Hydroxyapatite or Ca10(PO4)6(OH)2 is a naturally occurring mineral form of calcium phosphate which has applications in medical science owing to its biocompatibility and osteoconductive properties. Hydroxyapatite has applications in dental bone reconstruction, hip replacement, coating implants and scaffolds. It is widely used in coating of metallic and polymer implants owing to its ability to enhance biocompatibility and induce bone growth. With rising incidences of fractures, accidents and age-related bone issues, demand for orthopedic implants and dental bone grafting procedures is increasing globally. This in turn is expected to drive the demand for hydroxyapatite in the forecast period.
The global hydroxyapatite market is estimated to be valued at US$ 2761.23 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing demand for bone grafting procedures and dental implantology applications is slated to be a key growth opportunity for hydroxyapatite in the coming years. With rising elderly population worldwide, issues related to bone loss and fractures are increasing. This has boosted the demand for bone grafting procedures. Hydroxyapatite plays an important role in bone healing owing to its osteoconductive properties. Furthermore, rising number of cosmetic dental procedures has increased the demand for dental bone grafting and implant placements. Hydroxyapatite coatings enhance the osseointegration of dental implants and thus, their utilization is rising in dental implantology. Owing to growing needs of bone grafting and dental implantology, demand for hydroxyapatite from healthcare and dental industries is estimated witness lucrative growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the hydroxapatite market requires large investments in R&D and manufacturing facilities to produce products. However, opportunities exist for companies offering differentiated products.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute products. Buyers can choose from various synthetic bone graft substitute products if prices are too high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials used are commodity chemicals widely available from different suppliers.
Threat of new substitutes: The threat of substitutes is high as alternative bone graft materials like ceramics, polymers, and metals can be used for orthopedic and dental applications.
Competitive rivalry: Competition in the market is high due to the presence of numerous global and regional players.
SWOT Analysis
Strengths: Hydroxyapatite is biocompatible and osteoconductive making it a preferable choice for dental and orthopedic applications. It assists in bone regeneration and healing due to similarity to bone mineral structure.
Weaknesses: Hydroxyapatite powders have handling issues due to their fineness and cohesiveness. Complex production processes increase costs.
Opportunities: Increasing orthopedic surgeries and trauma cases globally due to road accidents and sports injuries present growth opportunities. Rise in aging population vulnerable to bone disorders also boosts demand.
Threats: Stringent regulations delay new product approvals. Economic slowdowns can negatively impact market growth.
Key Takeaways
The global hydroxyapatite market scope is expected to witness high growth supported by the rising geriatric population vulnerable to bone and joint disorders. The global Hydroxyapatite Market is estimated to be valued at US$ 2761.23 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
As per estimations, over 50% of European population will be aged over 60 years by 2050. This presents immense opportunities for hydroxyapatite suppliers and manufacturers catering to the orthopedic and dental reconstruction applications. North America dominates the global hydroxyapatite market accounting for over 30% revenue share in 2024 owing to developed healthcare infrastructure and rising expenditure on dental services in the US and Canada. Asia Pacific is poised to be the fastest growing regional market between 2024-2031 with a projected CAGR of around 8% driven by growing medical tourism, increasing healthcare spending, and rising incidence of osteoporosis in China and India.
Key players
operating in the hydroxyapatite market are West Pharmaceutical Services Inc., Berry Global Inc., Sartorius AG, Corning Inc., Gerresheimer AG, SCHOTT AG, Stevanato Group, AptarGroup Inc., SGD Pharma, Ompi - Stevanato Group, DWK Life Sciences, Nipro Corporation, Nolato AB, and Terumo Corporation, Qosina Corp. These players are focused on new product introductions, geographic expansions and mergers & acquisitions to strengthen their presence and cater to the growing demand.
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