Global metal implants and medical alloys market is predicted to cross USD 18 billion by 2025 with a CAGR of 10.1%. The market was valued at USD 11.5 billion in 2019.
Metal Implants Market: An Overview
Metal implants are medical devices designed to support damaged biological structures. These differ from transplants, without the use of biological tissue, and often rely on materials like metals, plastics, to aid the physical structure. Materials like titanium, apatite, and silicone are also becoming common as biomedical material for implants. Advanced implants also integrate electronics to aid applications such as artificial pacemakers or cochlear implants. Recent advances in medicine also promise new opportunities for players in the metal implants market as advancements like drug-eluting stents, or drug delivery devices become commonplace.
According to ZMR forecast, the metal implants market will reach a valuation of $18 bn by 2025 end. The notable growth rate of 10.1% will be achieved during 2019-2025, to take the market valuation from a modest $11.5 bn in 2019. The rising cases of chronic illnesses like cancer, diabetes, and HIV, and rising elderly population will remain key drivers for growth during 2019-2025 period.
Metal Implants Market: Key Trends
The growing cases of accidents globally, and advancements in materials will open new avenues for growth for players in the metal implants market. According to WHO, the total number of road accident cases reached a peak of 1.35 million in 2018. Moreover, the accidents continue to plague cyclists, motorcyclists, and pedestrians around the world, disproportionately. However, in order to chase the opportunities created by road accidents, players in the metal implants market will need to expand to developing regions. According to WHO, over 93% of these cases occur, in emerging nations. In the near future, entering developing world with new products will become far easier for implant manufacturers. Technologies like 3D printing have reduced manufacturing delays, and offered more room for customizations. The technology also promises to reduce costs significantly, thanks to its enormous potential in the long run.
Metal Implants Market: Segmentation
The metal implants market report will be segmented on the basis of product type, application, and region. Based on applications, the report will be divided into orthopedic, dental, stent, spinal fusion, hip, shoulder, defibrillator, and knee reconstruction. The growing shift in demographics will result in significant growth for the orthopedic segment during the forecast period. Among type of products, titanium, stainless steel, and cobalt chrome will be studied in the report. Among these, the titanium will likely register highest growth during the forecast period, thanks to its robust and corrosion-resistive nature.
Metal Implants Market: Regional Outlook
The metal implants market will likely witness highest growth in the North America region, wherein 3D printing technology promises major headways during the forecast period. The region is home to large pharmacies like Walgreens, which have made commitments to expand customizations, and personalized drugs. The trend will likely spill-over to in-house 3D printing devices as the technology has made significant gains in terms of efficacy, and reliability.
Asia Pacific region will likely grow at the fastest CAGR, thanks to rising disposable income, rising elderly population in China, and Japan, and expanding access to healthcare.
Metal Implants Market: Competitive Analysis
The global metal implants market is a competitive, and fragmented landscape, thanks to growing innovation, and more opportunities offered by advancements. The key players in the metal implants market are ATI Specialty Alloys & Components, Royal DSM, , Aperam S.A., Ametek Specialty Products, Johnson Matthey Plc , and Fort Wayne Metals.
The global metal implants and medical alloys market is segmented as follows:
The market was valued at $11.5 bn in 2019
The metal implants market will grow $18 bn by 2025 end.
The metal implants market will grow at a notable 10.1% CAGR during 2019-2025 period.
The titanium segment will likely register most notable growth during the CAGR period, thanks to rising demand and efficacy of the product type.
Some key players in the metal implants market are ATI Specialty Alloys & Components, Royal DSM, , Aperam S.A., Ametek Specialty Products, Johnson Matthey Plc.