Market Trends of Hydroxyapatite Industry
Orthopedic Segment to Dominate the Hydroxyapatite Market
- Hydroxyapatite (HAp) is a fundamental calcium phosphate that exists as the primary material of bones, teeth, and minerals, generally with high bi-affinity. Its composition promotes osseointegration between bone and orthopedic implants, allowing for the ultimate structural and functional connection. Due to its versatility, hydroxyapatite is becoming increasingly popular as an implant coating.
- As the population ages, orthopedic conditions such as osteoarthritis, osteoporosis, and fractures increase, driving the demand for orthopedic procedures and implants. With the rise in participation in sports and physical activities, there is a corresponding increase in orthopedic injuries requiring surgical intervention.
- For instance, according to the British Broadcasting Corporation and Premier Injuries, in 2023-24, hamstring injuries were the most common type of injury in the English Premier League, with 53 cases as of November 2023. Meanwhile, knee injuries represented the second-most common injury type, with 28 cases.
- According to NHS Digital, the number of knee replacement surgeries in the United Kingdom was registered at 74,000 in FY 2022 compared to 31,122 surgeries conducted in the previous year. Thus, the growth of orthopedic surgeries directly impacts the hydroxyapatite market, a key material used in orthopedic implants.
- According to the WHO, by 2030, one out of every six people will be 60 years old or older. The number of people aged 60 and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to triple, reaching 426 million.
- Although the movement in population distribution toward older ages, known as population aging, began in high-income nations (for instance, in Japan, 30% of the population is already over 60 years old), it is currently low and middle-income countries that are seeing the most change. Two-thirds of the world's population over the age of 60 is expected to reside in low and middle-income countries by 2050.
- With the growing aged population and health issues in several countries worldwide, the demand for orthopedics is expected to increase during the forecast period, thus increasing the demand for hydroxyapatite.
- All the abovementioned factors are expected to drive the demand for hydroxyapatite during the forecast period.
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North America to Dominate the Market
- North America holds a prominent share of the hydroxyapatite market globally. The region is expected to dominate the hydroxyapatite market during the forecast period due to high investment and better healthcare infrastructure.
- According to the data published by the US Centers for Medicare & Medicaid Services (CMS), in 2022, US healthcare spending reached USD 4.5 trillion, an increase of 4.1% compared to the previous year. Furthermore, healthcare expenditure reached around USD 4.6 trillion in 2023, and it is estimated to reach around USD 4.9 trillion in 2024.
- During the period of 2022-2031, the average growth in NHE (national health expenditure) is 5.4% and is projected to outpace the average GDP growth of 4.6%, resulting in an increase in the health spending share of GDP from 18.3% in 2021 to 19.6% in 2031. By 2028, it is anticipated that national health spending will have increased by an average of 5.4%, totaling USD 6.2 trillion.
- The total population of Canada stood at 38 million in 2023. With the increasing population and rising health awareness among people, the likelihood of health expenditure is increasing. Due to increased consumer knowledge and enhanced information dissemination in the country, the relevance of oral care and oral care products has risen dramatically in recent years. As per the World Health Organization (WHO), around 25% of the adults in Canada are affected by decay and gum diseases.
- The number of plastic surgeries is increasing in Mexico. As per the report published by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2022, Mexico had around 103,524 breast augmentation, 136,218 liposuction, 71,131 abdominoplasty, 95,521 buttock augmentation, and 81,419 eyelid surgery.
- As per industry data, healthcare spending in the country reached around USD 112.13 billion in 2023, an increase of 23.8% compared to the previous year. The country’s healthcare spending is anticipated to reach USD 156.51 billion by 2029, which is expected to impact the demand for hydroxyapatite during the forecast period.
- Thus, the rising demand from various segments is expected to drive the market studied in the region during the forecast period.
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