Market Trends of Hydroxyapatite Industry
This section covers the major market trends shaping the Hydroxyapatite Market according to our research experts:
Orthopedic Segment to Dominate the Hydroxyapatite Market
- Hydroxyapatite (HAp) is a fundamental calcium phosphate existing as the primary material of bones, teeth, and minerals, generally with high bi-affinity. Its composition promotes osseointegration between bone and orthopedic implants, allowing for the ultimate structural and functional connection. Due to its versatility, hydroxyapatite is becoming increasingly popular as an implant coating.
- Due to the similarity between nano-hydroxyapatite and mineralized bone, HAp powders have a high affinity to hard tissues. They bond chemically with the host tissue bringing about improved biological performance. These items produce bone graft substitutes, such as porous granules and block scaffolds for bone recovery.
- With the development of nanotechnology, a significant effect on materials science has been noted. Nano-hydroxyapatite (nano-HAp) is rising as a biomaterial in orthopedic applications due to its similarity in size, crystallography, and chemical composition with human hard tissue. To a great extent, bones are made of this type of mineral.
- According to the WHO (World Health Organization), by 2030, one out of every six people will be 60 years old or older. The number of people aged 60 and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to triple, reaching 426 million.
- Although the movement in population distribution toward older ages, known as population aging, began in high-income nations (for instance, in Japan, 30% of the population is already over 60 years old), it is currently low- and middle-income countries that are seeing the most change. Two-thirds of the world's population over 60 will reside in low- and middle-income countries by 2050.
- With the growing aged population and health issues in several countries worldwide, the demand for orthopedics is expected to increase during the forecast period, thus, increasing the demand for hydroxyapatite.
- All the abovementioned factors are expected to drive the demand for hydroxyapatite during the forecast period.
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North America to Dominate the Market Studied
- The North American region holds a prominent share of the hydroxyapatite market globally. It is expected to dominate the market during the forecast period due to high investment and better healthcare infrastructure.
- In 2021, US healthcare spending grew by 4.2%, reaching USD 4.3 trillion after registering a growth of 9.7% in 2020. As a share of the nation's Gross Domestic Product, health spending accounted for 18.8%.
- Furthermore, according to World Bank data, the population aged 65 and above in the US stood at around 16.6% of the total population, which requires more medical attention for tooth decay and gum problems as well as a rising risk of arthritis among aged people.
- Government data showed that 75% of Canadians visit a dental clinic annually, and 86% do so at least once every two years. Thus, 84% of Canadians report their oral health as good or excellent.
- However, 34% of dentate Canadians aged 6-79 years have some treatment that needs to be identified. One out of three Canadians has a need, and only one out of six says they cannot address this need for financial reasons.
- Mexico is among the world's most popular medical tourism destinations. The overall cost of living is low relative to the United States. That means hospitals and clinics can charge much less for medical procedures. Americans who lack health insurance, thus, make the short trip across the border to Mexico for treatment.
- Thus, the rising demand from various segments is expected to drive the market studied in the region during the forecast period.
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