Medical Ceramics Market
Number of pages: 100 | Report Format: PDF | Published date: September 30, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 2.8 billion |
|
Revenue forecast in 2030 |
US$ 4.89 billion |
|
CAGR |
6.4% |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Material, Application, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study conducted by Growth Plus Reports, the Global Medical Ceramics Market was pegged at US$ 2.8 billion in 2021. The market is expected to register a revenue CAGR of 6.4% to reach US$ 4.89 billion by 2030.
Market Fundamentals
Medical ceramic or bioceramic is a type of material that is used for repairing or replacing damaged bone tissues. Depending on the application, bioceramics can directly interact with the tissue in the damaged area, either promoting tissue growth or in the case of bioactive ceramics, causing new tissue regeneration. Bioceramic can remain inactive at the application site and act as a mechanical load carrier.
[546634]
Market Dynamics
The rising demand for medical implants due to the increasing prevalence of chronic diseases such as cardiovascular diseases (CVDs) and spinal cord disorders is the major driving factor for the revenue growth of the global medical ceramics market. There is a rise in the use of medical ceramics for plastic surgeries and wound care applications thus increasing the demand for this market. Moreover, the rise in the geriatric and obese population, increasing the demand for hip and knee replacement procedures is also driving the growth of the global market revenue. Additionally, the increasing number of dental implant procedures is also fueling the revenue growth rate of the global medical ceramics market.
However, it is very difficult to get approval for medical ceramics as they need to be placed inside the human body and must be under biocompatibility testing standards, thus making regulatory processes difficult and costly. This is a major factor restricting the global medical ceramics market revenue growth. Moreover, the lack of skilled healthcare professionals in developing countries is also expected to hamper the market revenue growth to some extent.
Market Ecosystem
The global medical ceramics market is analyzed from three perspectives: material, application, and region.
Medical Ceramics Market by Material
[2334534]
Based on materials, the global medical ceramics market is segmented into bioinert ceramics, bioactive ceramics, bioresorbable ceramics, and piezoceramics.
The bioinert ceramics segment accounts for the largest revenue share of the global medical ceramics market. The bioinert ceramics segment is further sub-segmented into zirconia, alumina, and others. Among these, zirconia accounts for the largest revenue share as it has high mechanical and fracture toughness.
Zirconia has many advantageous qualities, including a smooth surface, a dense texture, resistance to abrasion and corrosion, good chemical stability, and excellent biocompatibility, thus increasing the demand for zirconia. Moreover, medical ceramics composed of zirconia exhibit great resistance to compression and traction and mechanical properties that are like those of stainless steel, thus increasing the segment’s revenue growth.
Medical Ceramics Market by Application
Based on application, the global medical ceramics market is segmented into dental, orthopedic, cardiovascular, surgical instruments, diagnostic instruments, plastic surgery, and others.
The orthopedic segment dominates the global medical ceramics market with the largest revenue share. The orthopedic segment is further sub-segmented into joint replacement, fracture fixation, and Orth biologics.
The large revenue share of the orthopedic segment can be attributed to the rise in the number of orthopedic disorders and the rising geriatric population who are prone to osteoarthritis. Moreover, the rise in the number of joint replacement surgeries and bone fractures are also increasing the demand for medical ceramics.
Medical Ceramics Market by Region
Based on region, the global medical ceramics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
In terms of revenue share, North America dominates the global medical ceramics market, followed by Europe.
The large revenue share of North America in the global medical ceramics market can be attributed to the rise in the number of orthopedic disorders. Moreover, there is a rise in the number of plastic surgeries, rising the demand for medical ceramics resulting in market revenue growth. According to the American Academy of Facial Plastic and Reconstructive Surgery, around 1.4 million surgical and non-surgical procedures are performed in 2021 in the U.S. The number of dental procedures are also accounting for the market revenue growth for medical ceramics. Also, the rising geriatric and obese population are leading to a rise in the number of joint replacement procedures thus boosting regional revenue growth. Additionally, the developed healthcare infrastructure with the presence of top market players and continuous rise in innovation related to medical ceramics is also expected to fuel the revenue growth of this region.
Asia Pacific market is also expected to register a large revenue growth during the forecast period.
Competitive Landscape
The prominent players operating in the global Medical Ceramics market are:
Strategic Developments
The rise in orthopedic disorders, joint replacement, and growth in dental implantation are the major factors boosting the market revenue growth. The rise in the number of plastic surgeries and wound care cases is also driving the market revenue growth.
The difficulty in getting approval for medical ceramics is the major restricting factor of the global market revenue growth. Moreover, there is a lack of skilled healthcare professionals in developing countries.
Some of the key companies operating in the global Medical Ceramics market are Kyocera Corporation, CeramTec GmbH, Morgan Advanced Materials, Institut Straumann AG, and Rauschert GmbH, among others.
The rise in the number of osteoarthritis patients worldwide and the increasing demand for plastic surgeries are the key factors driving the market revenue growth.
The expected revenue CAGR of the medical ceramics market is 6.4% during the forecast period.
*Insights on financial performance is subject to availability of information in public domain