Bone Cement Market SWOT and PEST Analysis 2021-2031
The bone cement market size is projected to reach US$ 1.92 billion by 2031 from US$ 1.23 billion in 2023. The market is expected to register a CAGR of 5.70% during 2023–2031. Antibiotic-loaded bone cement is likely to remain a key trend in the market.
Bone Cement Market Analysis
The competition between current suppliers will strengthen due to the increased focus on developing bone cement with superior features, high quality, and safety, such as antibiotic-loaded bone cement for arthroplasty and orthopedic joint fixations. Furthermore, the market is expanding because of the growing acceptance of procedures like kyphoplasty, arthroplasty, and vertebroplasty, which should significantly boost market growth. Additionally, the market is expected to expand due to the rising need for orthopedic bone cement and casting materials, particularly among older people.
Bone Cement Market Overview
The high frequency of osteoporosis, the rising need for kyphoplasty, arthroplasty, and vertebroplasty, and the sharply increasing aging population all contribute to the market's expansion. Furthermore, the companies have facilitated their growth through various inorganic and organic development initiatives. Companies have been using various organic strategies to expand their businesses, such as product launches. Businesses have used inorganic tactics such as partnerships, mergers, and acquisitions.
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Bone Cement Market: Strategic Insights
Market Size Value in US$ 1,103.00 Million in 2021 Market Size Value by US$ 1,626.52 Million by 2028 Growth rate CAGR of 5.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Bone Cement Market: Strategic Insights
| Market Size Value in | US$ 1,103.00 Million in 2021 |
| Market Size Value by | US$ 1,626.52 Million by 2028 |
| Growth rate | CAGR of 5.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Bone Cement Market Drivers and Opportunities
Rising Prevalence of Osteoporosis Leads to Increase in Arthroplasty, Kyphoplasty, and Vertebroplasty Procedures Favors the Market Growth
The risk of fractures is increased by osteoporosis. Osteoporosis cases have increased in the last few years. For instance, the International Osteoporosis Foundation states that almost one in two of the women surveyed had experienced an osteoporosis-related fracture, making these fractures a severe health concern, and approximately four million people in the UK have osteoporosis.
Significant Opportunities in Developing Regions
Increases in kyphoplasty, arthroplasty, and vertebroplasty surgeries are anticipated to increase bone cement sales. Prominent industry participants augment their manufacturing capabilities and broaden their distribution networks to enhance their market share in developing economies. For significant bone producers of cement, emerging markets in South Korea, Mexico, Brazil, and India are anticipated to present growth prospects. The aging population, high osteoporosis prevalence, rising disposable income, better healthcare systems, and the expansion of medical tourism in these nations create lucrative opportunities. Asia Pacific has developed into a hub that is flexible and friendly to business. Most participants are turning their attention to emerging markets as the US and European markets mature. Upgrading the newest technologies in emerging nations largely depends on significant health and life sciences research investments. This, in turn, reinforces the propensity to use bone cement.
Bone Cement Market Report Segmentation Analysis
Key segments that contributed to the derivation of the bone cement market analysis are type, application, and end user.
- Based on type, the bone cement market is divided into polymethyl methacrylate (PMMA) cement, calcium phosphate cement (CPC), and glass polyalkenoate cement (GPC). The polymethyl methacrylate (PMMA) cement segment held the most significant market share in 2023.
- By application, the market is categorized into arthroplasty, kyphoplasty, and vertebroplasty. The arthroplasty segment held the largest share of the market in 2023.
- By end user, the market is segmented into hospitals, ambulatory surgery centers (ASCS), and clinics. The hospitals segment held the largest share of the market in 2023.
Bone Cement Market Share Analysis by Geography
The geographic scope of the bone cement market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market for bone cement in the US holds the largest share among the countries of North America. The growing incidence of osteoporosis is the main factor propelling this market's expansion. Numerous partnerships and joint ventures aimed at growing the US market for bone cement have been reported in recent years. For example, the Kyphon Products Division, a division of Medtronic's Spinal and Biologics business, has achieved a significant milestone by introducing KYPHON ActivOs 10 Bone Cement with Hydroxyapatite in the US market. With the release of this product, Medtronic's cement portfolio now gives surgeons an alternative for treating patients with vertebral compression fractures (VCFs). Therefore, the US's recent introduction of the bone cement market will probably help the nation's growth.
Numerous Canadian businesses are implementing diverse approaches to expand the bone cement industry. The market players have implemented various sustainable strategies, including product launches, geographic expansion, mergers and acquisitions, and strategic collaboration. Stryker, for example, introduced simplex Bone Cement to fix implants in various orthopedic and trauma surgeries.
Bone Cement Market Report Scope
Bone Cement Market News and Recent Developments
The bone cement market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the bone cement market are listed below:
- OsteoRemedies(R) LLC, an orthopedic company focused on providing simple solutions to complex disorders, has announced FDA clearance for expanded indications for the SPECTRUM(R) GV Bone Cement. The expanded indication covers the fixation of revision hip arthroplasty components, implanted in the second stage of a two-stage revision after the initial infection has been cleared. (Source: OsteoRemedies(R) LLC, Press Release, April 2024)
- Zimmer Biomet won a U.S. International Trade Commission case in which it was accused of stealing Heraeus trade secrets for bone cement, the compound used to fill the gap between an artificial joint and a bone. The commission rejected Heraeus Holding request to block the imports of Refobacin bone cements made in France that competes with Heraeus 's PALACOS product. (Source: Zimmer Biomet, Press Release, January 2021)
Bone Cement Market Report Coverage and Deliverables
The “Bone Cement Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Bone cement market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Bone cement market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Bone cement market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Bone cement market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the bone cement market in 2023
Key factors driving the market are the rising prevalence of osteoporosis, which leads to an increase in arthroplasty, kyphoplasty, and vertebroplasty procedures and growing demand for arthroplasty procedures.
Growing emphasis on adopting novel drug delivery systems is likely to remain a key trend in the market.
Zimmer Biomet, DePuy Synthes, Smith & Nephew, DJO Global, Inc, Arthrex, Inc, Tecres S.p.A, Heraeus Holding GmbH, Cardinal Health Inc., Teknimed, Stryker Corporation
The market is expected to register a CAGR of 5.7% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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