PUBLISHER: The Business Research Company | PRODUCT CODE: 1429582
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429582
Orthopedic biomaterials refer to materials designed to be integrated into the human body as components of devices aimed at performing specific biological functions, either by substituting or repairing various tissues, including bones, cartilage, ligaments, tendons, and others.
This report on the orthopedic biomaterials market divides the industry into segments based on material type, encompassing ceramics and bioactive glasses, calcium phosphate cement, polymers, metals, and composites. Polymers, a category of orthopedic biomaterials, are intended for insertion into the human body to fulfill specific functions. The applications of orthopedic biomaterials include orthopedic implants, joint replacement/reconstruction, bio-resorbable tissue fixation, orthobiologics, and viscosupplementation. These materials find use across various end-users, including hospitals, clinics, and others.
The orthopedic biomaterials market research report is one of a series of new reports from The Business Research Company that provides orthopedic biomaterials market statistics, including orthopedic biomaterials industry global market size, regional shares, competitors with an orthopedic biomaterials market share, detailed orthopedic biomaterials market segments, market trends and opportunities, and any further data you may need to thrive in the orthopedic biomaterials industry. The orthopedic biomaterials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The orthopedic biomaterials market size has grown rapidly in recent years. It will grow from $18.62 billion in 2023 to $20.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed in the historical period can be attributed to technological advancements, increased healthcare spending, the expansion of healthcare facilities, and overall economic growth.
The orthopedic biomaterials market size is expected to see rapid growth in the next few years. It will grow to $34.03 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The anticipated growth in the forecast period can be attributed to the rising prevalence of obesity and arthritis conditions, the rapid increase in the geriatric population, and a surge in joint replacement surgical procedures. Major trends expected in the forecast period include the utilization of 3D printing technology for manufacturing implants, the development of innovative products, the creation of smart biomaterial implants, and increased involvement in merger and acquisition activities. Strategies adopted by players in the orthopedic biomaterials market involve investments in expanding operations through the introduction of innovative product launches and engaging in acquisitions and mergers to enhance their service offerings.
The orthopedic biomaterials market is anticipated to be driven by the rise in the incidence of musculoskeletal disorders. According to the World Health Organization (WHO) report, musculoskeletal conditions represent the primary contributor to disability on a global scale, affecting approximately 20-33% of the population. These conditions lead to fractures, swelling, and discomfort in the joints, ligaments, and tendons, resulting in movement disabilities. The burden of musculoskeletal conditions tends to increase with age, and initiatives such as the sustainable development goals (SDGs) and the Decade of Healthy Ageing 2020-2030 have emphasized the need for heightened global attention and action on musculoskeletal health. Biomaterials play a crucial role in treating these disorders, indicating that the incidence of musculoskeletal disorders is expected to propel the orthopedic biomaterials market.
The growth of the orthopedic biomaterials market is expected to be fueled by the increasing prevalence of knee replacements. Knee replacement, also referred to as knee arthroplasty, involves a surgical procedure to replace a damaged or worn-out knee joint with an artificial joint or prosthesis. The utilization of orthopedic biomaterials in knee replacements has significantly improved outcomes and enhanced the quality of life for patients with knee joint issues, providing the necessary strength, durability, and biocompatibility. For instance, in March 2023, the Centers for Advanced Orthopaedics, a US-based medical center specializing in orthopedic care, reported that the US witnesses 790,000 total knee replacements and 450,000 hip replacements annually. Hence, the increasing prevalence of knee replacements is a key driver of the growth observed in the orthopedic biomaterials market.
The recent advancement of 3D printing technology for orthopedic implants is a notable development in the orthopedic biomaterials market. This technology is employed to manufacture a diverse range of medical equipment, especially those with intricate structures tailored to a patient's specific anatomy. 3D printing of orthopedic implants allows for the creation of more natural anatomical shapes and the design of porous bone replacement scaffolds that seamlessly integrate with the implant, promoting natural bone regeneration for enhanced reliability. This trend has garnered significant attention from various players in the orthopedic biomaterial market, exemplified by Germany-based chemical company Evonik's investment in Chinese 3D printed implant startup Meditool. Meditool utilizes polyether ketone (PEEK) polymer supplied by Evonik in its 3D printing process.
Major companies in the orthopedic biomaterials market are directing their efforts toward innovative products, such as tendon fixation devices, to drive market revenues. Tendon fixation devices are medical instruments or implants used in orthopedic surgery to secure tendons, ligaments, or soft tissues to bone. In June 2023, Acuitive Technologies Inc., a US-based company specializing in innovative orthopedic biomaterial technologies, introduced a novel tendon fixation device. This ACL device features a unique design with a tendon-friendly spiral thread made of citregen, a next-generation resorbable material known for its special molecular and mechanical characteristics. This material technology enhances tendon fixation by contributing to the natural healing process and preventing chronic inflammation, a concern with some other biodegradable devices.
In September 2023, US-based medical technology company Enovis acquired Lima Corporate for $847 million. Enovis anticipates strategic advantages from this acquisition, including opportunities for growth in its successful recon portfolio and an expanded global presence. The acquisition is expected to deliver improved financial results, driven by strong cross-selling revenue growth prospects and significant cost reductions. Lima Corporate, an Italy-based company, specializes in the manufacturing of orthopedic biomaterials.
Major companies operating in the orthopedic biomaterials market report are Zimmer Biomet Holdings, Stryker Corporation, Johnson & Johnson, Smith & Nephew PLC, Globus Medical Inc., Exactech Inc., Heraeus Holding GmbH, Evonik Industries AG, Victrex plc., Collagen Matrix Inc., Royal DSM, Sahajanand Medical Technologies, SCHILLER Healthcare India Pvt. Ltd., GE Healthcare, Covidien Healthcare India Private Limited, Philips Healthcare India, Fisher & Paykel Healthcare India Private Limited, Smiths Medical India Pvt. Ltd., Agappe Diagnostics Ltd., ARKRAY Healthcare Pvt. Ltd., Accord Medical Products Private Limited, AAP Implantate AG, Waldemar Link GmbH & Co. KG, Amplitude SAS, Corin Group PLC, Beznoska Company Ltd., Sanatmetal Ltd., Medin a.s., Neoortho, Amplitude Ortho, Cremer S. A., BSN Medical SA, Corin South Africa, Draegerwerk AG, ResMed Inc
North America was the largest region in the orthopedic biomaterials market in 2023. Western Europe was the second largest region in the orthopedic biomaterials market report. The regions covered in the orthopedic biomaterials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the orthopedic biomaterials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The orthopedic biomaterials market consists of sales of glass-ceramic and bioactive glasses and calcium phosphate cements. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Orthopedic Biomaterials Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on orthopedic biomaterials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for orthopedic biomaterials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The orthopedic biomaterials market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.