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| Hydroxyapatite Market |
The Hydroxyapatite market is estimated to be valued at US$ 2396.9 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 naturally occurring mineral form of calcium apatite, with
the chemical formula Ca5(PO4)3OH. It is the major inorganic component of human
hard tissues such as bones and teeth. Hydroxyapatite is used as synthetic bone
grafts in medical applications such as orthopedics and dentistry due to its
excellent biocompatibility and osteoconductivity. Key uses of hydroxyapatite
include bone void fillers, coatings for joint replacements, and as an additive
in orthopedic cement.
Market Dynamics:
The growth of the hydroxyapatite market is majorly driven by the increasing
demand from orthopedic applications. Hydroxyapatite plays a vital role in
orthopedic procedures such as spinal fusion surgeries and bone grafts owing to
its osteoconductive properties. As per the American Association of Neurological
Surgeons, around 450,000 fusion surgeries are performed annually in the U.S.
Moreover, increasing prevalence of osteoporosis and bone injuries worldwide is
also expected to augment the demand for hydroxyapatite over the forecast
period. The market is also witnessing opportunities in research and development
for advanced hydroxyapatite technologies such as rapid prototyping and 3D
printed scaffolds for bone tissue engineering applications. However,
availability of alternative bone graft substitutes and stringent regulations in
healthcare industry pose challenges to market growth.
SWOT Analysis
Strength: Hydroxyapatite has excellent biocompatibility and osteoconductivity properties
which helps in bone regeneration. It has the ability to bond chemically with
bone and promotes natural bone growth. Being derived from natural sources,
hydroxyapatite poses very low risk of inflammatory or toxic responses. It also
has mechanical properties similar to bone mineral.
Weakness: Hydroxyapatite has poor resorbability in the body which limits its
usage in load-bearing applications. It is also expensive to produce
synthetically on a large commercial scale.
Opportunity: Increasing orthopedic procedures globally due to rise in
bone-related diseases and accidents is augmenting demand for synthetic bone
grafts. Growing applications of hydroxyapatite in 3D printing of medical
implants present significant growth prospects.
Threats: Stringent regulatory approvals and preclinical testing requirements
hamper swift product launches. Volatility in prices of raw materials needed for
synthesis can increase production costs.
Key Takeaways
The global Hydroxyapatite
Market Growth Size is expected
to witness high growth, exhibiting CAGR
of 6.5% over the forecast period, due to increasing prevalence of
bone-related ailments such as arthritis, osteoporosis and bone fractures.
According to credible sources, the market size for 2023 is estimated to be US$
2396.9 Mn.
Regional analysis: North America dominated the global hydroxyapatite market in
2022 attributed to burgeoning geriatric population base and increase in
orthopedic procedures in the region. Asia Pacific is identified as the fastest
growing regional market owing to large patient pool, improving access to
healthcare and rapid development of bone graft substitutes in the region.
Key players: Key players operating in the hydroxyapatite market 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 expanding their portfolio through strategic
partnerships and new product launches.
Read More,
https://www.trendingwebwire.com/hydroxyapatite-market-trends-size-and-share-analysis/
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