Orthopedic Biomaterials Market Trends

Growth Drivers

• Growing Number of Orthopedic Surgeries Across the Globe – People nowadays are being diagnosed with numerous kinds of musculoskeletal diseases owing to unhealthy lifestyles and accidents with traumas and injuries. As a result, the demand for orthopedic biomaterials is anticipated to increase during the surgical procedures of the treatment process. Thus, a high number of orthopedic surgeries being performed is a positive indicator for market expansion during the forecast period. Recent statistics, it is revealed that approximately 5 million musculoskeletal system surgeries are performed every year in the United States region.

• Rising Prevalence of Injuries and Accidents – People encounter different types of injuries every year. In such cases, orthopedic biomaterials are effective in treatment processes and enhance the healing process. Hence, the growing number of injuries is expected to increase the demand for orthopedic biomaterials and aid market growth in the upcoming years. The National Safety Council stated that in 2020, the United States experienced around 55.4 million injuries, out of which 200,955 were classified as preventable deaths.

• Increasing Burden of Bone Diseases – To solve bone diseases, orthopedic biomaterials are effective in bone repair and fastening the healing processes. Therefore, the high number of cases of bone disorders is anticipated to bring in lucrative growth opportunities for market expansion. The National Library of Medicine published a report that calculated the prevalence of osteoporosis to be more than 200 million people across the world in 2019. It also has been calculated that the occurrence of osteoporosis in women around the world is more than 23% and in men around the world was found to be almost 11%.

• Rapid Escalation in Number of Bone Fractures – For instance, in 2019, there were more than 175 million cases of fractures and approximately 450 million cases of acute or long-term symptoms of a fracture worldwide.

• High Focus on Developing the Medical Devices Sector - The data revealed by the India Brand Equity Foundation (IBEF) stated that in FY20, the foreign investments in the Indian medical devices sector increased to USD 301 million from USD 151 million in FY19, which indicates a 98% increment.

Challenges

• High Cost Associated with Orthopedic Biomaterials – Orthopedic biomaterials are technologically advanced medical products with the integration of the latest features. As a result, the costs of these products subsequently increase the costs of the surgical procedure and treatment. This factor is anticipated to lower the adoption rate of orthopedic biomaterials among the population with middle and low-income and ultimately hamper market growth during the forecast period.
• Low Awareness Level About the Advantages
• Lack of Favorable Reimbursement Policies