Orthopedic diseases, such as arthritis, can induce spinal fractures, necessitating the use of bone cement. During joint replacement procedures, bone cement is utilized to bridge the space between the bone and the implant, giving stability and support to the artificial joint. On the other hand, casting materials are used to immobilize and support broken bones throughout the healing process, allowing the bone to mend properly. In the global market, bone cement materials include polymethyl methacrylate (PMMA), acrylate-based plastics, and others. Besides, casting materials include plaster and fiberglass. These materials are used in various applications, including joint arthroplasty, trauma cases, sports injuries, and spine surgeries. Owing to such a vast number of applications, the global orthopedic bone cement and casting materials market is expected to grow at a significant CAGR of 8.8% during the forecast period.
Key Drivers of the Orthopedic Bone Cement and Casting Materials Market
Increasing Arthritis Cases
According to the Arthritis Foundation, in 2020, an estimated 30.8 million adults were discovered to have arthritis, and 14 million people in the US were confirmed to have symptomatic knee osteoarthritis. Additionally, according to the Centers for Disease Control and Prevention (CDC), arthritis affects 24% of all adults in the US, or 58.5 million individuals. It is the biggest cause of work disability, accounting for $303.5 billion in yearly medical treatment and lost earnings. Besides, juvenile idiopathic arthritis (JIA) is another growing cause of concern globally, which occurs in children aged below 16 years. According to PubMed Central’s report in 2021, about 3 million children and adults were suffering from JIA globally. Hence, the growing prevalence of arthritis among all ages is increasing market demand.
Changing Lifestyles and Obesity
Many individuals nowadays spend long periods of time sitting at a desk or in front of a computer, which can result in weak muscles and increased joint pressure. This leads to joint discomfort and inflammation over time, eventually leading to arthritis. Additionally, diet is also compromised in today’s lifestyle, such as by consuming a diet high in processed foods and sugar. This type of diet increases obesity among individuals and affects their already arthritis-affected joints as well, resulting in an increased demand for bone surgeries. According to the Health Survey for England by NHS England (2021), 25.9% of people in England were obese, with another 37.9% being overweight but not obese. As per the same source’s survey in December 2022, about three quarters of people aged between 45 and 74 were overweight or obese in England. Such factors increase the risk of arthritis, resulting in high market demand.
Aging Population
Since the elderly population is more prone to orthopedic injuries that require bone cement and casting materials to support and strengthen artificial joints and shattered bones, the growing elderly population will boost the market’s growth. For instance, according to the World Population Prospects report, the population aged 65 and over in Northern Africa and Western Asia was 5.5% in 2022 and projected to be 7% in 2030; 6.4% in Central and Southern Asia in 2022 and projected to be 8.1% in 2030; and 18.7% in Europe and Northern America in 2022 and projected to be 22% in 2030.
Expansions and Innovations by Major Market Players
The orthopedic bone cement and casting materials market has significant contributors such as Stryker Corp., Smith+Nephew, Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings Inc., Synimed SARL, DJO Global Inc., Arthrex Inc., and Tecres Spa, among others. These players assist in the market’s growth with the launch of new products and through collaborations and investments. Some of the recent developments in the market include-
• In November 2022, Lithoz announced the launch of the LithaBone HA 480 for 3D printed bone replacements. It is a bioresorbable ceramic bone graft substitute. LithaBone HA 480 allows for substantially larger wall thicknesses than earlier Lithoz bone replacement materials, ranging from 1.6mm to 10mm, while also demonstrating strongly decreased overpolymerization with an enhanced depth of cure to produce a more reliable production process. The company also claims that the LithaBone HA 480 has a ten-fold longer lifespan and allows for easier-to-clean parts, resulting in better availability and speedier procedures.
• In July 2022, GRAFTYS SA, a pioneer in resorbable bone cement for orthopedic surgery, closed a EUR 2 million ($2.2 million) financing round with its current shareholders to drive commercial development and new product launches.
• In May 2022, Prosteomax, Malaysia's first halal-certified synthetic bone cement, was launched by KPower Bhd, a subsidiary of Granulab (M) Sdn Bhd. Prosteomax is a novel synthetic calcium phosphate bone cement that has been approved as halal by the Islamic Development Department of Malaysia (Jakim) and licensed with the Malaysian Medical Device Authority for cranio, dental, orthopedic, and maxillofacial applications.
• In January 2022, SetBone Medical Ltd., which has created a unique bone cement for the treatment of spinal vertebral fractures and other orthopedic operations, completed a $1.6 million oversubscribed fundraising round. The Trendlines Group, Agriline, a trust of which Vincent Tchenguiz is a discretionary beneficiary, Chicago ArchAngels, and other private investors participated in the round. The funds received will go towards the next stage of research and the launch of the First in Human pilot trial.