Asia Pacific Orthopedic Biomaterial Market Information, By Type Of Material (Metal, Non-Metal), By Application (Joint Replacement, Fracture Fixation Devices, Tissue Fixation, Spine Implants Viscosupplementation, And Others), And By End Users (Hospital, Clinics) – Forecast Till 2023
Competitive Dashboard:
Some of the key players profiled in the report are Cam Bioceramics B.V. (Netherland), Kyocera Corporation (Japan), S&V Technologies (Germany), Rayner (UK), Materion Corporation (US), InVision Biomedical (US), Invibio Ltd. (U.K.), Royal DSM (Netherlands), BASF SE (Germany), Covestro (Germany), Corbion N.V. (Netherlands), Tianjin Walkman Biomaterial Co. (China), Kanghui Holdings (China), CeramTec (Germany), Johnson & Johnson Services, Inc. (US), and Xian Airfoil Technology Co (China).
Market Overview:
Orthopedic biomaterials are organic or synthetic materials used for the treatment of internal fractures. During the last decade different new techniques and materials are introduced for orthopedic implants and surgeries and biomaterials have found a vital role in it. These biomaterials are used in manufacturing of different implants since they do not evoke any immunological reactions with the body, which makes it a first choice for manufacturing of implants. Increasing demand for the orthopedic biomaterial because of its application in knee and hip replacement surgeries, and increasing incident of medical emergencies drive the Asia Pacific orthopedic biomaterial market. Introduction of novel implants of titanium has increased the success rate of implant surgeries and also contributed to the growth of the orthopedic market in Asia Pacific. Moreover, increasing number of orthopedic surgeries, increasing aging population, and growing governmental support also drive the Asia Pacific market. However, increasing failure in joints implants, stringent regulatory laws, and high cost of treatment may hinder the growth of market during the review period.
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As per the latest study published by Market Research Future (MRFR), the Asia Pacific orthopedic biomaterial market is poised to strike a CAGR of 12.6% during the forecast period 2017 to 2023. Biomaterials are extensively used for manufacturing implants as they do not evoke immunological reactions. The growth of the orthopedic branch of medicine coupled with rising demand for biomaterials for implants is likely to drive the growth of the Asia Pacific orthopedic biomaterial market in the upcoming years.
The advancements in the medical science over the years has catalyzed the adoption of biomaterials for implants and surgeries. The trend is projected to perpetuate during the projection period. Furthermore, the extensive use of biomaterials for the treatment of internal fractures is another factor responsible for driving the expansion of the Asia Pacific orthopedic biomaterial market.
The rising demand for knee and hip replacements coupled with increasing medical emergencies and bone injuries in the region are projected to have a favorable impact on the proliferation of the Asia Pacific orthopedic biomaterial market over the assessment period.
Other factors that are estimated to accelerate the revenue creation for the participants of the Asia Pacific orthopedic material market include rising aging population, increasing orthopedic surgeries, initiatives undertaken by governments, etc. Nevertheless, stringent regulation, the high cost of treatment and joint implant failures are expected to restrict the Asia Pacific orthopedic biomaterial market expansion over 2023.
Market Segmentation:
By material, the Asia Pacific orthopedic biomaterial market has been segmented into metals and non-metals. The metals segment is sub-segmented into stainless steel, titanium alloy, cobalt alloy, and others. The non-metal segment has been further sub-segmented into ceramic, polymeric, natural biomaterials, and others. The ceramic sub-segment is segmented into alumina, calcium phosphate, zirconium dioxide, carbon, and others. The polymeric sub-segment has been segmented into polymethylmethacrylate (PMMA), polyethylene, silicone, polyester, and others. The natural biomaterials sub-segment has been further segmented into collagen, chitin & chitosan, and others.
By application, the Asia Pacific orthopedic biomaterial market has been segmented into joint replacement, fracture fixation devices, tissue fixation, spine implants, viscosupplementation, and others. The joint replacement segment is sub-segmented into hip replacement, knee replacement, shoulder and elbow replacement, and other. The tissue fixation segment is sub-segmented into interference screws, suture anchors, and others. Spine implants segment has been further sub-segmented into spine fusion and other. The fracture fixation devices segment is sub-segmented into screws, plates for bones, rods, and other.
By end users, the Asia Pacific orthopedic biomaterial market is segmented into hospital, clinics, and others.
Regional Analysis:
China is the most significant country-level market in the region. It is likely to retain a dominant share of the market towards the end of the forecast period. The factors that are contributing towards the growth of the market in China are increasing awareness of biodegradable products, growing geriatric population, rapid research and development activities, etc. The developments in the medical sector of the country and initiatives undertaken by the government for the promotion of biomaterials in implant surgeries are forecasted to have a positive influence on the expansion of the Asia Pacific orthopedic biomaterial market.
Japan and Australia are prognosticated to trail China in terms of revenue generation over the review period. The increasing aging population of these country-level markets is likely to catapult the Asia Pacific orthopedic biometric market on an upward trajectory.
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