A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the ” Global Orthopedic Biomaterials Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2022 to 2030.
Global Orthopedic Biomaterials Market Analysis
According to cognizance market research, 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.
What are Orthopedic Biomaterials?
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. Visco supplementation, bio-resorbable tissue fixation, ortho biologics, joint replacement/reconstruction, and orthopedic implants are some uses for the product. Orthopedic biomaterials come in a variety of forms. Some examples are ceramics and bioactive glass, polymers, calcium phosphate cement, metal biomaterials, and composites.
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 Visco supplementation, joint reconstruction, and joint arthroplasty is also helping this industry to grow. 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 significant demand for orthopedic biomaterials.
The market for orthopedic biomaterials is expanding as a result. Over the coming years, it is anticipated that the usage of orthopedic biomaterials will increase as the world’s aging population grows more susceptible to joint problems and procedures. A July 2022 report from the World Health Organization estimates that approximately 1710 million people globally experience musculoskeletal issues. Due to the rising incidence of musculoskeletal injuries brought on by an increasing incidence of musculoskeletal illnesses, the market for orthopedic biomaterials is growing.
Global Orthopedic Biomaterials Market Outlook
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 rising frequency of chronic skeletal problems among the world’s population, which necessitates the use of orthopedic biomaterials in the healing process, is another reason that supports market expansion. Additionally, sedentary lifestyles and the use of processed and fatty diets have increased significantly, contributing to an increase in orthopedic problems. Additionally, it is believed that the aging population, which is more vulnerable to musculoskeletal ailments, will positively affect market growth. Additionally, it is anticipated that throughout the projection period, the growth in sports injuries and the number of trauma cases brought on by accidents would offer promising development opportunities for market advancement. Additionally, because of the growing demand for technologically advanced orthopedic biomaterials for the treatment of various illnesses, the market’s dominant player is being forced to expand its expenditure on research and development efforts. In the upcoming years, it is anticipated that this feature will significantly boost revenue growth. Another factor anticipated to drive market growth is the rising demand for orthopedic biomaterials because of orthopedic surgeries such as joint arthroplasty, joint reconstruction, and Visco supplementation.
The aging population, increased rates of musculoskeletal injuries, and an increase in the number of patients choosing knee replacement, joint reconstruction, and other orthopedic treatments affecting joints are all expected to have an impact on the market. According to the United Nations Department of Economic and Social Affairs World Population Prospects 2022, the proportion of people in the world who are 65 or older is anticipated to rise from 10% in 2022 to 16% in 2030. By the year 2050, it’s anticipated that the number of persons 65 and older will have surpassed that of children under the age of five and will be nearly equivalent to that of children under the age of twelve.
These variables significantly affected the need for orthopedic biomaterials on a global scale, particularly during the COVID-19 pandemic. However, the post-COVID-19 situation will get worse as more surgeries go unfinished. The pandemic’s widespread lockdowns, which also restricted private and public transit, led to fewer traffic accidents and injuries. This led medical facilities to focus less on surgical procedures and more on COVID-19 patients, which temporarily affected the market in the early pandemic period, particularly in specialized hospitals. Furthermore, due to a lack of resources, orthopedic clinics and hospitals around the globe were only able to respond to emergencies, while other facilities were transformed into COVID-19 patient confinement facilities and treatment facilities. Furthermore, due to a lack of resources, orthopedic clinics and hospitals around the globe were only able to respond to emergencies, while other facilities were transformed into COVID-19 patient confinement facilities and treatment facilities. All elective procedures were eventually stopped, which reduced exposure to different methods and practical experience.
The market is also growing as a result of industry advancements. For instance, a cutting-edge 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.
Product, material, application, and end-user are the segments used to categorize the worldwide orthopedic biomaterials market.
The global market is segmented based on the product into ortho biologics, trauma, dental implants, spinal implants, and reconstructive joint replacement. The market’s largest contributor, reconstructive joint replacement, is anticipated to expand at a CAGR of xx% over the projected period. Reconstructive joint replacements had the biggest share (xx%) in 2022. The aging population and the increase in orthopedic surgery cases are to blame for this. Furthermore, there has been a considerable focus on improving healthcare services globally, which has sped up market growth. The injured joint is also replaced through a medical operation known as reconstructive joint replacement. Joint reconstruction, which provides pain relief and long-term treatments for joint problems, can range from modest repair to complete joint replacement. Reconstructive joint replacements involve a variety of implants, such as implants for hip and knee replacements and others.
The global market is divided into two segments based on material class: metal and non-metal. The non-metal sector, which currently holds the largest market share, is anticipated to expand at a CAGR of xx% during the projection. Surgeons can use non-metal anchors in place of metal ones by using the polyetheretherketone (PEEK) implant material systems from the magnum PI. The system is used in several surgical operations requiring the replacement of the Achilles tendon in the foot and shoulder, among many other purposes. An implant with a cortical bone lock and knotless makes the process quick, easy, and secure. fixation as well as an easy procedure. The implant contains a user-friendly implanted handle. The periodic table contains mostly metals. In load-bearing devices like hip and knee prostheses and the treatment of internal and exterior bone fractures, metallic biomaterials are largely employed.
The global market is segmented into joint replacement, fracture fixation, tissue fixation, implant surgery, and Visco supplementation based on the application. The market’s largest contributor, joint replacement, is anticipated to expand at a CAGR of xx % throughout the forecast period. During joint replacement surgery, unhealthy or damaged joint components are removed and replaced with new, synthetic ones. The joint can be replaced and the pain and suffering reduced. The most frequent reconstructions are of the hip and knee. The elbows, ankles, shoulders, fingers, and other joints could be substituted with other joints. An aging population, an increase in the use of new technology, an increase in the frequency of osteoporosis, and an increase in traumas are the main reasons for orthopedic fracture fixing.
The worldwide orthopedic biomaterials market is segmented into ambulatory surgery centers and hospitals and clinics based on the end user. With the largest market share, the hospitals and clinics sector is anticipated to expand at a CAGR of xx% throughout the projected period.
Geographically speaking, the Orthopedic Biomaterials market has been divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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 authorities’ permission.
During the forecast period, Europe is anticipated to expand at a CAGR of xx%. Due to a rise in patients and easier access to goods, Europe, which accounted for the second-largest share of the orthopedic biomaterials market in 2022, is predicted to experience significant growth throughout the forecast period.
Over the forecast period, Asia-Pacific is anticipated to grow the fastest. The proportion of people 65 and older is expected to rise dramatically across Asia over the next 50 years, according to the UN. The number of people in this age bracket in the region will rise from 207 million to 857 million, a 31.4% increase. Numerous individuals residing in the area are also likely to suffer from various orthopedic and heart ailments.
Additionally, people spend more cash on health because middle-class families in Asia, who make up a sizeable section of the population, have more per capita disposable income. This is one of the factors influencing the expansion of the regional global market during the study. Throughout the forecast, the market for orthopedic biomaterials has steadily grown in the Middle East and Africa. The primary forces behind the regional market expansion are the increased prevalence of orthopedic illnesses and support from both public and private entities.
The report offers the revenue of the global orthopedic biomaterials market for the period 2022-2030, considering 2020 & 2021 as historical years, 2022 as the base year, and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global orthopedic biomaterials market for the forecast period. The global orthopedic biomaterials market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global orthopedic biomaterials market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global orthopedic biomaterials market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global orthopedic biomaterials market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have also been studied to understand the global orthopedic biomaterials market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Global Orthopedic Biomaterials Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global orthopedic biomaterials market. The subsequent section of the global orthopedic biomaterials market report highlights the USPs, which include key industry events (product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenarios.
Global Orthopedic Biomaterials Market Competitive Landscape
The “global orthopedic biomaterials market study report will provide valuable insight with an emphasis on the global market including some of the major players such as:
The competitive landscape of the global orthopedic biomaterials market is examined in the report. The market’s major players in the management of healthcare facilities have been identified and profiled for their distinctive commercial characteristics. Companies profiled in the global orthopedic biomaterials market research have an overview (business description, type portfolio, regional presence, employee strength, key management, etc.), financials, SWOT analysis, recent advancements, and important strategies.
Orthopedic Biomaterials, by Product
Global Orthopedic Biomaterials Market, by Material
Global Orthopedic Biomaterials Market, by Application
Global Orthopedic Biomaterials Market, by Region
The orthopedic biomaterials market is a segment of the healthcare sector that focuses on the development, manufacturing, and sale of biomaterials used in orthopedic surgery. Biomaterials are materials that can be used to replace or repair damaged or diseased bone and tissue.
The key drivers of growth in the orthopedic biomaterials market include:
The key challenges facing the orthopedic biomaterials market include:
The key trends in the orthopedic biomaterials market include:
The key opportunities in the orthopedic biomaterials market include:
Orthopedic Biomaterials Market
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