by Market Overview:
Bioceramics are inorganic, non-metallic materials used in medical implants and devices. They are often used as artificial bone grafts or as coatings on metal implants. Some key advantages of bioceramics include biocompatibility, bioactivity, bioinertness, fracture toughness and hardness. Growing number of trauma cases, orthopedic procedures and dental disorders has increased the demand for bioceramic based implants and prosthetics. Bioceramics provide a reliable alternative to metals and polymers in orthopedic and dental applications owing to their physical and chemical properties resembling natural bone.
Market key trends:
One of the key trends in the bioceramics market is the growing demand for dental bioceramics. According to the American Dental Association, around 197 million Americans sought dental care in 2020.The rising expenditures on dental procedures have propelled the growth of dental bioceramics which are widely used for dental prosthetics, brackets, and implants. Dental bioceramics provide aesthetic appeal and biocompatibility similar to natural tooth structure. Innovation in materials and technologies have expanded the application scope of bioceramics in various dental restoration procedures.
The global Bioceramics Market Share is estimated to be valued at US$ 4369.34 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate owing to large capital investment required for R&D and manufacturing facilities for bioceramics.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of numerous established players offering substitutable products in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there exist alternative raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as players actively invest in R&D to develop advanced materials with superior properties than existing substitutes.
Competitive rivalry: High owing to presence of numerous multinational players competing on basis of product quality and pricing.
Key Takeaways
The global bioceramics market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for implants and prosthetics worldwide. The market size for 2023 is US$ 4369.34 Mn.
North America dominates the global bioceramics market owing to technological advancements and availability of reimbursements. Asia Pacific exhibits the fastest growth due to rising healthcare expenditure, large patient population and increasing medical tourism.
Key players operating in the bioceramics market include CoorsTek, Inc., Kyocera Corporation, Morgan Advanced Materials, CeramTec, BONESUPPORT, COLLAGEN MATRIX, BERKELEY ADVANCED BIOMATERIALS INC., and CERAMTEC. Key players are focused on new product launch and expansion in emerging regions through mergers and acquisitions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
