Hydroxyapatite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hydroxyapatite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Hydroxyapatite Market size is estimated to be at USD 2,250.19 million in 2022 and the market is projected to register USD 3,086.05 million by 2027, registering a CAGR of ~6,52% during 2022-2027.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

Key Highlights

• The major factor driving the growth of the hydroxyapatite market are rising interest in prosthetic applications and increasing demand from the orthopedic segment.
• On the flip side, the high expenditure of implants is anticipated to impact the growth of the market studied.
• North America is expected to be the largest market for hydroxyapatite and its products globally during the forecast period.

Key Market Trends

Orthopedic Segment to Dominate the Hydroxyapatite Market

• Hydroxyapatite (HAp) is a fundamental calcium phosphate existing as the primary material of bones, teeth, and minerals, normally with high bi-affinity. Its composition promotes osseointegration between bone and orthopedic implants, allowing for the ultimate structural and functional connection. Because of its versatility, hydroxyapatite is becoming increasingly popular as an implant coating.
• Because of the similar nature between nano-hydroxyapatite and mineralized bone, HAp powders have a high affinity to hard tissues, and they bond chemically with the host tissue bringing about improved biological performance. These items are utilized to produce bone graft substitutes, such as porous granules and block scaffolds for bone recovery.
• With the improvement of nanotechnology, a significant effect on materials science has been taken note of. The use of nano-hydroxyapatite (nano-HAp) is on rising as a biomaterial in orthopedic applications because of its similarity in size, crystallography, and chemical composition with human hard tissue. Bones, to a great extent, are made of this type of mineral.
• According to the WHO (World Health Organization), by 2030, one out of every six persons on the planet will be 60 years old or older. The number of people aged 60 and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to triple, reaching 426 million.
• Although the movement in population distribution toward older ages, known as population aging, began in high-income nations (for instance, in Japan, 30% of the population is already over 60 years old), it is currently low- and middle-income countries that are seeing the most change. Two-thirds of the world's population over the age of 60 will reside in low- and middle-income countries by 2050.
• With the growing aged population and health issues in several countries across the world, the demand for orthopedic is expected to increase during the forecast period, thus, increasing the demand for hydroxyapatite.
• All the aforementioned factors are expected to drive the demand for hydroxyapatite from the orthopedic application during the forecast period.

North America Region to Dominate the Market Studied

• The North American region holds a prominent share in the hydroxyapatite market globally and is expected to dominate the market during the forecast timeline due to high investment and better healthcare infrastructure.
• In 2021, the United States health care spending grew by 4.2%, reaching USD 4.3 trillion after registering a growth of 9.7% in 2020. As a share of the nation's Gross Domestic Product, health spending accounted for 18.8%.
• Furthermore, according to World Bank data, the population above 65 years of age in the United States stood at around 16.6% of the total population, which requires more medical attention for tooth decay and gum problems as well as a rising risk of arthritis among aged people.
• Government data showed that 75% of Canadians visit a dental clinic annually, and 86% do so at least once every two years. Thus, 84% of Canadians report their oral health as good or excellent.
• However, 34% of dentate Canadians aged 6-79 years had some treatment that needs to be identified. 1 out of 3 Canadians has a need, and only 1 out of 6 says they cannot address this need for financial reasons.
• Mexico is among the world’s most popular medical tourism destinations. The overall cost of living is low relative to the United States. That means hospitals and clinics can charge much less for medical procedures. Many Americans who lack health insurance thus make the short trip across the border to Mexico for treatment.
• Thus, the rising demand from various segments is expected to drive the market studied in the region during the forecast timeframe.

Competitive Landscape

The market for hydroxyapatite is partially fragmented. Some of the players in the market include Zimmer Biomet, HOYA Technosurgical Corporation (HOYA Corporation), CGbio, Bio-Rad Laboratories Inc. and Taihei Chemical Industrial Co. Ltd.

Additional Benefits:

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