With an aging population and a surge in health issues across the world, demand for implants is expected to rise during the forecast period. This is projected to bolster the growth of the hydroxyapatite industry.
The hydroxyapatite market is forecast to expand at 7.8% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 501.8 million in 2023.
The market is projected to observe heightened demand for dental care, orthopedic implants, and plastic surgery. The expansion of the market is credited to the surged demand for medical implants, urbanization, and robust industrialization. Apart from this, factors, like heightened consumer awareness and surged interest in biomaterial for deployment in prosthetic applications, are expected to augment market growth.
Hydroxyapatite is extensively deployed in biomedical applications to form/coat implants or prostheses and as a filling material. In addition, the surging medical expenses consistent throughout developed economies are further fueling market expansion. As per the University of Toronto’s published journal, Canada devotes 11.1% of its GDP to medical expenses in contrast to other high-income countries.
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The surging prevalence of osteoporosis, arthritis, and other joints related products is projected to generate demand for orthopedic devices. As per the latest data released by the Global Burden of Disease (GBD), nearly 1.71 billion of the population is inflicted by musculoskeletal conditions. Some of the commonly witnessed musculoskeletal conditions include psoriatic arthritis, osteopenia, osteoarthritis, and other joint conditions.
The market is projected to be filled with lucrative opportunities due to the advent of hydroxyapatite ceramics. For example, Bio-Rad Laboratories, Inc., which is a leading marketer of clinical diagnostic products and life science research, revealed the introduction of two new chromatography media for process protein purification, namely Nuvia HP-Q Resin and CHT Ceramic Hydroxyapatite XT Media in September 2018. The robust popularity of micro-sized hydroxyapatite is projected to further propel market development.
Geographically, North America is projected to dominate the market globally. Upsurge in investments, dense count of top leading companies, and superior healthcare infrastructure are a few factors that are backing the regional growth.
Top Highlights from the FMI’s Analysis of the Hydroxyapatite Market:
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Key Developments in the Hydroxyapatite Industry
Key Companies Profiled
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Hydroxyapatite Market Segmentation
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 19, 2024