The orthopaedic biomaterial market players is expanding rapidly, with increasing investments in RD activities fueling the growth. The healthcare industry absorbs a large amount of orthopaedic biomaterial for a variety of medical applications ranging from medicines to implants. Orthopedic biomaterials have advanced significantly over the last decade. Orthopedic biomaterials, which combine medicine, biology, physics, and chemistry, have given the world regenerative bone and tissue engineering.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) in its recently published a study report asserts that the global orthopedic biomaterial market is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 10.5% during the review period (2022 to 2027).
Additional factors such as global population growth and urbanisation are boosting market growth. Improving economic conditions that allow access to a better quality of life and better healthcare provide impetus to market growth. The key market players' pioneering efforts and investments in the development of innovative biomaterials are paying off handsomely, fueling market growth. Furthermore, government initiatives are playing a significant role in promoting 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 - Competitive Landscape
Orthopedic biomaterial market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing expansion programme. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
Key Players:
The global orthopedic biomaterial market players include CERADYNE, CoorsTek Inc., Straumann, Kyocera Corporation, Stryker, 3M ESPE, Materion Corporation, Nobel Biocare Services AG, DePuy Synthes, and Morgan Advanced Materials.
Global Orthopedic Biomaterial Market - Segmentations
The global orthopedic biomaterial market 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.
Due to the region's large population and burgeoning medical treatment market, Asia-Pacific is emerging as the fastest growing orthopaedic biomaterial market. Growing markets such as India, China, and Brazil, as well as increased consumer awareness and an improved lifestyle, provide impetus to market growth. Furthermore, the region's improved economy foreshadows the potential for this market to grow further, creating opportunities in the orthopaedic biomaterial market during the forecast period.
On the other hand, the Middle East and Africa market is experiencing slow growth due to unmet medical needs caused by a lack of funds, limited medical facilities, and Africa's poor political conditions.
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