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The global The global orthopedic bone cement & casting materials market will likely register significant growth during the 2021-2027 period, thanks to rising demand for healthcare from the elderly. The population of elderly is on a significant rise, and the US Census Bureau predicts that all members of the baby boomer generation will reach retirement age before 2030. The demand for healthcare among elderly also remains high for surgeries like joint replacement, bone treatments, elbow joints, and knee replacement. The bone cement products are essential for filling the gap between prosthesis, and bone joints to create an elastic zone. Growing elderly population, the rising pandemic of global obesity due to increasing sedentary lifestyle, and increased advancements in casting material technology, and manufacturing remain robust drivers for growth. The casting technology and manufacturing is being up scaled due to technologies like 3D printing which promises personalized casting solutions to fit individualized body specifications. Moreover, the manufacturing can also happen at small clinics, enabling the technology to reach more patients in rural areas, without delays. The personalized casting will also provide more choice to consumers with materials, colors, and drive more growth for the orthopedic bone cement and casting materials market.
Rising Injuries Among Young to Remain Key Driver of Growth
According to the CDC, the intentional, and non-intentional injuries among young remains the leading cause of fatalities, and accidents in the United States. The CDC or the Centre for Disease Prevention and Control also notes that the injuries also remains the leading cause among young for fractures, and hospital visits. The rising awareness about obesity globally, and rising health consciousness among key groups like millennials will also create new opportunities for growth. For example, various study show that millennials drink and consumer less alcohol than the previous generation. Moreover, the millennials also are concerned more about their personal well-being, and visit the gym more often. The rising fitness trends, and growing emphasis on physical activity in schools also remains a promising driver of growth in the orthopedic bone cement and casting materials market.
Asia Pacific Remains Highest Driver of Growth as Infrastructure Woes Continue
Despite tremendous economic progress in recent years, the infrastructure in major Asian countries like India remains lackluster. According to the World Health Organization, 1.35 million people die each year as a result of road traffic crashes. Moreover, most of these injuries come from low and middle-income countries with a lackluster infrastructure. According to the National Crime Records Bureau Data from India, road accidents resulted in death of 1,54,732 people in the country, with injuries affecting 4,39, 262 people. The rising technological advancements in 3D printing, and its ability to reach new demographics, and rising cost-effective nature of products in the orthopedic bone cement and casting materials market will drive major growth in revenues in regions like Asia Pacific. The demand for products in key regions like North America will also remain high as rising fitness trends across the country, and growing demand for personalized healthcare solutions will promise new opportunities for growth.
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