Bioimplants Market Overview:
The Global Bioimplants 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% from 2017 to 2023. Bioimplants are surgically implanted to replace or support any damaged body organs to enhance function of any body organ. The major factors that drive the growth of the global bioimplants market include rise in prevalence of chronic diseases coupled with the rapidly aging population. Furthermore, increased awareness and technological advancements in bioimplant further propel the market growth. However, high implantation cost and lack of expertise are some of the factors restrict the market growth.
High Incidence of Chronic Conditions with Increasing Age
According to the National Institutes of Health report, it is estimated that 27% of the Japanese, 16% of the U.S., 24% of the UK, 17% of the Russian, and 14% of Chinese the population will be above 65 years of age by 2020. With age there is an increase in incidence of chronic diseases such as cardiovascular disease, neuropathic disorders, old age-related trauma, and osteoarthritis. For instance, according to the American Heart Association, in 2013 in the U.S., 70.2% of men and 70.9% of women in the range of age 60-79 years have cardiovascular disorders. Moreover, it is been predicted by World Health Organization that there will be an increase of 50% in cardiovascular disorders in China between 2010 and 2030 based on an increase in aging population.
Emerging Technological Advanced Products
Continuous technological innovations in the field of implantable devices is set to drive the market for bioimplant. In addition, end companies spend a lot into R&D to create innovative products, for instance, Medtronic invested $2.2 billion for R&D in 2017, according to its annual report. Scientists are working on developing bioimplant with improved attributes, such as, new generation of drug-eluting stent, bioabsorbable stent, and customized orthopedic implantsMoreover, a biosynthetic alternative to the human cornea bioimplant is developed, which mimics the structure of cornea.
The global bioimplant market is segmented based on product type, material, and region. Based on product type, the market is categorized into cardiovascular implant, dental implant, orthopedic implant, spinal implant, ophthalmic implant, and others. By material type, it is divided into metallic biomaterial, ceramic biomaterial, polymer biomaterial, and natural biomaterials. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key companies operating in the market include 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., Zimmer Biomet Holdings Inc.
Key Benefits
- The study provides an in-depth analysis of the global bioimplants market, with current trends and future estimations to elucidate the imminent investment pockets.
- Quantitative analysis from 2016 to 2023 is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
Bioimplants Market Report Highlights
| Aspects | Details |
 By Type |
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 By Material |
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 By Region |
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 Key Market Players | Boston Scientific Corporation, Smith & Nephew plc, Wright Medical Group N.V., Medtronic plc, Abbott Laboratories (St. Jude Medical, Inc.), Johnson & Johnson (Ethicon, Inc.), Dentsply Sirona Inc, Victrex Plc. (Invibio Ltd.), Zimmer Biomet Holdings Inc, Stryker Corporation |
Analyst Review
Globally, chronic diseases, such as cardiovascular disorders, constitute a major proportion of health and economic burden; hence, the development of effective wound measurement devices is the major necessity for the treatment of wounds.
The bioimplant market gains prominence in the recent years, owing increase in geriatric population, rapid technological advancements, rise in incidence of chronic diseases, surge in adoption of advanced treatment devices, and growth in awareness regarding both the disease and treatment devices available in the market. However, certain limitations of the devices, such as strict regulatory approvals are expected to restrain the market growth.
Furthermore, the orthopedic bioimplant segment was the highest revenue contributor in 2016, owing to several factors, which include aging population, increase in obesity, osteoporosis-related disorder, and technological advancement. Furthermore, the dental implant segment is expected to exhibit the fastest growth during the forecast period, driven by rise in consumer awareness, increase in neurological disorders in the aging population, availability of cost-effective products, growth in FDA approvals for clinical trials, and improved clinical outcomes.
By region, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to market players during the forecast period. However, North America is expected to maintain its dominance in the global bioimplant market in the near future.
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