Bioimplants Market

Global Bioimplants Market Size (2023 to 2028)

The global bioimplants market size is estimated to grow from USD 97.38 billion in 2023 to USD 132.79 billion by 2028, growing at a CAGR of 6.4% from 2023 to 2028.

Impact of COVID-19 on the global bioimplants market:

The bioimplants market has been significantly impacted by the global pandemic crisis. The large strain of the healthcare sector towards the handling of the pandemic situation led to a decline in the research and developmental activities in the field of cardiac implants due to restrictions on clinical trials, limited person visits, adverse conditions such as cardiac arrest, and cardiac implant-related function. In April 2020, approximately 92% of the clinical trials were closed globally, with a 96% decline in cardiovascular trial activity. Some serious COVID-19 cases experienced health complications in several patients, which led to an increase in the demand for certain bioimplants during the pandemic crisis.

MARKET DRIVERS:

The rising number of product approval by regulatory agencies majorly drive the growth of the global bioimplants market. The prominent key players in the market are majorly focused on gaining approval from the regulatory authorities, which is predicted to boost the market growth. For instance, in April 2022, The Orthopedic Implant Company (OIC), a manufacturer of medical devices, revealed the market's first and only high-value dorsal spanning plate has received U.S. FDA approval and is now available for purchase. Furthermore, in June 2021, The U.S. FDA designated Intelligent Implants Ltd.'s Smart Fuse orthopedic implant technology as a breakthrough device. For use in real-time clinical decision-making, the SmartFuse platform is intended to remotely stimulate, control, and monitor bone formation. The product will be recommended for first-time lumbar spinal fusion patients.

The growing incidence of bone degradation in the geriatric population further fuels the growth rate of the bioimplants market. Bone degradation is a common issue arising in the geriatric population, which led to an increased demand for bioimplants. This medical device plays a crucial role in restoring mobility, functionality, and overall quality of life for the older individual. The growing aging population causes the bones of people to be more susceptible to conditions such as osteoporosis, fracture, and joint problems; bioimplants such as artificial joints and bone grafts offer solutions to these issues by providing mechanical support and enhancing the body’s natural healing processes.

Technological advancements contribute to the growth of the bioimplants market. The innovation in biomaterial enabled the creation of bioimplants that closely mimic the properties of natural tissue. This material enhances the implant’s durability and reduces the risk of complication; technological innovation has led to the development of minimally invasive surgical procedures that reduce tissue damage and contribute to a better patient experience.

Factors such as the growing demand for minimally invasive procedures, rising prevalence of lifestyle disorders such as diabetes, obesity, and technological innovation in the healthcare sector, increasing adoption of inorganic growth strategies, rising product launches, increasing product approval from regulatory bodies fuel the growth rate of the bioimplants market.

MARKET RESTRAINTS:

The high cost associated with the bioimplants and increasing product recall from the regulatory authorities primarily hinder the growth of the bioimplants market. The high cost associated with bioimplants is a significant barrier for the patients and the healthcare system. These costs include expenses related to the development, manufacturing, regulatory approval and distribution of the implant; this can limit the accessibility for the patient, especially in the region with limited healthcare resources limits the market growth. The increasing product recalls from the regulatory authorities due to issues like design flaws, manufacturing defects, and inadequate testing impact patient safety, limiting market growth. The increasing cost of bioimplant surgeries, unfavorable reimbursement policies, lack of skilled professionals to carry out the procedures, and cardiac implant-related infection hampers the global market growth.

REPORT COVERAGE:

This research report on the bioimplants market has segmented and sub-segmented the market based on product type, material type, end-user, and region.

Bioimplants Market – By Product Type:

• Cardiovascular Implants
• Dental Implants
• Spinal Bio-implants
• Orthopedic Implants
• Ophthalmic Implants
• Others

Based on the product type, the cardiovascular implant segment is predicted to hold the dominant position in the global bioimplants market during the forecast period. The rising research and development activities for the development of the novel cardiac implant product primarily drive the growth of the cardiovascular implants segment in the global market. In February 2022, for instance, in February 2022, as part of its AVEIR DR i2i pivotal clinical research, the medical device manufacturer Abbott revealed the world's first patient implant of a dual-chamber leadless pacemaker system. The first implant of Abbott's investigational Aveir dual-chamber leadless pacemaker to take place globally within the pivotal study marks a significant technological milestone for leadless pacing technology. Hence this segment boosting the market growth in the upcoming years.

The orthopedic implant segment is anticipated to grow at a promising CAGR during the forecast period. Globally 350 million people suffer from arthritis, Orthopedic implants are in high demand due to a combination of an aging population and an increase in orthopedic disorders. These disorders can be treated using bioimplants, which offer treatments that increase patients' mobility, lessen their discomfort, and generally improve their quality of life.

Bioimplants Market – By Material Type:

• Biomaterial Metal
• Ceramic
• Alloys
• Polymer

Based on the material type, the ceramic segment is anticipated to hold a major share of the worldwide market over the forecast period owing to the growing ceramic product approval by the regulatory authorities. In December 2022, Dental Point, the industry leader in two-piece ceramic implants, revealed that ZERAMEX XT, its newest product, has been given FDA approval in the United States. In particular, the aesthetic zone, ZERAMEX XT is a 100% metal-free substitute for titanium implants that is intended for extremely aesthetic tooth replacement.

The biomaterial segment is also expected to hold a notable share of the global market during the projected period. The aging of the world's population has boosted the demand for medical procedures, particularly bioimplants. To meet the healthcare requirements of the aging population, biomaterials are employed in a variety of medical devices and implants, including joint replacements, dental implants, and cardiovascular devices.

Bioimplants Market – By End-users:

• Hospitals and Clinics
• Ambulatory Surgical Centers
• Others

Based on the end-user, the hospital and clinic segment is expected to hold a considerable share of the global market during the forecast period. Early adopters of new medical technologies and procedures are hospitals and clinics. Hospitals and clinics are expected to include new surgical techniques, medical devices, and bioimplants in their treatment plans to improve patient outcomes. A growing need for medical interventions, including bioimplants, has been caused by an aging population and an increase in the prevalence of chronic diseases. To accommodate this demand, hospitals and clinics play a crucial role in providing a variety of implant treatments to treat various medical issues.

The ambulatory surgical centers segment is expected to account for a considerable share of the global market during the forecast period.

Bioimplants Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region is anticipated to hold the dominant position in the global market over the projected period owing to the rising prevalence of cardiovascular diseases such as coronary heart diseases and arrhythmias. For instance, in January 2021, Cardiovascular disease affects about 47.2% of adults in the United States over the age of 20 (129.6 million in 2021), and its prevalence rises with age in both males and females. According to the same source, there will be 69 valvular heart disease diagnoses in the United States in 2021, with aortic stenosis (47.8%), mitral regurgitation (28.2%), and aortic regurgitation (19.0%) accounting for most of those diagnoses.

APAC region is expected to show lucrative growth in the global market during the projected period. Many nations in the APAC region have been making investments to upgrade and extend their healthcare systems. This involves the construction of cutting-edge hospitals, clinics, and healthcare facilities, which in turn expands the range of bioimplant treatments that can be carried out. The APAC region is an attractive option for medical tourism, with nations like Singapore, Thailand, and India providing top-notch medical care at reasonably affordable expenses. The demand for such interventions in the area is influenced by medical tourists seeking bioimplant procedures. Hence this factor propels the market growth in this region.

Europe region is anticipated to grow at a healthy CAGR during the forecast period. A large portion of Europe's population is getting older, which has increased demand for medical procedures like bioimplants. Treatments for age-related health problems such as joint deterioration and cardiovascular disorders are more necessary as individuals live longer. Medical innovation and research are centered in Europe. Innovative bioimplants that address a range of medical demands have been created as a result of developments in biomaterials science and medical device technology. Hence this region is also expected to dominate the market during the projected period.

Latin America and Middle East and Africa are also anticipated to grow at a significant CAGR during the forecast period.

KEY MARKET PLAYERS:

Wright Medical Group N.V., Smith & Nephew, Boston Scientific Corporation, Biomet, Inc., Stryker, Abbott, Orthofix Medical Inc., Medtronic, Organogenesis Inc., Arthrex, Inc., Cochlear Ltd., Nobel Biocare Services AG, Exactech, Inc. Arthrex, Inc., LifeNet Health., Clinic Lemanic, MiMedx, Alpha-Bio Tec Ltd. and Osprey Biomedical Corporation are some of the notable companies in the global market.

RECENT MARKET DEVELOPMENTS:

• In February 2023, the smaller-diameter, 7.5mm CurvaFix IM Implant, developed by CurvaFix, Inc., a company that creates medical devices to fix fractures in bent bones, is intended to streamline surgery and provide strong, secure fixation in patients with tiny bones.
• In June 2022, In the United States, ZimVie unveiled the T3 pro tampered implant and Encode emergence Healing Abutment, both of which were approved by the Food and Drug Administration.
• In April 2022, the high-valve dorsal scanning plate was introduced by The Orthopedic Implant Company after receiving approval from the Food and Drug Administration. The DRPx wrist fracture plating system from OIC is strengthened as the most comprehensive and cost-effective alternative to other expensive plating systems by this addition to the company's orthopedic trauma offering.