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Press Release: Orthopedic Biomaterial Market to Surpass US$ 23,035.3 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Biomaterials are broadly used in the medical procedures such as in orthopedics. Orthopedic biomaterials derived from organic or synthetic materials that help in the restoration of the structural integrity of bones, which are damaged due to trauma or disease. Orthopedic biomaterials are incorporated into the human body as part of devices designed to perform certain biological functions by substituting or repairing various tissue, such as ligaments, cartilage, bones, tendons, and others. The application sectors of the product include joint replacement, spine implants, orthobiologics, viscosupplementation, and bio-resorbable tissue fixation.
The Global Orthopedic Biomaterial Market is estimated to be valued at US$ 11,896.5 million in 2020 and is expected to exhibit a CAGR of 9.9% during the forecast period (2020-2027).
Figure 1.Global Orthopedic Biomaterial Market Share (%) in Terms of Value, By Material 2020
The rising incidence of musculoskeletal disorders and chronic skeletal disorders is expected to drive the market growth during the forecast period.
The Increasing incidence of musculoskeletal disorders and chronic skeletal disorders is expected to drive Global Orthopedic Biomaterial Market growth over the forecast period. For instance, as per World Health Organization (WHO) in February 2021, approximately 1.71 billion people have musculoskeletal conditions worldwide.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 11,896.5 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 9.9% | 2027 Value Projection: | US$ 23,035.3 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
B. Braun Melsungen AG, CONMED Corp., Evonik Industries AG, Medtronic Plc., Smith & Nephew Plc., Stryker Corp., Victrex Plc., and Zimmer Biomet Holdings Inc., Globus Medical, Heraeus Holding GmbH, Exactech Inc., Collagen Matrix Inc., Koninklijke DSM N.V. (DSM Biomedical B.V.), Invibio Ltd., and DePuy Synthes |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2.Global Orthopedic Biomaterial Market Share (%), by End user, 2020
Increasing government initiatives to spread awareness about Orthopedic Biomaterials is expected to drive the market growth during the forecast period
Several government and non-government programs are carried out in order to spread awareness among people regarding orthopedic biomaterials, which is expected to drive the market growth during the forecast period.
For Instance, in 2019, Government of India selected biodegradable orthopedic implant prototype for commercialization, which is safe and cost effective. The National Research Development Corporation (NRDC) of India, a technology transfer organization under the Department of Scientific & Industrial Research, Ministry of Science & Technology is consider novel method which build biodegradable implant that is made of magnesium and hydroxyapatite.
Global Orthopedic Biomaterial Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 114 million infected individuals worldwide as of March 1st 2021.
COVID-19 can affect the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Moreover, from March 2020 to June 2020, the health system in the U.S. experienced a significant decline in surgical volumes compared to 2019. The pandemic had a major impact on the U.S., Japan, China, as well as many major European countries. Due to the increasing prevalence of COVID-19, key players operating in the Global Orthopedic Biomaterial Market are focusing on research and development of novel products to support and combat the effect of COVID-19. COVID-19 pandemic has impacted the global economy and in turn, the
Global Orthopedic Biomaterial Market: Restraint
The major factors that hinder the growth of the Global Orthopedic Biomaterial Market include variations in reimbursement scenario and high cost associated with implants, joint replacement/reconstruction, and orthobiologics.
Key Players
Major players operating in the Global Orthopedic Biomaterial Market are B. Braun Melsungen AG, CONMED Corp., Evonik Industries AG, Medtronic Plc., Smith & Nephew Plc., Stryker Corp., Victrex Plc., and Zimmer Biomet Holdings Inc., Globus Medical, Heraeus Holding GmbH, Exactech Inc., Collagen Matrix Inc., Koninklijke DSM N.V. (DSM Biomedical B.V.), Invibio Ltd., DePuy Synthes.
Orthopedic biomaterials are synthetic or organic materials of biologic composition. Orthopedic biomaterials are commonly used in orthopedics, surgical implants, prosthetics, and various medical tools and devices. These materials are used to internally fix the fracture. Biomaterial devices are designed for various number of orthopedic applications, which are termed as ‘Implants’. The orthopedic biomaterials market involve bone graft substitutes, growth factors, orthopedic stem cells, cell therapy, hyaluronic acid visco supplementation, cartilage repair, and machined bone allografts. These materials are implanted or applied in or near the indicated bone to expedite healing, stimulate bone tissue augmentation, compensate in areas where bone tissue is depleted and restore structure to allow for repair. Various biomaterials used in orthopedic are metals or metal alloys, ceramics, tissue adhesives, polymers, carbon materials, and composites, etc. Metal is the most commonly used orthopedic material due to its properties, such as corrosion resistance, high strength, hardness, ductility, biocompatibility, and formability.
Market Dynamics
Rise in the population with musculoskeletal disorders & chronic skeletal disorders, and increasing geriatric population are some of the major factors responsible for the growth of Global Orthopedic Biomaterial Market. For instance, according to the report published by the United Nation (UN) in 2017, the global population of age 60 and above was around 962 million, and is expected to reach 2.1 billion by 2050. Among orthopedic operations, knee replacement therapy is mostly carried out in geriatrics population. Moreover, according to the Journal of Bone and Joint Surgery, by 2030 the demand for knee arthroplastics is estimated to grow by 674% during 2005 and 2030 reaching 3.48 million procedures.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 26 market data tables and 31 figures on "Global Orthopedic Biomaterial” - Global forecast to 2027
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