Hydroxyapatite Is Estimated To Witness High Growth
Hydroxyapatite is a naturally occurring calcium phosphate mineral and the major inorganic component of tooth enamel and bones. It is widely used as bone graft substitutes in orthopedic and dental applications owing to its osteoconductive and biocompatible properties. Hydroxyapatite bone graft substitutes are extensively used to fill gaps or voids created during dental and orthopedic procedures. They stimulate natural bone formation, reduce healing time, and eliminate the need for harvesting bone from other parts of the body. The increasing prevalence of fractures, spinal disorders, dental diseases, and the growing demand for minimally invasive procedures are major factors driving the demand for bone graft substitutes.
The global hydroxyapatite market is estimated to be valued at US$ 2396.9 Mn in 2023 and is expected to exhibit a CAGR of 6.52% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing aging population is opening new opportunities for growth in the hydroxyapatite market. With age, bones become weak and brittle making older individuals more prone to fractures and bone-related ailments. According to the United Nations, the population aged over 60 years is growing at a rate of 3% every year and is expected to reach 2 billion by 2050. Aged bones heal slowly and bone graft procedures are commonly required to accelerate healing in this demographic. Hydroxyapatite bone grafts lead to faster healing and better integration with natural bone as compared to autologous bone grafts in elderly patients. Hence, the rising geriatric population worldwide is estimated to fuel the demand for hydroxyapatite bone grafts during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirement for R&D and manufacturing. However, threat is moderate from some regional players.
Bargaining power of buyers: The bargaining power of buyers is high as the market has large number of buyers and the products are highly substitutable.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials can be sourced from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as some bone graft materials can be used as substitutes for certain applications.
Competitive rivalry: The competitive rivalry is high owing to presence of many global and regional players.
SWOT Analysis
Strength: Hydroxyapatite have excellent biocompatibility and osteoconductivity. It is widely used in orthopedic and dental applications.
Weakness: Lack of long term data on performance and biodegradability of hydroxyapatite. High processing cost for medical grade hydroxyapatite.
Opportunity: Increasing volume of orthopedic surgeries and rising geriatric population drives the demand. Growth in popularity of plastic surgery and dental implant procedures.
Threats: Stringent regulatory approvals and replacement by alternative bone graft materials. Reimbursement issues related to high cost bone grafting procedures.
Key Takeaways
The Global Hydroxyapatite Market Growth is expected to witness high due to increasing demand for bone grafting procedures. The global hydroxyapatite market is estimated to be valued at US$ 2396.9 Mn in 2023 and is expected to exhibit a CAGR of 6.52% over the forecast period 2023 to 2030.
North America dominates the market currently due to presence of major players and higher healthcare spending. The growth in Asia Pacific region is expected to be fastest during the forecast period supported by rising healthcare infrastructure and steady economic growth. Countries like China, India, Japan and South Korea will be major revenue contributors in the region.
Key players: Key players operating in the hydroxyapatite market are Aetna, AmeriHealth, Lynn Community Health Center, CHAS Health, Cigna, Siemens Healthcare GmbH, NextGen Healthcare, Athena Healthcare, NextStep Solutions, and Genpact Limited.
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