Global orthopedic biomaterials to cross US$38100 mln by 2020 at CAGR of 11.5%

02-Nov-16

The global orthopedic biomaterials market type is expected to reach US$38100.2 mln by 2020 from US$22,074 mln in 2015 at a CAGR of 11.5% from 2015 to 2020. 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.
Metals are most widely used orthopedic biomaterial and find wide application in arthroplasty and fracture fixation devices. However, ceramics, polymers, and orthobiologics segments are poised to witness high double digit growth in the coming five years.