The global orthopedic biomaterial market is anticipated to grow at a compound annual growth rate of 11.5 percent between 2015 and 2020, according to WhaTech.
Here are eight highlights:
1. The global orthopedic biomaterial market is expected to hit $38.1 billion by 2020.
2. In 2015, the market totaled 22.07 billion.
3. Surgeons are using orthopedic biomaterials to treat musculoskeletal and joint-related disorders.
4. Of the orthopedic biomaterials, metal is most commonly used, especially in arthroplasty and fracture fixation devices.
5. The ceramics, polymers and orthobiologics segments will likely experience double digit growth between 2015 and 2020.
6. More hip and knee replacements and a larger geriatric population will spur market growth.
7. Many countries' governments are also funding the development of advanced biomaterials.
8. The failure of joint implants and the costliness of biomaterial production will pose as obstacles to market growth.