Rise in chronic diseases and awareness about the benefits of the bioimplants has increased the acceptance of bioimplants which majorly drives the market growth. Moreover, the ongoing R&D has increased application area for bioimplants which further boosts the market growth.
According to a new report published by Allied Market Research, titled, “Bioimplants Market by Type, and Material: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the market was valued at $77,738 million in 2016, and is estimated to reach $124,154 million by 2023, with a CAGR of 6.9% during the forecast period.
Many companies aim to develop and market high-tech variants of bio implants. Such augmented supply-side infrastructure is thus expected to contribute to the overall market growth. DENTSPLY International, Wright Medical group, Invibio Biomaterial Solutions, Biomet (Zimmer), Medtronic, Stryker Corporation, Smith & Nephews, DePuy Synthes, Ethicon Inc., and KLS martin are few key players operating in bio implants market.
High prevalence of disease conditions such as cardiovascular, orthopedic and spinal disorders that are amenable to treatment via bio implants is the prime driver of the bio implants market. For instance, cardiovascular diseases prevalence is expected to exceed ~12 million by 2020. 30% of such cardiovascular patient population are amenable to treatment via bio implants; analogous factors exist in context of orthopedic, spinal and other disorders. Also, development of variants of bio/raw materials that enhance biocompatibility of bio implants (products) is expected to drive the market growth. Advanced technologies such as 3D printing, laser and nanotechnology deployed for manufacturing bio implants also significantly enhance biocompatibility of bio implants; therefore, it is expected to be another key driver for the global bio implants market.
Key Findings of the Bioimplants Market:
- The cardiovascular bioimplant segment contributed for nearly one-fourth share of the global bioimplant market in 2016.
- The spinal bioimplant segment is projected to grow at a significant CAGR from 2017 to 2023.
- The natural biomaterial segment is projected to grow at a significant CAGR during the forecast period.
- Germany and France are the major shareholders, which collectively accounted for more than one-third share of the Europe bioimplant market in 2016.
- Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific bioimplant market in 2016.
The North America market is projected to dominate the global bioimplant market in terms of revenue during the forecast period. This is majorly due to the increase in technological development and rise in incidence of cardiac, neuro, and spinal disorders. The Asia-Pacific market is expected to grow at the highest CAGR of 8.7% during the forecast period, owing to rise in awareness about the use of bio implants in the healthcare industry and surge in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs.
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Leading market players:-
The major companies profiled in the report are Abbott Laboratories (St. Jude Medical, Inc.), Boston Scientific Corporation, Dentsply Sirona Inc., Johnson & Johnson (Ethicon, Inc.), Medtronic Plc, Smith & Nephew Plc, Stryker Corporation, Victrex Plc. (Invibio Ltd.), Wright Medical Group N.V., and Zimmer Biomet Holdings Inc.
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