by The Hydroxyapatite Market is estimated to be valued at US$ 2396.9 Mn or Mn 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 Overview:
Hydroxyapatite is a type of calcium phosphate that is the major mineral component of human bones and teeth. Chemically, hydroxyapatite is similar to the mineral composition of teeth and bones. Therefore, it is widely used as an implant material and bone substitute in orthopedics and dentistry. It has excellent biocompatibility, bioactivity and osteoconductivity properties which make it suitable for use as a bone substitute. Common applications of hydroxyapatite include bone void fillers, coating for metal implants and as substitute for cortical or cancellous bone grafts.
Market Dynamics:
Two key drivers helping the hydroxyapatite market expansion are rising incidences of orthopedic disorders and growing demand for dental care and implants. Rapid growth in geriatric population globally is resulting in increasing number of patients suffering from arthritis, osteoporosis and other bone related diseases. As per Arthritis Foundation, by 2040 around 78 million adults in US are projected to have doctor-diagnosed arthritis. Aging population is more prone to fractures and bone damage which elevates the need for bone grafts. Second driver is rising awareness about dental aesthetics is fueling growth of dental biomaterials market including hydroxyapatite. Surging number of people opting for tooth replacement and dental implants is propelling demand for hydroxyapatite in dental applications. Its ability to bond well with bone and promote bone growth makes it preferred choice for dental bone grafts.
Segment Analysis:
The global hydroxyapatite market is segmented into product type and applications. Based on product type, the market is classified into nano-sized, micro-sized, and greater than micrometer. The micro-sized segment dominates the market as it finds applications in orthopedic, dental and plastic surgeries. There is an increasing demand for micro-sized hydroxyapatite as it mimics the mineral component of human hard tissues like bones and teeth.
PEST Analysis:
Political: Regulations regarding the use of biomaterials in medical devices and healthcare products influence the hydroxyapatite market. There are strict quality guidelines in place.
Economic: Growing healthcare spending along with rising disposable income levels especially in developing nations is fueling the demand for advanced medical treatments using hydroxyapatite.
Social: Increasing incidences of orthopedic disorders and dental diseases worldwide is driving the need for bone grafts and substitutes like hydroxyapatite.
Technological: Advancements in nanotechnology and development of nanostructured hydroxyapatites with improved bioactivity and osteoconductivity aid market growth.
Key Takeaways:
The global hydroxyapatite market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing cases of bone-related diseases and rising demand for dental procedures. Regionally, Asia Pacific dominates the market and is expected to grow the fastest during the analysis period. This can be attributed to growing healthcare infrastructure, rising medical tourism and awareness about advanced treatment options in the region.
Key players operating in the hydroxyapatite are APS Materials Inc., Berkeley Advanced Biomaterials (GNI Group Ltd), Bio-Rad Laboratories Inc., CGbio, FLUIDINOVA, Granulab Sdn. Bhd. (KPower Berhad), HOYA Technosurgical Corporation (HOYA Corporation), SANGI CO. LTD, SigmaGraft Biomaterials, Taihei Chemical Industrial Co. Ltd, and Zimmer Biomet. These companies are focusing on new product launches, collaborations and expansions to strengthen their geographical presence. For instance, in 2022, Taihei Chemical launched nano-hydroxyapatite for 3D printing applications to aid the regeneration of complex bone defects.
The global Hydroxyapatite Market Growth Size for 2023 is US$ 2396.9 Mn. Regional analysis of the hydroxyapatite market reveals that APAC region currently dominates the market and is projected to grow at a robust CAGR during the forecast period. Factors such as rapidly increasing medical expenditures, rising cases of orthopedic injuries, growing number of cosmetic and dental procedures being performed contribute to the high sales of hydroxyapatite products in APAC countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
