by The global 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. It is widely used as synthetic bone graft material or dental implant coatings owing to its bioactive, biocompatible and osteoconductive properties. Hydroxyapatite acts as a scaffold for new bone formation and facilitates osseointegration of implants into surrounding bone. Its compatibility with human hard tissues minimizes the risk of rejection by the body.
Market key trends:
With the growing demand for medical tourism coupled with rise in aging population, there is increasing demand for bone graft substitutes, dental implants and orthopedic implants. The demand for bone graft substitutes is driven by advantages such as reduced donor site morbidity, pain, faster recovery and lower risk of infection. Growing popularity for minimally invasive surgical procedures and digital dentistry is fueling demand for hydroxyapatite coatings in dental and orthopedic implants. Increase in number of cosmetic surgeries involving calcium phosphate-based bone fillers and bone graft substitutes is a major market trend. Moreover, technological advancements focused on improving mechanical properties and biocompatibility of hydroxyapatite coatings is creating growth opportunities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital investment in R&D, manufacturing and infrastructure is required in hydroxyapatite market. Bargaining power of buyers: Bargaining power of buyers is moderate due to presence of many established players offering products. Bargaining power of suppliers: Bargaining power of suppliers is low due to availability of raw materials from various sources. Threat of new substitutes: Threat of new substitutes is low as there are limited substitutes available for hydroxyapatite. Competitive rivalry: Competition in the market is high among key players to gain major market share.
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 demand for dental and orthopedic implants and sizers due to rising cases of dental disorders and orthopedic injuries and accidents.
Geographically, North America dominates the global hydroxyapatite market and is expected to grow at a significant CAGR during the forecast period. This is attributed to rising prevalence of bone disorders, an increasing number of dental implant procedures, and rising healthcare expenditure in the region. Asia Pacific is expected to witness the fastest growth during the forecast period.
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 R&D to introduce advanced products in orthopedic and dental applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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