The global Orthopedic Materials Market is expected to reach USD 28.38 Billion by 2028, according to a new report by Reports and Data. Increasing prevalence of musculoskeletal diseases is one of the significant factors influencing market growth. Musculoskeletal diseases were the foremost reason for disability in four of the six WHO (World Health Organization) regions in 2017. In the 2017 study by Global Burden of Disease (GBD), musculoskeletal diseases were the highest contributor to worldwide disability (responsible for 16.0% of all years of life lived with disability), and lower back pain continued to be the single topmost cause of disability. While the occurrence of musculoskeletal diseases varies by diagnosis and age, 20.0%–33.0% of people worldwide live with an agonizing musculoskeletal condition. This disease is responsible for the highest share of lost workplace productivity.
Rise in the geriatric population is one of the significant factors influencing market growth. It has been estimated that by 2050 approximately 16% of the global population will be aged more than 65 years, which is expected to increase fivefold since 1950. Forecasts from the World Health Organization (WHO), United Nations (UN), and the EU commission all indicate aging as a significant challenge for society, which demands concentrated efforts to meet the requirements of the elderly. Heart disease, cancer, and stroke have been the primary chronic conditions that have had the highest impact on the geriatric population, particularly in high-income countries. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period.
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Further key findings from the report suggest
- By material type, ceramic bioactive biomaterials contributed to the largest market share in 2020 and is likely to grow at the rate of 8.8% in the forecast period. The primary benefit of this biomaterial is that it is sturdy and chemically inert. Also, it has high compressive strength necessary for bone implants, and some ceramic materials are biodegradable.
- By application, orthopedic implants accounted for the largest market size in 2020 and is estimated to grow at the rate of 8.6% in the forecast period.
- By end-users, hospitals dominated the market in 2020 and is anticipated to grow at a rate of 8.5% in the period 2019-2028. The factors including well-resourced operating diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- North America held the largest market share in 2020 and is likely to grow at a rate of 8.6% in the forecast period. The market dominance of North America is owing to the presence of advanced healthcare facilities and increasing acceptance of new technologies in the region.
Competitive Outlook of the Global Orthopedic Materials Market
The globla Orthopedic Materials market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Orthopedic Materials market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
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 report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Orthopedic Materials Market Segmentation:
Material Type Outlook (Revenue, USD Million; 2020-2028)
- Metallic Orthopedic Materials
- Ceramic Bioactive Biomaterials
- Polymeric Orthopedic Materials
- Composite Orthopedic Materials
- Others
Application Outlook (Revenue, USD Million; 2020-2028)
- Orthopedic Implants
- Joint Reconstruction/Replacement
- Orthobiologics
- Visco Supplementation
- Bio-Resorbable Tissue Fixation
End-Users Outlook (Revenue, USD Million; 2020-2028)
- Hospitals
- Clinics
- Ambulatory Surgical Centers
Geographic Segment Covered in the Report:
The Orthopedic Materials report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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