The bone cement market is estimated to witness high growth owing to advancements in 3D printing technology. Bone cement, also known as polymethyl methacrylate (PMMA) bone cement, is a grouting material that is used to fix prosthetic joint implants, such as hip and knee replacements, in place inside the body. It forms a hard cast that closely bonds the implant to the bone, allowing it to better transfer stresses from motion and impact.
The bone cement market is estimated to be valued at USD 997.1 Mn in 2024 and is expected to reach USD 1,534.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Key Takeaways
Key players operating in the bone cement market are Stryker Corporation, Zimmer Biomet, DePuy Synthes, Tecres S.p.A., DJO Global, Teknimed, Heraeus Medical, Exactech, Inc., CryoLife, Inc. The growing geriatric population undergoing joint replacement surgeries and the increasing demand for minimally invasive techniques present key opportunities in the market. Advancements in 3D printing technology are enabling customized and biocompatible bone cement solutions that better match patient anatomy.
Market drivers
The primary driver boosting the Bone Cement Market is the growing global prevalence of osteoporosis and osteoarthritis that significantly increase the risks of bone fractures and require joint replacement procedures. As per estimates, over 50 million people worldwide suffer from osteoporosis induced fractures annually. Furthermore, innovation in 3D printing techniques for producing patient-matched implants is expected to drive the bone cement market as they enhance surgical outcomes and shorten recovery times.
Current Challenges in Bone Cement Market:
Bone cement industry is facing certain challenges which need to be addressed. There is a need for developing next generation bone cements which can overcome the limitations of current products such as release of toxic monomers during polymerization and less bonding strength. Due to aging population globally, demand for hip and knee replacement surgeries is increasing rapidly which is putting pressure on existing production capacity of bone cement manufacturers. High cost of hip and knee replacement surgeries also remains a concern for orthopedic industry. Certain regulations in different countries regarding usage of bone cement also poses compliance challenges. Overall, innovation in development of new cement materials, expansion of production capacity and reduction in costs are the major areas which need attention in bone cement industry.
SWOT Analysis
Strength: Long standing usage of bone cement for orthopedic procedures and vast clinical evidence to prove its efficacy. Wide usage by orthopedic surgeons and availability of different product variants from major players.
Weakness: Release of toxic monomers during polymerization process and concern regarding long term safety. Maintaining quality standards at expanded production facilities remains a challenge.
Opportunity: Rapid growth in geriatric population globally increases potential target segment for hip and knee replacement surgeries. Development of antibacterial and resorbable bone cements presents new revenue avenues.
Threats: Stringent regulatory norms in some regions and strict adherence to product quality standards add compliance burden. Threat of substitutes like 3D printing of implants and stem cell therapies in future.
North America accounts for the largest share in global bone cement market primarily due to large patient population undergoing hip and knee replacement surgeries in US and Canada. Europe is the second major region driven by growing elderly population, availability of public healthcare funding and consolidating orthopedic industry. Asia Pacific region is expected to witness fastest growth over forecast period due to improving access to elective surgeries in China, India along with rapidly aging demographics.
China has emerged as single largest and fastest growing regional market for bone cement supported by wide patient base, rising medical tourism and infrastructure development initiatives like ‘Healthy China 2030'. Other emerging Asian countries like India, Indonesia, Vietnam are also projected to offer significant opportunities for bone cement companies due to expanding medical value travel industry.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
