[ 187 Pages Report] The global medical ceramics market is projected to reach USD 12.9 billion by 2025 from USD 9.6 billion in 2020, growing at a CAGR of 5.9% from 2020 to 2025. Increasing research activities for the development of novel medical ceramics, growing demand for medical ceramics in plastic surgeries & wound healing applications; the rising number of hip & knee replacement procedures; and the increasing demand for implantable devices are responsible for the significant growth of the market during the review period.
The global spread of COVID-19 has led to the complete suspension of elective surgeries, especially in the most-affected countries. Some regions witnessed a 70% reduction in the number of patients seeking aesthetic treatments from January 2020 onwards. Moreover, several dental events have been postponed due to the COVID-19 pandemic.
Additionally, DENTSPLY Sirona recently predicted that its sales in the Chinese, South Korean, Taiwanese, and Japanese markets would fall by a cumulative USD 60–70 million in FY 2020.
Medical implants are artificial devices that are used to replace damaged or missing biological parts. Implants help deliver medication, monitor body functions, and provide support to organs and tissues in different applications (such as dental, orthopedic, and cardiovascular).
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The significant growth in the geriatric population is expected to result in an increased demand for joint reconstruction, cardiovascular surgeries, and dental replacement procedures and an increase in the prevalence of hearing loss. These factors are, in turn, expected to support the growth of the hearing, orthopedic, and dental implants market.
Medical ceramics are key components in the manufacturing of various implantable devices, such as orthopedic implants (artificial hips, knee, shoulder, wrists, fracture fixation, and bone grafts), cardiovascular implants (heart valves, pacemakers, catheters, grafts, and stents), dental implants (enamels, fillings, prosthetics, and orthodontics), and hearing implants (cochlear implants). Considering the growing demand for implantable devices in different segments (such as cardiovascular, dental, and orthopedics), the uptake of medical ceramics is expected to increase in the coming years.
The development of medical ceramic products involves time-consuming processes and expensive clinical trials. These products have to be implanted inside the human body; they need to be biocompatible and comply with the ISO biocompatibility testing standards. However, it is difficult to anticipate the biocompatibility till the later stages of clinical trials, making companies and investors apprehensive of investing in this market.
Also, regulatory procedures are complicated, restrictive, and depend on the composition of ceramics and their future applications, making the approval process for medical ceramic products cumbersome, expensive, and time-consuming. These factors are expected to hinder the growth of the medical ceramics market to a certain extent.
The World Economic Forum estimates these emerging economies to account for around one-third of the global healthcare expenditure by 2020. The rising geriatric population in these countries will lead to increased demand for medical facilities and devices, which is likely to propel the growth of the medical ceramics market. Moreover, growth in these markets can primarily be attributed to the low prices of dental treatments in these countries compared to developed economies and their infrastructural development.
Additionally, medical device manufacturers are also setting up their facilities in the Asia Pacific, the Middle East, and Latin America. In recent years, key players such as Baxter International, Becton Dickinson, BIOTRONIK, Hoya Surgical Optics, Life Technologies, Medtronic, Siemens Medical Instruments, and AB SCIEX have set up their manufacturing and R&D facilities in Singapore. The saturated mature markets in developed countries will further compel medical ceramics manufacturers to focus on emerging markets in the coming years.
The medical ceramics market in Asia Pacific, particularly in China, Japan, and India, is expected to witness high growth in the coming five years. The medical ceramics market in the APAC is estimated to grow rapidly during the forecast period, considering the development of the region's healthcare sector. The major consumers of medical ceramics in the APAC are China, South Korea, and Japan. The aging population, increasing disposable income, technological advancements, and growing awareness about treatments available provide huge growth opportunities for HAp manufacturers in the region.
