resources to accelerate the development of new products. These partnerships enable companies to leverage their strengths and develop new therapies more efficiently.
Acquisitions and Mergers: Companies acquire other companies or merge with them to gain access to their product pipelines, experience, and cutting-edge technology. With these mergers and acquisitions, businesses can increase their capabilities, product offers, and market share.
Implementing innovative technologies: These companies are using cutting-edge technology to provide their clients with better, more thorough property management services.
New product development: companies are investing more & more in research & development activities to develop new products.
New product launches: new and improved products are being launched in the market mainly by the key players.
In general, these growth strategies allow businesses to raise their market share, create new products, and boost their income in the global market for Orthopedic Biomaterials.