Restrictions On Non-Essential Medical Services Due To COVID-19 Is Negatively Impacting The Global Orthopedic Biomaterials Market Growth

Restrictions On Non-Essential Medical Services Due To COVID-19 Is Negatively Impacting The Global Orthopedic Biomaterials Market Growth

“Global Orthopedic Biomaterials Market, Forecast Market Size, 2019 – 2023, $ Billion”
The Business Research Company’s Global Orthopedic Biomaterials Market Report 2020-30: Covid 19 Growth & Change; Segments Covered: 1) By Material Type: Ceramics & Bioactive Glasses, Calcium Phosphate Cements, Polymers, Metal, Composites 2) By Application: Orthopedic Implants, Joint Replacement/Reconstruction, Bio-resorbable Tissue Fixation, Orthobiologics, Viscosupplementation; Companies Covered: Zimmer Biomet, Stryker Corp., Victrex PLC (Invibio Ltd.), Globus Medical Inc., CAM Bioceramics 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. 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 orthopedic biomaterials market growth is then expected to recover and reach $18.62 billion in 2023 at a CAGR of 17.7%.

The rise in the incidence of musculoskeletal disorders is expected to drive the orthopedic biomaterials industry. According to a 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.

3D printing of orthopedic implants is one of the recent developments in the orthopedic biomaterials industry. 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, 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 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.

Here Is A List Of Similar Reports By The Business Research Company:

Orthopedic Devices Global Market Report 2020-30: Covid 19 Impact And Recovery

Implantable Biomaterials Global Market Report 2020-30: Covid 19 Growth And Change

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