Number of pages: 100 | Report Format: PDF | Published date: June 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic biomaterials market was valued at US$ 17.65 billion in 2022 and is expected to register a revenue CAGR of 10.3% to reach US$ 42.67 billion by 2031.
Orthopedic Biomaterials Market Fundamentals
Orthopedic biomaterials refer to substances or materials used in orthopedic surgeries and treatments to repair or replace damaged or diseased bone, joint, and soft tissue structures. These biomaterials are designed to mimic natural tissues' physical and mechanical properties while providing support and promoting healing. They are crucial in orthopedic interventions, such as joint replacements, bone grafting, spinal fusion, and fracture fixation. Orthopedic biomaterials can be categorized into several types, including metals, ceramics, polymers, and composites, each with unique properties and applications. There is a growing emphasis on developing and using regenerative biomaterials in orthopedics. These biomaterials can stimulate tissue regeneration and promote healing, which is particularly beneficial in bone and cartilage repair. 3D printing, or additive manufacturing, is revolutionizing the orthopedic biomaterials market. Nanotechnology is being integrated into orthopedic biomaterials to enhance their properties and performance.
Orthopedic Biomaterials Market Dynamics
The prevalence of musculoskeletal disorders and chronic skeletal problems is rising, spurring product demand and accelerating the global orthopedic biomaterials market growth. The need is anticipated to increase due to the growing senior population, which is more susceptible to these illnesses. More people are projected to experience joint problems due to the aging population, supporting the market's overall expansion. According to research released by the UN Department of Economic and Social Affairs in 2019, there were 703 million people who were 65 or older. By 2050, that number is projected to increase to 1.5 billion. The growth of the orthopedic biomaterial market is also fueled by an increase in sports injuries, incidences of trauma brought on by accidents, and orthopedic operations, including joint reconstruction and joint arthroplasty. For instance, a Frontiers in Sports and Active Living paper from June 2021 said that the prevalence of a major sports injury episode within a year was 31%. Growing rates of musculoskeletal conditions and chronic skeletal muscle problems are anticipated to drive growth in the global orthopedic biomaterial market over the anticipated period.
The World Health Organization (WHO) estimated that 1.71 billion people globally experienced musculoskeletal issues in February 2021. The market is expanding due to more orthopedic procedures such as viscosupplementation, joint reconstruction, and arthroplasty. Additionally, the market is expanding due to the advances made in the industry. For instance, Osfirm introduced a cutting-edge implantable Whitlockite Biomaterial in October 2021. Magnesium tricalcium phosphate known as Whitlockite has demonstrated outstanding bioactive regenerative and reconstructive characteristics and great biocompatibility, making it an effective biomaterial for implant usage on fracture or bone defect sites.
However, the market growth has been hampered by the restricted reimbursement coverage options available for these items and the falling reimbursement for orthopedic implants in many countries. Additionally, the absence of reimbursements has forced suppliers to reduce the cost of these products, which has slowed the market growth.
Orthopedic Biomaterials Market Ecosystem
The global orthopedic biomaterials market is analyzed from the following perspectives: material type, application, and region.
Orthopedic Biomaterials Market by Material Type
Based on the material type, the global orthopedic biomaterials market is segmented into polymers, ceramics & bioactive glasses, calcium phosphate cement, composites, and metal.
The ceramics & bioactive glasses segment has a prominent position in the global orthopedic biomaterials market. The growing popularity of several spine surgeries and interbody fusion techniques is responsible for this. Additionally, using more synthetic cages and pedicle screws during fixation procedures fuels segment expansion. Pedicle screws and synthetic cages improve allograft fusion rates while preserving stability in the target patient pool. Knee replacement surgery is performed about 800,000 times a year in the United States alone. According to the personalized orthopedics of the Palm Beaches in November 2021, that figure is steadily increasing.
Furthermore, 57.7% of the 56,217 patients who underwent knee replacement surgery for osteoarthritis (OA) were obese, according to a study by The University of Queensland, June 2022. The increased prevalence of obesity is thus a factor projected to boost this industry's growth. In addition, Orthofix Medical introduced Opus BA, a synthetic bioactive bone graft product, in February 2022 for cervical and lumbar spine fusion procedures. Opus BA is a blend of carbonate apatite bone mineral, bioactive glass, and Type 1 collagen carrier. Opus BA serves as a scaffold, allowing the surface of the bone to develop across it before being reabsorbed and replaced by a natural bone during the healing process. Such releases are accelerating the segment's growth.
On the other hand, the polymer segment is anticipated to witness the fastest CAGR. This results from the widespread use of polymers in complete joint arthroplasties as load-bearing surfaces and bone cement. The need for polymers has increased globally due to the availability of sophisticated polymers and biopolymers for various applications, including orthobiologic and bio-resorbable tissue fixation.
Orthopedic Biomaterials Market by Application
Based on the application, the global orthopedic biomaterials market is segmented into Joint replacement/reconstruction, orthobiologics, viscosupplementation, orthopedic implants, and bio-resorbable tissue fixation.
The orthopedic implants segment accounts for the highest revenue share in the global orthopedic biomaterials market. Increased bone fractures, disc degenerative disorders, and more trauma cases are predicted to increase product demand in this market.
The orthobiologics segment is projected to register the fastest revenue CAGR during the forecast period. This is due to the rise in obesity and trauma cases and the rising number of bone repair and reconstruction surgeries performed globally. According to estimates released by the WHO, around 1.3 million people worldwide die each year due to traffic accidents, with 93% of all road fatalities taking place in low- and middle-income nations.
Orthopedic Biomaterials Market by Region
Geographically, the global orthopedic biomaterials market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America has the highest revenue share in the global orthopedic biomaterials market. It is expected to do the same in the forecast period. The growing target population brings this on a rise in the elderly population, high acceptance of cutting-edge orthopedic goods, and numerous pharmaceutical firms specializing in orthopedics. One of the main forces for the segment's growth is the rise in knee injuries. For instance, knee replacements are among the top three inpatient procedures carried out each year in Canada, according to a report released by the Canadian Institute of Health Information in June 2021.
Additionally, according to the National Safety Council's 2021 report, there were 229,974 injuries reported from ATVs, mopeds, minibikes, and other vehicles in 2020 for all ages, compared to 425,910 injuries from bicycles and accessories, 377,939 injuries from exercise and exercise equipment, and 425,910 injuries from bicycles and accessories. 217,646 injuries involving skateboards, scooters, and hoverboards were reported in 2020. The region's high rate of sports-related injuries is anticipated to increase demand for orthopedic bone cement and propel the market toward expansion.
Asia Pacific is expected to have the fastest revenue CAGR. The increased incidence of bone degenerative illnesses and bone disorders in low- and middle-income nations is one of the major market-driving factors in the region. Additionally, it is anticipated that rising healthcare costs and improved healthcare infrastructure will significantly impact the regional market.
Orthopedic Biomaterials Market Competitive Landscape
The prominent players operating in the global orthopedic biomaterials market are: -
Orthopedic Biomaterials Market Strategic Developments
Orthopedic biomaterials are specialized materials used in orthopedics to repair, replace, or support damaged or diseased bone, cartilage, tendons, and ligaments.
The revenue CAGR for the orthopedic biomaterials market is 10.3% during the forecast period.
Evonik Industries AG, Stryker Corporation, DePuy Synthes Inc., Globus Medical Inc., and Invibio Ltd. are a few of the major players in the global orthopedic biomaterials market.
Asia Pacific is the region with the highest growth rate in the global orthopedic biomaterials market.
The cost of orthopedic biomaterials can be a significant restraint, particularly for developing countries and patients with limited financial resources. The high cost of biomaterials can limit their accessibility and adoption, especially in regions with constrained healthcare budgets.
*Insights on financial performance are subject to the availability of information in the public domain