25-Jan-2021 | Zion Market Research
As per the researchers at Zion Market Research, the valuation of the global bio-implants market in 2018 was at about USD 64.9 billion and projected to register a 5.8% CAGR during the forecast period from 2019 to 2025. The key players active in the global bio-implants market consist of Biomet, Inc., Tornier N.V., Boston Scientific Corporation, Smith & Nephew, St. Jude Medical, Inc., Stryker Corporation, Medtronic, and Synthes Holding AG. Medical devices manufacturers are collaborating with leading healthcare service providers to introduce sophisticated bio-implant products in developed nations to strengthen their market existence across key regions. To cite, in March 2018, Orthofix International N.V. procured a privately possessed developer and manufacturer of artificial cervical and lumbar discs, Spinal Kinetics Inc. The step was intended at fortifying the orthobiologics bio-implant product portfolio of Orthofix.
Improvements In Bioengineering Technologies Likely To Boost Market Growth
The global bio-implants market growth is mainly propelled by the innovations in bioengineering technologies, the increasing elderly population, and the rising alertness about cosmetic implants. The stipulation for non-surgical bio-implants that don’t require incision is rising and is projected to drive the usage of bio-implants. Dental implants are used by a huge portion of the elderly population for restorative care thus boosting the need for bio-implants. Moreover, altering lifestyle has resulted in an amplified prevalence of chronic diseases like osteoarthritis, neuropathic & congenital disorders, and cardiovascular diseases driving the growth of the global bio-implants market. However, the elevated price of bio-implants, mainly non-surgical ones, and the dearth of suitable reimbursement problems are the factors projected to hamper the market growth during the forecast period.
Orthopedic Implants, On The Basis Of Product, To Register Maximum Growth Rate
In 2018, the orthopedic implants segment, on the basis of product, held the largest share in the market. This can be credited to the increasing implementation of implants within orthopedic surgeries, the increasing prevalence of orthopedic diseases, and suitable reimbursement plans by several governments. However, dental implants are projected to expand at a greater pace during the forecast period as a result of the rising elderly people with more tooth defects and growing need for cosmetic & dental surgeries.
North America Projected To Dominate The Global Market During The Forecast Period
The global bio-implants market is expected to be dominated by North America, followed by the Asia Pacific and Europe. Nevertheless, on account of a rise in taxation and diverse strict steps taken by the governments of several nations of North America are projected to hamper the regional market expansion. The Asia Pacific is projected to observe substantial expansion during the years to come. The regional growth is credited to the rising funding by government, significant expenditure in the healthcare sector, and inflow of foreign investments. Additionally, the increasing count of diagnostic centers that have cutting-edge diagnostic imaging technologies and elevated approachability to improved healthcare services in budding economies are projected to drive the expansion of the regional bio-implants market.
Browse the full “Bio-Implants Market - By Material (Polymers, Ceramics, Alloys, And Biomaterial Metal), By Product (Cardiovascular, Dental, Spinal, Orthopedic, Ophthalmic, And Others), By End-Use (Hospitals, Specialty Centers, And Clinics), By Origin (Autograft, Xenograft, Allograft, And Synthetic), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/bio-implants-market
The global bio-implants market is segmented as follows:
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