Medical Ceramics Market Report, published by Allied Market Research, forecasts that the global market was valued at $3,850 million in 2015 and is projected to reach $5,841 million by 2022, growing at a CAGR of 6.2% from 2016 to 2022.
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Implants segment is expected to remain the highest revenue contributor throughout the forecast period. U.S. held the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.
The upsurge in the demand for medical ceramics from medical device industry creates attractive opportunities for market growth. Properties of medical ceramics such as high compressive strength and biodegradability, which are necessary for bone implants are leading market growth. Medical ceramics minimize bone ingrowth, which is a key factor boosting its adoption in the market. Growth in applications of medical ceramics for inartificial total hip, knee, shoulder, elbow, wrist; bone plates, screws, wires; intramedullary nails; permanently implanted artificial limbs; spinal fusion; alveolar bone replacements, mandibular reconstruction; and tooth replacement implants has opened new growth avenues for medical ceramics market. Growth in ceramic implants market has also fueled the demand for medical ceramics as it can be framed to match the material properties of a natural bone.
The application of the medical ceramics in the implants segments holds highest share in 2015 and is expected to maintain its lead throughout the forecast period. The increase in use of ceramics as rigid materials to manufacture implants is due to absence of prosthetics, thus reducing the risk of bacterial growth. Zirconia and alumina are the most commonly used ceramic materials used to develop implants. Zirconia, a type of bio-inert ceramic is expected to be the fastest growing segment in the global medical ceramics market followed by piezo ceramics. Ceramics are preferred for orthopedic implants by manufacturers due to their high resistance and biochemical inertness. Alumina is the most commonly used ceramic utilized for manufacturing orthopedic implants.
Medical Ceramics Market Key Findings
- The zirconia market revenues are expected to witness highest CAGR of 7.1% during the forecast period.
- The bio-inert ceramics hold the more than half of the market share in 2015 as compared to other types of medical ceramics.
- In the application segment, implants hold nearly three-fourths share in 2015, where dental implants contributed majorly towards the revenue of the implant segment.
- Surgical instrument devices segment is expected to grow at a high CAGR of 8.0% during the forecast period
- U.S. was the largest market in terms of demand for medical ceramics in 2015.
Asia-Pacific led the world demand for medical ceramics and is expected to grow at the highest CAGR of 6.6% during the forecast period. Asia-Pacific offers lucrative opportunities in the medical ceramics market as it is densely populated, with China and India being the most populated countries. Its growth is supplemented by rise in demand for medical ceramics and their applications
Key companies profiled in this report include CoorsTek Inc., Zimmer Holdings, Inc., Straumann, Stryker, Kyocera Corporation, H.C. Starck GmbH, 3M ESPE, Nobel Biocare Services AG, Morgan Advanced Materials, and DePuy Synthes.