Global Orthopedic Biomaterial Market, By Material Type (Glass-ceramic & Bioactive Glasses, Calcium Phosphate Cements, Polymer, Metals, and Composites), By Application (Joint Replacement, Spine Implants, Orthobiologics, Viscosupplementation, Bio-resorbable Tissue Fixation, and Others), By End User (Hospitals, Orthopedic Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 15.7 Bn in 2023, and is expected to exhibit a CAGR of 9.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are engaged in getting product approvals from regulatory authorities, and this is expected to drive the global orthopedic biomaterial market growth. For instance, in August 2023, RevBio, Inc., a clinical-stage medical device company, announced that it had received U.S. Food and Drug Administration (FDA) approval to begin a 20-patient clinical trial to investigate the safety and efficacy of a more rapidly replaced, pH-modified porous formulation of the company's bone adhesive biomaterial known as Tetranite to immediately stabilize dental implants following tooth extractions. This new formulation appears to have a more physiologically active bone replacement. While not osteoinductive, this patent-pending form of tetranite has demonstrated "osteopromotive" properties.
Global Orthopedic Biomaterial Market - Impact of Coronavirus (COVID-19) Pandemic
- The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
- COVID-19 affected 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. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of raw materials and manufacturing supplies from one place to another.
- Moreover, COVID-19 had a negative impact on the global orthopedic biomaterial market. During COVID-19 pandemic, many healthcare systems postponed or canceled elective surgeries, including orthopedic procedures like joint replacements. This had a direct impact on the demand for orthopedic biomaterials. For instance, according to Cureus journal, August 2021, the free access database of the Chilean Department of Statistics and Health Information (DEIS) was used to compare the number of orthopedic procedures between 2019 and 2020. During the first year of the pandemic, the number of orthopedic procedures declined by 22.8%. All surgical methods were delayed, with fracture/trauma operations delayed the least.
Global Orthopedic Biomaterial Market: Key Developments
- In June 2023, Invibio Biomaterial Solutions, a Victrex plc. company that has been a pioneer in the development of PEEK biomaterial solutions, announced a new collaboration with Paragon Medical, a medical device contract design manufacturer, to develop composite PEEK-OPTIMA ultra-reinforced medical trauma devices.
- In December 2022, Stryker, medical technology company, announced the launch of Citrefix, a suture anchor system for foot and ankle surgical procedures. The new system uses Citregen, an award-winning bioresorbable material designed to mimic the chemistry and structure of native bone. Citrefix is a disposable suture anchor system that features a resorbable biomimetic anchor body.
- In August 2022, CONMED Corporation, a medical technology company that manufactures surgical devices and orthopedic materials, announced a definitive agreement to acquire privately held Biorez, Inc., a U.S.-based medical device start-up, for cash consideration of US$ 85 million at closing, subject to adjustment, and up to an additional US$165 million in growth-based earnout payments over a four-year period, on a cash-free, debt-free basis.
- For instance, in March 2020, Evonik Industries AG, a publicly traded German specialty chemicals company, announced the launch of a novel osteoconductive polyether ether ketone (PEEK) for the medical technology sector that enhances the fusing of bone and an implant. With the launch of the novel biomaterial, Evonik Industries AG introduced a new product range of next-generation, PEEK-based implant materials under the brand name VESTAKEEP Fusion.
Browse 26 Market Data Tables and 29 Figures spread through 180 Pages and in-depth TOC on “Global Orthopedic Biomaterial Market”- Forecast to 2030, Global Orthopedic Biomaterial Market, By Material Type (Glass-ceramic & Bioactive Glasses, Calcium Phosphate Cements, Polymer, Metals, and Composites), By Application (Joint Replacement, Spine Implants, Orthobiologics, Viscosupplementation, Bio-resorbable Tissue Fixation, and Others), By End User (Hospitals, Orthopedic Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/orthopedic-biomaterial-market-4474
Key Takeaways of the Global Orthopedic Biomaterial Market:
- The global orthopedic biomaterials market is expected to exhibit a CAGR of 9.9% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global orthopedic biomaterial market.
- Among application, the joint replacement segment is expected to hold a dominant position in the global orthopedic biomaterial market during the forecast period. The large market share for joint replacement biomaterials can be attributed to the rising cases of osteoarthritis and musculoskeletal disorders globally. For instance, according to the World Health Organization (WHO), in July 2023, about 528 million people worldwide were living with osteoarthritis in 2019. About 73% of people living with osteoarthritis are older than 55 years, and 60% are female. . As the geriatric population increases, the demand for joint replacement procedures utilizing orthopedic biomaterials is expected to rise.
- Among regions, North America is expected to be the dominant region in the global orthopedic biomaterial market owing to increasing product approvals by regulatory authorities in the region. For instance, in October 2020, Northwestern University and the Regenerative Engineering Society (RES), a non-profit organization based in the U.S., announced that their novel material is the first thermoset biodegradable synthetic polymer to be approved by the U.S. Food and Drug Administration (FDA) for use in an implantable medical device. The device was designed to connect soft tissue grafts to bone during operations. This authorized biomaterial, known as CITREGEN, aids in the healing of transplanted tissues by recreating their natural biochemical and structural support network.
- The 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. (Invibio Ltd.), and Zimmer Biomet Holdings Inc., Globus Medical, Heraeus Holding GmbH, Exactech Inc., Collagen Matrix Inc., Koninklijke DSM N.V., DePuy Synthes.
