The orthopedic biomaterials market is expected to witness a value-based growth rate of 8.70% from 2020, reaching a market size of USD 28.38 Billion by 2028. The market growth can be attributed to the increasing prevalence of target conditions.
The rise in chronic skeletal conditions is a key driver for market growth during the forecast period. Childhood chronic diseases often lead to skeletal fragility, characterized by poor bone growth, reduced bone turnover, and abnormalities in bone geometry, mass, and microarchitecture.
Another significant factor influencing market growth is the increasing geriatric population. It is projected that by 2050, approximately 16% of the global population will be over the age of 65, a fivefold increase since 1950. Aging is recognized as a major societal challenge, as highlighted by forecasts from organizations such as the World Health Organization (WHO), United Nations (UN), and the EU commission. Chronic conditions like heart disease, cancer, and stroke have a significant impact on the elderly population, particularly in high-income countries. Consequently, the growing prevalence of diseases among the expanding geriatric population is expected to drive market growth during the forecast period.
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Companies considered and profiled in this market study
Evonik Industries AG, Zimmer Biomet, Globus Medical, Stryker, DSM Biomedical, Invibio Ltd., CAM Bioceramics BV, DePuy Synthes Inc., Matexel, and Exactech Inc., among others.
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The Orthopedic Biomaterials Market is driven by several factors, including:
- Increasing prevalence of orthopedic disorders: The rising incidence of orthopedic conditions, such as osteoarthritis, osteoporosis, and fractures, is a major driving factor for the orthopedic biomaterials market. Biomaterials play a crucial role in the repair and regeneration of damaged or diseased bone and joint tissues, contributing to improved patient outcomes.
- Growing aging population: The global aging population is prone to a higher risk of orthopedic disorders due to age-related degenerative changes in bones and joints. As the elderly population increases, the demand for orthopedic biomaterials for joint replacements, spinal implants, and other orthopedic procedures is expected to rise.
- Technological advancements in biomaterials: Continuous advancements in biomaterials, such as biodegradable materials, bioactive coatings, and tissue-engineered scaffolds, have expanded the possibilities for orthopedic applications. These advancements enhance the biocompatibility, mechanical properties, and functionality of orthopedic biomaterials, driving market growth.
However, the Orthopedic Biomaterials Market also faces certain restraints, including:
- Stringent regulatory requirements: The development and commercialization of orthopedic biomaterials require compliance with rigorous regulatory standards. Obtaining regulatory approvals and meeting safety and efficacy criteria can be time-consuming and costly, posing challenges for market players.
- High cost of orthopedic biomaterials: Orthopedic biomaterials can be expensive, especially advanced biomaterials and implantable devices. The high cost of these materials and devices may limit their accessibility, particularly in regions with limited healthcare budgets, and could potentially hinder market growth.
- Limited reimbursement coverage: In some regions, reimbursement coverage for orthopedic biomaterials may be limited or vary depending on specific procedures or conditions. This can impact the affordability and adoption of orthopedic biomaterials, affecting market growth and patient access to these technologies.
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Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Indicative Metrics
Chapter 4. Orthopedic Biomaterials Segmentation Impact Analysis
4.1. Orthopedic Biomaterials Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing prevalence of musculoskeletal diseases
4.2.2.2. Increasing demand for biomaterials in implantable devices
4.2.2.3. Increase in geriatric population
Continue….
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