The Business Research Company’s Orthopedic Biomaterials Market Global Report 2020-30: COVID-19 Growth and Change
LONDON, GREATER LONDON, UK, January 27, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
3D printing of orthopedic implants is one of the recent developments in the orthopedic biomaterials market. 3D printing technology is used to produce a large range of medical equipment, such as those with complicated structures or characteristics to suit a patient’s particular anatomy. 3D printing of orthopedic implants enables the design of more natural anatomical shapes, as well as the design of porous bone replacement scaffolds that can be easily integrated into the design of the implant. This allows natural bone regeneration to generate higher reliability of the implant. Orthopedic biomaterials market trends like 3D printing of orthopedic implants is attracting many players. For instance, Evonik, a Germany-based chemical company has invested in Meditool, a Chinese based 3D printed implant start-up that produces models and implants by using polyether ketone (PEEK) polymer supplied by Evonik.
The orthopedic biomaterials market overview is that it comprises of revenue generated by establishments from the manufacturing and sales of orthopedic biomaterials. Orthopedic biomaterials are materials intended to be inserted in the human body as constituents of devices designed to perform certain biological functions by either substituting or repairing various tissues, such as bones, cartilage, ligaments, tendons, and others.
The global orthopedic biomaterials market size was expected to decline from $12.64 billion in 2019 to $11.43 billion in 2020 at a compound annual growth rate (CAGR) of -9.67%. The decline was mainly due to the COVID-19 outbreak and the measures to contain it. Several medical care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. Orthopedic surgeries were postponed and, in some cases, cancelled due to the COVID-19 lockdown. The restrictions on non-essential medical services including orthopedic services coupled with slowed production of orthopedic implants and biomaterials due to extending factory closures in various countries are contributing to the markable decline in the market growth. The market is expected to recover and reach $18.62 billion in 2023 at a CAGR of 17.7%.
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