Bioceramics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Bioceramics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The bioceramics market is expected to grow at a CAGR of around 7% during the forecast period (2022-2027).

The major factors driving the growth of the market are the growing demand for biocompatible materials, an increase in the aging population leading to an increase in spinal and ortho-biological surgeries, increasing usage in dental care, and increasing usage for replacing diseased hard tissues of the body. On the flip side, stringent clinical and regulatory processes are hampering the growth of the studied market.

Key Highlights

• The orthopedics segment dominated the market and is likely to grow during the forecast period, with the growing income of the population and patient inclination towards curing health problems, including the aging population facing joint problems.
• The possible usage as a treatment for cancer and the development of new methods to produce customized nano-ceramics are likely to provide opportunities for the studied market during the forecast period.
• Europe dominates the market across the globe, where the growth of the studied market is driven by the growing demand for dental application, and increasing lifestyle-related chronic diseases are further driving the demand in the bioceramics market in the region.

Key Market TrendsThe Orthopedics Segment to Dominate the Market Demand

• 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.
• Owing to their anti-microbial properties, resistance to acid and base solution, change in pH value, and high temperature, bioceramics are widely popular for use in orthopedic applications.
• In India, under the Union Budget 2021-22, the government outlaid USD 227.94 million for biotechnology research and development, which will give a major boost to the orthopedics segment.
• With the growth in the aging population, majorly 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 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 been increasing the demand for bioceramics for orthopedic applications.
• Besides, cases of chronic diseases and accidents leading to fractures are also increasing the demand for bioceramics in the medical industry.

Europe to Dominate the Market

• Europe accounts for more than 40% of the global demand for bioceramics. With the growing age, the medical assistance need is increasing healthcare spending in countries such as Italy, Germany, Portugal, Finland, Greece, Sweden, France, Denmark, and others.
• The demand for bioceramics in such countries is driven by the growing treatments related to dental, bone, and other lifestyle-related chronic diseases.
• In Scotland, for children aged under 18, in 2020/21, the number of General Dentistry Surgery (GDS) courses of treatment given to children in Scotland was just over 113,000, a decrease of over 357,000 (75.9%) from 2019/20. This decrease is due to the COVID-19 pandemic. Similarly, for adults aged 18 and over, in 2020/21, the number of courses of treatment authorized was just over 966,000, a decrease of over 3 million (76.5%) from 2019/20.
• Besides Europe, North America stands to be the fastest-growing market for bioceramics owing to increasing healthcare spending at a noticeable rate, with increased health concerns among the population.
• Moreover, Europe and North American markets stand to be the leaders in the manufacturing of bioceramics used for hard tissue replacements. Companies in these regions are also engaged in continuous research and development activities in the field of healthcare, including research related to heart tissue replacement technologies and methods.

Competitive Landscape

The bioceramics market is a consolidated market, where few players account for a significant share of the market demand. Some of the major players in the market include (not in any particular order) CoorsTek Inc., Kyocera Corp., CeramTec, Morgan Advanced Materials, and DSM Company, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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