Bone Cement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bone Cement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The bone cement market is expected to register a CAGR of 6.5% over the forecast period (2022-2027).

COVID-19 has adversely impacted the bone cement market. The pandemic caused added challenges for patients with some form of disability and patients undergone orthopedic surgeries. Due to social distancing, many hospitals were restricted to non-elective procedures and surgeries, and they were instead offering patients video conferencing with disabilities to overcome the limitations of the market growth. The disabled community across the globe was affected hard by the COVID-19 pandemic. Thus, in countries such as in the United States, the Disability Inclusion Fund (DIF) has announced the launch of USD 200,000 Rapid Response Fund in 2020 to support the needs of people with disabilities related to the impact of COVID-19. Furthermore, during the initial days of the pandemic, the number of road accidents also decreased across the globe. For instance, as per the study titled, " Traffic accidents significantly dropped during COVID-19 lockdown" published in March 2022, Rensselaer Polytechnic Institute research showed that the number of traffic accidents fell by almost half during the two-month period at the beginning of the COVID-19 pandemic, when residents of most states were forced to stay at home. It also reported that traffic accidents in Louisiana decreased by 47.0% and injuries due to traffic accidents decreased by 46.0%, and ambulance calls for accidents decreased by 41.0% during March and May 2020. Thus, such instances indicate that the market witnessed a slow growth during pandemic.

The increasing cases of road accidents and traffic injuries after the suspenion of the lockdown has positively impacted the market after the pandemic. For instance, according to the data published by the National Highway Traffic Safety Administration in the United States, in May 2022, traffic fatalities witnessed an increase of around 10.5% in 2021 from 2020. It also reported that fatalities on urban roads were around 57.0% in March 2020, which became 62.0% in March 2021, which is almost a 5.0% increase from the previous year. Similary, according to the data published by the World Health Organization in June 2022, it reported that road traffic injuries are one of the leading causes of death among young adults aged 5 to 29 years and children. It also reported around 93.0% of the world’s fatalities mostly occur in middle and low-income countries. The increase in accident cases has increased the number of amputations across the globe. For instance, according to the journal published by the National Library of Medicine in January 2022, it stated that prevalence of amputations was 1.6 million in 2005 which is expected to double by the year 2050. It also reported that one of the major causes of upper limb amputations is trauma which accounts for almost 80.0% of acquired amputations. Bone cement is commonly used for the amputation cases. Bone cement is commonly used for implant fixation in various orthopaedic and trauma surgery. It is used as a space-filler, which holds the implant against the bone. Thus, such instances are anticipated to postively impact the bone cement market over the forecast period.

However, unfavourable reimbursement scenarios and high cost required for launching new products are likely to impede the market growth over the forecast period.

Key Market TrendsPolymethyl Methacrylate (PMMA) Cement is Expected to Witness Growth Over the Forecast Period

Polymethyl Methacrylate (PMMA) is widely used in the surgical fixation of artificial joints. The primary function of PMMA bone cement is to transfer forces from the bone to the prosthesis. PMMA bone cement is intended for use in arthroplasty of the hip, knee, and other joints for fixation of polymer or metal prosthetic implants to living bone.PMMA is an acrylic polymer that is created by mixing two sterile components, a liquid MMA monomer and charged MMA-styrene copolymer. The result of this mixing liquid is that the monomer polymerizes around the pre-polymerized powder particles to form hardened PMMA. In this process, heat is generated due to an exothermic reaction.

The increasing cases of knee injuries are one of the major drivers of the segment growth. For instance, as per the report published by the Canadian Institute of Health Information in June 2021, knee replacements in Canada are among the top 3 inpatient surgeries which are performed each year. Similarly, as per the study titled, “India Joining the World of Hip and Knee Registries” by the National Library of Medicine in September 2020, the number of joint replacements in India is expected to grow at the highest rate in the world from 2020 to 2026. PMMA bone cement is widely used in knee injury cases, therefore, such instances are anticipated to propel the demand of PMMA bone cement thereby, surging the market growth over the forecast period.

North America is Expected to Dominate the Bone Cement Market Over the Forecast Period

North America is expected to dominate the bone cement market over the forecast period. The growth is due to factors such as the rising cases of accidents and an increase in the prevalence of people suffering from degenerative diseases. For instance, as per the report published by the Canadian Institute for Health Information in June 2021, in Canada, around 75,073 knee replacements were performed in 2020. It also reported that knee replacement surgery showed an estimated inpatient cost of approximately USD 10,500, which counts up to more than USD 1.4 billion spent annually on this surgery. Therefore, such an instance indicates considerable market growth in this region.

Key product launches, a high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and an increasing number of hip and knee surgeries in the United States are some of the factors driving the growth of the bone cement market in the country. For instance, according to the American Joint Replacement Registry Releases 2021 Annual Report, published in November 2021, despite of temporary decrease in hip and knee surgical procedures due to pandemic, the report shows an overall cumulative increase in procedure volume of 18.3% compared to the previous year in the United States. Such facts are anticipated to drive the growth of the market in the country.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The bone cement market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Stryker, Merck KGaA, Johnson & Johnson (Depuy Synthes), Zimmer Biomet, Smith & Nephew, Arthrex, Inc.,and DJO Global among others.

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1.1 Study Assumptions and Market Defination
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Sports Injuries and Road Traffic Accidents
4.2.2 Rising Geriatric Population
4.2.3 Increasing Demand in the Field of Regenerative Medicine
4.3 Market Restraints
4.3.1 Unfavourable Reimbursement Scenarios and High Cost Required for Launching New Products
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Product
5.1.1 Polymethyl Methacrylate (PMMA) Cement
5.1.2 Glass Polyalkenoate Cement
5.1.3 Calcium Phosphate Cement
5.2 By Application
5.2.1 Arthroplasty Total Knee Arthroplasty Total Shoulder Arthroplasty Total Hip Arthroplasty
5.2.2 Others
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Stryker
6.1.2 Merck KGaA
6.1.3 Johnson & Johnson (Depuy Synthes)
6.1.4 Zimmer Biomet
6.1.5 Smith & Nephew
6.1.6 Arthrex, Inc.
6.1.7 DJO Global
6.1.8 Exactech
6.1.9 Heraeus Holding
6.1.10 Cardinal Health

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