Orthopedics is one of the most prominent applications of biomaterials. Orthopedic biomaterials are being increasingly used for treating various musculoskeletal and joint related disorders. This upsurge in the demand of orthopedic biomaterials is driven by augmenting hip and knee replacement surgeries, growing geriatric population, and rising aging population. Furthermore, rising awareness regarding orthopedic disorders and its treatment has also propelled the demand of orthopedic biomaterials. Moreover, citing the demand and potentials of orthopedic biomaterials, the governments of various countries are also providing funds and grants for developing new and advanced biomaterials. However, rising failure of joint implants and high cost of production of biomaterials are some factors which can hinder the growth of the market up to some extent.
Innovation is the organic strategy to gain the market. Many companies are operating in the market, however, the major companies dominated the major share in the market due to well-developed brand identity. Now-a-days, there is a significant increase in the number of the company offering orthopedic biomaterial. Thus companies are adopting the new strategies to minimize the competition and increase the market. Some major companies are focusing on development of new and advanced products to gain the market share. Whereas, some are has used the technique of acquisition and collaboration to gain the market. There is also growing focus on customizing the material properties of bio-absorbable and composite materials with fillers such as bioactive ceramics.
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Some of the key players in orthopedic biomaterial market are: Materion Corporation (US), Carpenter Technology Corporation (US), Ulbrich Stainless Steel & Special Metals, Inc. (US), CeramTec (Germany), Ceradyne (US), Heraeus Medical Components (US), Kyocera Corporation (Japan), Ticona GmbH (Germany), Purac Biomaterials (US), Acumed (US), Amedica Corporation (US), Johnson & Johnson (US), Osteotech, Inc. (US), Cam Bioceramics B.V. (Netherland), Landec Corporation. (US), and many more.
Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
Feb 2016, TEKNIMED, a leader in biomaterial and at the forefront in medical solutions of the future, is present in various countries through a network of 250 distributors across the world, launched new biomaterials & surgical solutions in orthopaedics and spine surgery in India
Orchid Orthopedic Solutions is a worldwide leader of medical device outsourcing services from design and development through finished goods manufacturing. The company manufactures the new and advanced orthopedic biomaterials products to the customers.
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Today, orthopedics is still in the search for reliable biomaterial for prosthesis. The biomaterial must have good longevity and other supporting properties in order to maintain low implant failure. The success of an implant depends on many factors. Biomaterial are the natural or synthetic materials origin used for the implants. Many medical implants like dental implants, heart valves and many more are prepared by biomaterials. Biomaterial has find its application in orthopedics. They are used in the various bones transplantation. As biomaterial not cause any immunogenic reaction with the body it makes it as a suitable material for this products. According to the Population Reference Bureau (2016), the number of Americans ages 65 and older was around 46 million which is expected to reach over 98 million by 2060. Increasing geriatric population across the globe has led to increase the incidents of diseases like osteoporosis and arthritis. Beside this increasing age simultaneously increases the possibility of bones problems and injury. Additionally, increasing government support, and increasing healthcare expenditure have fuelled the growth of the market during the forecasted period. Due to lack of time for exercise and poor diet increases the incident of different muscles and bone problems. Race to find the cost-effective alternatives has increases the competition between manufacturers and is the key challenge for them. High cost of the products may slow the growth of the market during the forecast period.
Regionally, the global orthopedic biomaterial market is segmented into: America, Europe, Asia Pacific, and the Middle East & Africa.
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The Americas holds a significant market share of the global market owing to the presence of huge geriatric population and increasing prevalence of different bones diseases. Additionally, during last few years there is a significant increase in the number of accidents which has also helped in driving the growth of the market. Europe accounts for the second largest market in the globe due to a high patient population, high healthcare expenditure and string government support for research & development. Asia Pacific is expecting the fastest growth for the market owing to the presence of the huge opportunity for the growth of the market. The Middle East & Africa holds the least share in the market owing to the presence of the poor economic conditions Africa. Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African market due to the well-developed healthcare sector and huge per capita income of the people.
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