HealthTech

Orthopedic Biomaterial Market Size Forecasted to be Worth USD 29.62 Billion In 2028

By Biswas Debanjan

Posted on November 10, 2021

The global orthopedic biomaterial size is expected to reach USD 29.62 Billion in 2028 and register a CAGR of 9.4% during the forecast period. Musculoskeletal disorders are leading cause of disability worldwide with around 1.71 billion patients currently recorded. Musculoskeletal disorders restrict mobility and precision of an individual resulting in decreased social participation and basic daily activities.

Demand for orthopedic biomaterials has been rising due to their significant properties such as repair, regeneration, and reconstruction of joints and muscles caused due to road activities, sports injuries, falls, or jerking movements. One of primary reasons for rapid expansion of orthopedic biomaterials market is increasing geriatric population and rising prevalence of conditions like osteoporosis and osteoarthritis. Moreover, rising number of knee replacement/reconstruction surgeries is escalating market growth. Occurrence of symptomatic knee osteoarthritis in people aged above 60 years is around 13% in women and 10% in men. Increasing demand for next-generation biomaterials designed for specific orthopedic procedures is expected to augment growth of global market.

However, factors such as unfavorable reimbursement policies for these materials along with shifting patient preference to non-surgical substitutions are expected to have a negative impact on the market growth.

Orthopedic Biomaterial

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Some key highlights in the report:

Based on product type, medical segment revenue accounted for largest share in the global orthopedic biomaterial market in 2020. Metals are extensively used as orthopedic biomaterials considering their thermal and mechanical conductivity properties. They also provide adequate strength to sustain rigorous everyday activities.
In context to application, orthopedic implants accounted for larger revenue market share among other applications in 2020 and is expected to register a significantly high CAGR throughout the forecast period. Orthopedic implants find application in repairing or replacing different tissues such as ligaments, tendons, bones, and cartilages.
On basis of end-user, the hospital segment contributed to considerably high market revenue in 2020 and is expected to sustain its leading position over the forecast period. Increasing incidences of orthopedic cases and musculoskeletal disorders has increased the demand for this segment.
Asia Pacific is projected to register the fastest revenue CAGR between 2021 and 2028 owing to increasing rate of chronic orthopedic conditions, vast investments in healthcare infrastructure, and increasing discretionary income in developing countries.
North America accounted for a high market revenue contribution among all regional markets in the global market in 2020 and is projected to register highest CAGR during the forecast period. High revenue contribution is attributed to modern healthcare facilities, technological advancements in orthopedic materials, and increasing geriatric population in North America. In addition, many market players in this region are investing in research and development to develop advanced orthopedic biomaterials.
Key players in the market include Evonik Industries AG, Zimmer Biomet, Matexcel, Globus Medical, Stryker Corporation, DSM Biomedical, Invibio Ltd., CAM Bioceramics BV, DePuy Synthes, and ExaTech Inc.
Evonik Industries AG announced development of an advanced osteoconductive PEEK biomaterial in March 2020 that can be useful to improve bone fusion with an implant.

For the purpose of this report, Emergen Research has segmented the global orthopedic biomaterial market on the basis of material type, application, end-use, and region:

Material Type Outlook (Revenue, USD Billion; 2018–2028)