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Orthopedic Biomaterials are synthetic or organic materials. They are meant to be implanted in the human body as constiuents of devices that are designed to perform certain biological functions by substituting or repairing different tissues. Orthopedic biomaterials are used for joint replacements, spine implants, orthobiologics, tissue fixation, etc. Growing prevalence of muscoskeletal ailments, rising geriatric population, increase in incidence rates of injuries related to accidents & sports, growing awareness about orthopedic biomaterials, and new lunches by key market players are some of the factors that are expected to augment the market growth during the forecast period. For instance, according to the 2017 Global Burden of Study (GBD), muscoskeletal conditions were the highest contributor to global disability, accounting for about 20%- 33% people across the globe.
Key Market Driver -
Increasing prevalence of muscoskeletal ailments, rising geriatric population
Key Market Restraint -
Lack of reimbursement scenario
The overall orthopedic biomaterials market is expected to witness significant growth during the forecast period due to factors such as growing prevalence of muscoskeletal ailments, rising geriatric population, increase in incidence rates of injuries related to accidents & sports, growing awareness about orthopedic biomaterials. However, lack of reimbursement scenario in both developed and developing regions is anticipated to hamper the orthopedic biomaterials market.
Globally, the orthopedic biomaterials market can be segmented on the bases of the type of material type, applications, end-users, and region. Based on the material type the market can be segmented into ceramic, polymers, metals, and others. Based on the applications, the market can be segmented into joint replacements, spine implants, tissue fixation, others. Geographically, the orthopedic biomaterials market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the orthopedic biomaterials market are Zimmer Biomet, Stryker, DePuy Synthes Companies, Medtronic, Arthrex, Inc., NuVasive, Inc., Globus Medical, Inc., and other prominent players.
Geographically, the orthopedic biomaterials market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is likely to dominate the orthopedic biomaterials market and is anticipated to follow the same momentum over the forecast period owing to the increasing expenditure in research. The dominance is due to the rising prevalence of increasing orthopedic surgeries along with growing geriatric population. For instance, according to the administration for community living, the 85 and over population is projected to be more than double from 6.4 million in 2016 to 14.6 million in 2040. Europe is projected to be the second most productive market throughout the forecast period. The development of new products and partnership activities of major market players is likely to boost the growth of the orthopedic biomaterials market in this region. However, Asia Pacific possesses the high potential for the growth of the market due to an increasing in prevalence of musculoskeletal conditions. China is the fastest growing region due to increasing population leading to rising patient population. Also, rising awareness about healthcare among the patients is driving the market in this region.
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On the other hand, the market in Latin America and the Middle East & Africa is anticipated to have a lucrative market growth in the upcoming years owing to the rising prevalence of orthopedic disorders and growing governmental and non-governmental initiatives for rising awareness among the patients.
By Material Type
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