Hydroxyapatite is a key component of bones and teeth whose primary function is to add rigidity, strength, and stability to these tissues. It is mainly used in various applications including orthopedic, dental, and plastic surgery owing to its biocompatibility and osteoconductivity properties. Hydroxyapatite finds major applications in bone augmentation, filler & bone substitute, and coating of metallic implants, among others. Increasing prevalence of bone disorders such as osteoarthritis, osteoporosis, and bone cancers has fueled the demand for bone regeneration and thus driving the adoption of hydroxyapatite in medical procedures for bone repairing and reconstruction.
The global hydroxyapatite market is estimated to be valued at US$ 2 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing demand for bone regeneration (as referred in heading) is expected to be a major driver for the hydroxyapatite market growth over the forecast period. According to the United Nations Department of Economic and Social Affairs, the number of people aged 60 or above is projected to grow from 962 million globally in 2017 to 2.1 billion in 2050. As aging is one of the primary factors leading to bone disorders such as osteoporosis and arthritis, the growing geriatric population will increase the demand for bone regeneration procedures thereby fueling the hydroxyapatite market growth. The second driver for the market growth is increased government initiatives for research and development of bone graft materials. Various government and private organizations are financing research related to development of new generation biomaterials for bone regeneration as traditional bone graft materials have certain limitations such as donor site morbidity, risk of infection, and limited availability.
Segment Analysis
The global hydroxyapatite market is dominated by the medical sub-segment owing to its wide usage for dental applications and orthopedic applications such as bone grafting. Hydroxyapatite is used extensively as coating on metal implants used in orthopedic surgeries and also in powdered form as bone grafting substitutes. These applications have enormous potential for growth which has made the medical sub-segment the most dominant one.
PEST Analysis
Political: The regulations around hydroxyapatite products vary across regions and countries. Stricter regulations in North America and Europe ensure minimal health hazards for patients undergoing medical procedures involving hydroxyapatite.
Economic: The global economic growth has resulted in increasing healthcare spending which is driving the demand for newer medical technologies and treatments involving implants, bone grafts etc. This positive economic condition favors the hydroxyapatite market growth.
Social: With rising urbanization and lifestyle changes, bone diseases and joint disorders are on the rise. This has increased the social need for effective bone grafting and orthopedic solutions driving the hydroxyapatite adoption.
Technological: Researchers are developing new formulations and production technologies to enhance the osteoconductivity and mechanical properties of hydroxyapatite for improved integration with bone tissues and durability of implants. 3D printing is also being explored for customized hydroxyapatite implants.
Key Takeaways
The Global Hydroxyapatite Market Growth is expected to witness high owing to increasing demand for bone grafts and orthopedic implants. The global hydroxyapatite market is estimated to be valued at US$ 2 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
The North America region currently dominates the market due to advanced healthcare infrastructure and growing prevalence of osteoporosis. The Asia Pacific region is witnessing fastest growth in the hydroxyapatite market due to growing healthcare expenditures, rising incidents of orthopedic conditions and increasing medical tourism. Countries like China, India and Japan are emerging as major consumers of hydroxyapatite products in the region.
The key players operating in the hydroxyapatite market are Fluidinova, SofSera, Berkeley Advanced Biomaterials, Taihei Chemical Industrial Co., Cam Bioceramics, Zimmer Biomet, APS Materials Inc., Granulab (M) Sdn Bhd.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it