Orthopedic Biomaterials Product Market: Hip implant product segment is anticipated to carry major share of the market
The future of biomaterials is no longer limited to as abstract lab bench idea. It has grown to deliver life changing results to the human being. Biomaterials are in generally aimed for implanting in or on human body, thus used in treatment or replacement of human tissues or organs. A successful implant depends upon the type of biomaterial while an ideal biomaterial functionalizes with bioactive proteins and chemicals, is non-immunogenic, biocompatible, and biodegradable. Synthetic as well as natural biomaterials are being used since decades. Use of natural biomaterials have been traced back in history as far as 3000 BC where Egyptians are considered to be the first users. Egyptians used ivory and wood in tooth damage replacement, and coconut shells in skull damage. There are three generations of biomaterials in bone regenerations, of which first generation biomaterials include metals and ceramic products. Second generation biomaterial comprises naturally-derived and synthetic biodegradable polymers, calcium phosphates, calcium carbonate, calcium sulfate, and bioactive glasses. Regenerative biomaterials are third generation biomaterials that use bioactive and bioresorbable porous material as temporary 3-D structure that activate genes involved in stimulating regeneration of living tissue.
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Regenerative medicine has emerged as a rapidly expanding field which has potential to serve organ shortage issues, organ replacement and regeneration. Regenerative medicine could also save money of public health bodies by reducing long term care of patients. Thus, regenerative biomaterial products are the current trend in the market. Rising awareness about stem cell therapy, technological advancements in the field, and a favorable government regulatory and reimbursement scenario are important factors fueling the market. Stem cell research has strengthened mainly by the support rendered by governments globally. The surge in federal funding has been observed after the bans were lifted from embryonic stem cells research in the U.S. in 2009. National Institute of Health (NIH) spent USD 1.47 billion and USD 1.391 billion in 2012 and 2014 respectively on research. Infusion of government funds is driving the market currently. However, the impact of this factor is expected to decline toward the end of the forecast period. This is due to the fact that the market would become self-sustaining and a resultant tapering of funds from government institutions will be observed.
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The global orthopedic biomaterials product market is classified on the basis of product, material type, end-user, and geography. In terms of product, the global orthopedic biomaterials product market is segmented into knee implant, hip implants, scaffolds, resorbable products, bone substitutes and others. Hip implant product segment is anticipated to carry major share of the market owing to rising geriatric population, increasing incidence of injuries related to accidents, sports, and adventure, and increased adoption of advanced hip products and procedures. The U.S. population is growing older as the baby boomer generation ages. The older population numbered 41.5 million in 2012, around 13.4% of the U.S. population. According to estimates from the Department of Health & Human Services, by 2030, geriatric population will reach about 72.1 million, which is more than twice the number from 2000.
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Based on material, the global orthopedic biomaterials product market is segmented into metallic, ceramic, polymer, natural biomaterial, and regenerative biomaterials. Regenerative biomaterials segment is anticipated to reflect highest CAGR during the forecast period owing to favorable government criteria, technological advancements, and rising awareness about stem cell treatment. End-user segment of the global orthopedic biomaterials product market is divided into hospitals, specialized orthopedic clinics, and ambulatory surgery centers.
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On the basis of region, the global orthopedic biomaterials product market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The rising penetration of bone-muscle distortion therapies in cases of accidents and growing demand in the young and active population for customized implant procedures are the factors driving adoption of knee implant reconstructive surgeries in the U.S. Many orthopedic reconstruction and trauma device manufacturers have experienced significant growth in the past several years in the U.S. This robust growth is due to a number of factors including demographics and the aging population, improved technologies, and increasing acceptance of implant devices by the younger generation.
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Some of the prominent players operating in the orthopedic biomaterials product market are Zimmer Biomet Holdings Inc., Johnson & Johnson, Globus Medical Inc., Zeus Industrial Products, Inc., Wright Medical Technology, Orthofix Holdings, Medtronic, and Arthrex Inc.
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