Market Trends of Bioceramics Industry
The Orthopedics Segment to Dominate the Market
- The orthopedics segment dominates the demand for bioceramics across the globe, owing to its importance in replacing and repairing hip joints, knees, and other bones.
- Due to their anti-microbial properties, resistance to acid and base solutions, change in pH value, and high temperature, bioceramics are widely used in orthopedic applications.
- Currently, robotics-assisted surgeries are becoming more prevalent in orthopedic operations. Orthopedic robotic surgical systems are specialized to improve surgical outcomes for orthopedic surgeries. They aid in various procedures, such as partial knee replacement, total knee replacement, and total hip replacement, to help surgeons perform procedures more consistently and accurately than manual techniques.
- According to ORTHOWORLD, global orthopedic sales were USD 53.6 billion in 2021, an increase of 12.8% compared to the previous year.
- According to Medical Product Outsourcing, the United States currently boasts the largest medical device market in the world. By 2023, the industry is expected to grow to a whopping USD 208 billion. The worldwide orthopedic device market is projected to reach approximately USD 43.1 billion by 2024.
- The Stryker Corporation is a U.S. medical technology company. Stryker's net sales of orthopedic and spine products amounted to USD 7,838 million in 2022. Stryker's sales of knee-related products amounted to around USD 2 billion in 2022.
- With the growth in the aging population, especially in countries such as Japan, Italy, Germany, Sweden, Finland, Portugal, and others, joint and bone-related health problems have increased among the population. Technological advancement and the growing income levels of the population have made it possible for such an aged population to replace and repair joints through surgery to facilitate comfort. This has increased the demand for bioceramics for orthopedic applications.
- All the attributes mentioned above drive the demand for bioceramics in the medical industry over the forecast period.
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Europe to Dominate the Market
- Europe accounts for over 40% of the global demand for bioceramics. The demand for bioceramics is increasing in the region due to growing aging and increasing healthcare spending in Germany, the United Kingdom, Italy, France, Denmark, and other EU countries.
- The growing treatments for dental, bone, and other chronic diseases linked to lifestyle drive the demand for bioceramics in these nations.
- Moreover, Europe is one of the leading markets in manufacturing bioceramics used for hard tissue replacements. Companies in the region are also engaged in continuous research and development activities in the healthcare field, including research related to heart tissue replacement technologies and methods.
- The medical device market in Germany is one of the most profitable healthcare markets globally, accounting for around USD 35.8 billion annually, or 25.6% of the total European market, according to the International Trade Administration.
- According to the Observatory of Economic Complexity (OEC), the United Kingdom imported USD 2.37 billion in orthopedic appliances in 2021, becoming the 8th largest importer globally. In January 2023, the United Kingdom's orthopedic appliance exports accounted for up to 166 million euros (USD 206.29 million), and imports accounted for up to 240 million euros (USD 298.25 million).
- Germany imported USD 5.97 billion in orthopedic appliances in 2021, becoming the third largest importer globally.
- All the aforementioned factors are expected to drive the bioceramics market in the European region.
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