Orthopedic Biomaterials Market is Set to Grow According to Latest Research
According to the report, the global orthopedic biomaterials market was valued at US$ 11.3 Bn in 2018 and is projected to expand at a CAGR of ~7% from 2019 to 2027. Rise in percentage of population requiring orthopedic implants, and increase in incidence rate of injuries related to accidents, sports, and adventure are anticipated to augment the global orthopedic biomaterials market from 2019 to 2027. North America and Western Europe are expected to account for significant shares of the global orthopedic biomaterials market. The U.S. is likely to continue its dominance in the orthopedic biomaterials market during the forecast period. The country is likely to witness changes in reimbursement policies in the near future, aimed at increasing the quality of patient care.
According to the Centers for Disease Control and Prevention, in the U.S., annually 54.4
million adults are diagnosed with arthritis. Asia Pacific is projected to be a highly lucrative market for orthopedic biomaterials in the next few years. However, high competition is anticipated to restrain the global orthopedic biomaterials market.
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Rise in Percentage of Population Requiring Orthopedic Devices
The population more prone to orthopedic diseases primarily includes obese and geriatric populations. Cartilages become prone to strain and fatigue due to less water content as age progresses. This leads to arthritis and other complications, which require knee replacement procedures. Furthermore, other connective tissues such as ligaments attached to the bones become less flexible and more constrained. These factors are expected to drive the demand for orthopedic devices among the geriatric population. Prevalence of osteoarthritis, rheumatoid arthritis, fibromyalgia, juvenile arthritis, and other forms of orthopedic disorders is increasing primarily due to aging population, obesity, and changes in lifestyle.
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Increase in Incidence Rate of Injuries Related to Accidents, Sports, and Adventure
Incidence of accidental injuries during sports, driving, and adventure has increased drastically in the last decade. A study carried out by the American Academy of Orthopedic Surgeons (AAOS) revealed that around 25% of sports injuries were related to lower extremities such as ankle and foot. Serious bone injuries have been reported recently among professionals as well as amateur sportspersons. Over 340,000 hip implant procedures are performed in the U.S. each year, which includes a number of patients aged between 40 and 50 who are focused toward maintaining a healthy lifestyle.
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Product Recalls Affecting Adoption Rates to Restrain Market
Incidences of product recalls due to device inefficiency or manufacturing errors affect the adoption rate of these devices among surgeons and patients, thereby affecting revenue of the manufacturers. The global orthopedic biomaterials market has seen various product recalls in the past few years. In April 2017, Zimmer Biomet Holdings, Inc. recalled its class I devices SpF PLUS-Mini and SpF XL IIb implantable spinal fusion stimulators due to potential release of cytotoxic chemical higher than allowed levels. The company also recalled its Comprehensive Reverse Shoulder in June 2016, owing to high fracture rate.
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Asia Pacific Orthopedic Biomaterials Market to Expand Significantly
Large population base, rise in incidence of orthopedic diseases, and improving economy in China, India, and others countries in Southeast Asia resulting in high per capita health care expenditure, are anticipated to drive the orthopedic biomaterials market in the region. The market is this region is highly price sensitive and Government cap, such as in India, controls most of the prices for orthopedic implants and other devices. The orthopedic biomaterials market in Asia Pacific is likely to expand at a high CAGR from 2019 to 2027.
Competition Landscape in Orthopedic Biomaterials Market
The report also provides profiles of leading players operating in the global orthopedic biomaterials market. These include Zimmer Biomet Holdings, Inc., Stryker, DePuy Synthes (Johnson & Johnson), Smith & Nephew plc, Medtronic, DJO Global, Inc., Arthrex, Inc., NuVasive, Inc., and Globus Medical, Inc.
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