Major players in the orthopedic biomaterials market are Zimmer Biomet Holdings Inc. , Stryker Corporation, Victrex PLC (Invibio Ltd. ), Globus Medical Inc. , CAM Bioceramics B. V. , Heraeus Holding GmbH, Exactech Inc.
New York, July 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Biomaterials Global Market Report 2020-30: Covid 19 Growth and Change" - https://www.reportlinker.com/p05932641/?utm_source=GNW
, Collagen Matrix Inc., Evonik Industries AG, and Koninklijke DSM N.V. (DSM Biomedical B.V.).
The global orthopedic biomaterials market is expected to decline from $12.64 billion in 2019 to $11.43 billion in 2020 at a compound annual growth rate (CAGR) of -9.67%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Several medical care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. The orthopedic surgeries have been postponed and, in some cases, cancelled due to the Covid 19 lockdown. The restrictions on non-essential medical services including orthopedic services coupled with slowed production of orthopedic implants and biomaterials due to extending factory closures in various countries are contributing to the markable decline in the market growth. The market is then expected to recover and reach $18.62 billion in 2023 at a CAGR of 17.7%.
The orthopedic biomaterials market comprises of revenue generated by establishments from the manufacturing and sales of orthopedic biomaterials. Orthopedic biomaterials are materials intended to be inserted in the human body as constituents of devices designed to perform certain biological functions by either substituting or repairing various tissues, such as bones, cartilage, ligaments, tendons, and others.
North America was the largest region in the global orthopedic biomaterials market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
3D printing of orthopedic implants is one of the recent developments in the orthopedic biomaterials market. 3D printing technology is used to produce a large range of medical equipment, such as those with complicated structures or characteristics to suit a patient’s particular anatomy. 3D printing of orthopedic implants enables the design of more natural anatomical shapes, as well as the design of porous bone replacement scaffolds that can be easily integrated into the design of the implant. This allows natural bone regeneration to generate higher reliability of the implant. 3D printing of orthopedic implants is a trend in the orthopedic biomaterial market that is attracting many players. For instance, Evonik, a Germany-based chemical company has invested in Meditool, a Chinese based 3d printed implant start-up that produces models and implants by using polyether ketone (PEEK) polymer supplied by Evonik.
The orthopedic biomaterials market covered in this report is segmented by material type into ceramics & bioactive glasses; calcium phosphate cement; polymers; metal; composites and by application into orthopedic implants; joint replacement/reconstruction; bio-resorbable tissue fixation; orthobiologics; viscosupplementation.
The high cost of conducting clinical trials is expected to hinder the biomaterials market growth. The orthopedic biomaterials are directly implanted in the body. Therefore, it is important to prove the safety and biocompatibility of these materials. However, the high cost of conducting clinical trials is acting as a major roadblock. The clinical studies are expensive and time-consuming due to the number of tests required, and the length of each test. The investment of resources, time, and funding grows with successive stages. Additional costs are associated with the result of the trials at different phases. For instance, the cost of a failed phase 3 trial is not just the cost associated with the trial itself but the cost of all prior trials as well as the cost of lost time pursuing a potentially viable alternative or repeating the steps. Therefore, the high cost of conducting clinical trials is expected to impact the orthopedic biomaterials market.
In November 2019, Stryker, an American Fortune 500 medical device company, has entered into a definitive agreement to acquire Wright Medical for an amount of $5.4 billion. This acquisition would support and strengthen Stryker’s orthopedic segment and also gives a bigger exposure to Wright Medical’s extremities and biologics technologies. Wright Medical is a Dutch-based medical device company dealing with technologies related to upper and lower extremities and biologics.
The rise in the incidence of musculoskeletal disorders is expected to drive the orthopedic biomaterials market. According to the World Health Organization (WHO) report, musculoskeletal conditions are the leading contributor to disability worldwide. About 20-33% of the population suffer from a musculoskeletal disability. Musculoskeletal disorders induce fractures, swelling and discomfort in the joints, ligaments and tendons that cause movement disabilities. The burden of musculoskeletal conditions is known to increase with age. The sustainable development goals (SDGs) and the Decade of Healthy Ageing 2020–2030 have called for increased global attention and action on musculoskeletal health. Biomaterials are used to treat these disorders. Hence, the incidence of musculoskeletal disorders is projected to drive the orthopedic biomaterials market.
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