Portland, OR, Aug. 04, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydroxyapatite market generated $2.46 billion in 2019, and is estimated to reach $3.65 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing demand for bone grafting materials and bone transplants and surge in demand for orthopedic implants across countries such as the U.S. and Canada due to growing geriatric population drive the growth of the global hydroxyapatite market. However, complications involved in implants and high cost of hydroxyapatite implant hinder the market growth. On the other hand, development of low-cost hydroxyapatite implants creates new opportunities in the coming years.
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Covid-19 scenario:
- Due to lockdown in several countries, industries that manufacture orthopedics instruments and implants have shut down their operations. Thus, the demand for hydroxyapatite is expected to decline as it used in the coating of these implants and instruments.
- During the coronavirus pandemic, the revenue generated from the orthopedic segment is likely to decline for a few months of coronavirus pandemic as orthopedics doctors are being deployed to treat COVID-19 patients, which will delay treatment of orthopedic patients.
- In addition, it is difficult to identify the symptoms of Covid-19 and orthopedics-related pain. Thus, mandatory training is required for orthopedic surgeons to understand and distinguish the symptoms of this disease.
- Several orthopedics instruments and implants manufacturers across China and India have a huge opportunity to grow and generate maximum revenue as COVID-19 pandemic is receding slowly in these countries and governments are now lifting the lockdown to start the industrial activities.
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The report offers a detailed segmentation of the global hydroxyapatite market based on type, application, and region.
Based on type, the micro-sized segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the nano-sized segment is estimated to portray the highest CAGR of 5.5% during the forecast period.
Based on application, the orthopedic segment accounted for the largest share in 2019, holding around two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the plastic surgery segment is expected to register the highest CAGR of 5.6% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for around two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.5% from 2020 to 2027.
Leading market players analyzed in the research include SofSera Corporation, Fluidinova, Taihei Chemical Industrial Co. Ltd., Berkeley Advanced Biomaterials, Zimmer Biomet, Cam Bioceramics, Cg Bio Inc, Aps Materials, Inc., Granulab (M) Sdn Bhd, and Sigmagraft Biomaterials.
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