Orthopedic Biomaterials Market To Generate Revenue worth $32.2 Billion by 2030
- Published: July 2022
The global orthopedic biomaterials market size will advance at a CAGR of 9.5% during 2021–2030, to reach $32.2 billion by 2030. This is due to an increasing aging population, rising need for implanted devices, and surging prevalence of musculoskeletal diseases. Furthermore, the increasing number of government initiatives to raise awareness about orthopedic biomaterials are likely to fuel the market growth during the forecast period.
U.S. Leads Market
The U.S. is expected to have a substantial global orthopedic biomaterials market share on account of the growing population with musculoskeletal conditions, including the geriatric population; rising preference for advanced orthopedic products, and the presence of a large number of biotech companies operating in the orthopedics segment. According to a survey, more than 40 million persons are aged 65 and more in the U.S., with this figure predicted to climb to about 90 million by 2050. Additionally, between 2020 and 2030, the geriatric population is predicted to increase by about 18 million.
Rising Prevalence of Orthopedic Diseases
Due to the general rising frequency of orthopedic disorders, such as osteoporosis, osteoarthritis, and bone fractures, the number of surgical treatments has grown, thus resulting in a significant need for orthopedic biomaterials. In India, for example, roughly 180 million people suffer from arthritis. Diabetes and obesity are becoming more common, thus exacerbating the situation. Furthermore, according to one survey, around 31 million people in the U.S. have osteoarthritis, with 14 million having symptomatic knee osteoarthritis. As a result, the orthopedic biomaterials market continues to boom around the world.
Moreover, players in the market have launched a number of products to remain competitive. For instance, in October 2021, Osfirm introduced a new implantable whitlockite biomaterial. The product line includes biodegradable plates and screws made of whitlockite, a kind of magnesium tricalcium phosphate with appreciable regenerative, bioactive, and reconstructive characteristics, as well as high biocompatibility, which make it an attractive material for implantation at fracture or bone defect locations.
Some of the major players operating in the global orthopedic biomaterials market are Stryker Corp, Zimmer Biomet Holdings Inc., Medtronic Plc, CAM Bioceramics B.V., Nobel Biocare Holding AG, Exactech Inc., Globus Medical Inc., and Invibio Ltd.