March 1, 2024
Bioresorbable Implants Market

Rising Prevalence of Cardiovascular Diseases Drives the Bioresorbable Implants Market

Bioresorbable implants are medical devices or tissue regeneration scaffolds made of biocompatible and biodegradable materials such as polymers, metallic alloys, etc. that will degrade and dissolve/resorb in the body over a period of time without requiring removal. Bioresorbable implant devices are widely used as stents in interventional cardiology to treat blocked arteries, vessel wall support in cardiac repair surgeries, fixation devices for ligament/tendon repair in orthopedics, and drug delivery systems. The global bioresorbable implants market enables minimally invasive procedures and reduces post-surgery complications compared to permanent implant devices. Bioresorbable implant materials naturally degrade and convert into non-toxic components that are excreted through urine without requiring repeated surgeries for implant removal.

The global Bioresorbable Implants Market is estimated to be valued at US$ 1399.4 Mn  in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Research and development of new bioresorbable materials is a key trend in the market. Traditionally bioresorbable implants were made from polyglycolic acid and polylactic acid based materials with degradation times ranging from months to years. However, ongoing R&D is focused on designing smart bioresorbable materials with tailored degradation properties. For example, materials that degrade completely within a few weeks in cardiovascular applications but maintain strength for months in orthopedic fixation. Adopting 3D printing for customized implant fabrication from bioresorbable polymers and alloys is another emerging trend. 3D printing enables design of complex scaffold structures, patient-specific geometries and controlled layer-by-layer material degradation. Rising adoption of bioresorbable implants in emerging areas such as ophthalmology, dentistry and drug-eluting applications also presents lucrative growth opportunities over the forecast period.

Porter’s Analysis
Threat of new entrants: Low barrier to entry but high capital requirements to establish production facilities pose threat.

Bargaining power of buyers: Moderate bargaining power as standardized products are available from multiple vendors.

Bargaining power of suppliers: High bargaining power of raw material suppliers due to limited availability of suppliers.

Threat of new substitutes: Low threat as bioresorbable implants have advantages over conventional implants.

Competitive rivalry: Intense competition among existing players to gain higher market share.

Key Takeaways
The Global Bioresorbable Implants Market Size is expected to witness high growth. Being fully resorbed by the body after the completion of their intended function, bioresorbable implants offer advantages over conventional implants.

Regional analysis:

North America dominates the market holding more than 35% share owing to rising lifestyle diseases, increasing aging population and growing acceptance of bioresorbable implants. Asia Pacific exhibits fastest growth due to growing medical tourism, rising healthcare spending and increasing focus of key players in this region.

Key players:

Key players operating in the bioresorbable implants market are Corbion, Evonik, Foster Corporation, DSM, Poly-Med, KLS Martin Group, Dentsply Sirona, Smith & Nephew, Zimmer Biomet, and Stryker. Foster Corporation offers a wide range of bioresorbable polymer implants for orthopedic and soft tissue applications. Corbion provides various bioresorbable polymers and formulations for manufacturing implants.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it