According to Stratistics MRC, the Orthopedic Biomaterials Market is estimated at $55.63 billion in 2015 and is projected to reach $183.9 billion by 2022 growing at a CAGR of 18.6% from 2015 to 2022. Growing demand for orthopedic medical treatments using biomaterial implants combined with stem cell therapy is the major factor driving the market growth. Furthermore, investments for novel development, growing implantable devices market, high growth in geriatric population coupled with cardiovascular diseases and funds & grants by government bodies worldwide are some of the drivers fuelling the market growth. However, stringent regulatory laws, risky reimbursement policies and post implantation issues are the restraints hampering the market growth.
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Metallic segment is expected to account largest share in the market over the forecast period. However, polymer biomaterials is the fastest growing segment during the forecast period owing to continuous research and advancements for highly biocompatible polymers and the increasing application areas of these biomaterials. North America is expected to account for the largest share of the global market over the forecast period due to increasing demand for plastic surgeries, cancer incidences and growing prevalence of cardiovascular diseases.
Some of the key players in this market include BASF SE, Invibio Ltd., Carpenter Technology Corporation, Covalon Technologies Ltd., Zimmer Biomet Holdings, Inc.,Cam Bioceramics Bv, Medtronic, Exatech Incorporated, Aesculap Inc., NuVasive Incorporated, Royal DSM, Wright Medical Technology, Bayer AG, Globus Medical Incorporated, Ferring Pharmaceuticals, Arthrex Inc., Corbion N.V., Collagen Matrix, Inc., Evonik Industries AG and Berkeley Advanced Biomaterails, Inc.
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