Global Bioresorbable Implants Market Is Estimated To Witness High Growth Owing To Technological Advancements
The global Bioresorbable Implants Market is estimated to be valued at US$ 5,543.1 million in 2017 and is expected to exhibit a CAGR of 7.7% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Bioresorbable implants are medical devices that are designed to biodegrade over time within the patient’s body. They are used for the treatment of various orthopedic and cardiovascular disorders. These implants are made from biocompatible materials such as polylactic acid (PLA), polyglycolic acid (PGA), and polycaprolactone (PCL). The major advantage of bioresorbable implants is that they eliminate the need for revision surgeries to remove metallic implants.
B) Market Dynamics:
The bioresorbable implants market is driven by two key factors: technological advancements and the increasing prevalence of orthopedic and cardiovascular disorders.
Technological advancements have led to the development of innovative bioresorbable implants that offer improved patient outcomes and reduced complications. For example, bioresorbable stents have been developed for the treatment of coronary artery disease. These stents gradually dissolve in the body, eliminating the risk of late stent thrombosis and the need for long-term dual antiplatelet therapy.
The increasing prevalence of orthopedic and cardiovascular disorders is also driving the demand for bioresorbable implants. The growing geriatric population, coupled with the sedentary lifestyle and increasing obesity rates, has led to a rise in musculoskeletal disorders such as osteoarthritis. Moreover, the prevalence of cardiovascular diseases, such as coronary artery disease and peripheral artery disease, is also increasing. Bioresorbable implants offer a viable treatment option for these conditions.
C) Segment Analysis:
In terms of product type, the bioresorbable implants market is segmented into orthopedic implants and cardiovascular implants. The orthopedic implants segment dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the high prevalence of orthopedic disorders, such as osteoarthritis and fractures, and the rising demand for minimally invasive surgeries.
PEST Analysis:
– Political: Government regulations and policies related to medical device approvals and reimbursements can impact the adoption of bioresorbable implants in different countries.
– Economic: Economic factors such as healthcare expenditure, GDP growth, and healthcare infrastructure development influence the adoption of bioresorbable implants.
– Social: Increasing awareness among patients about the advantages of bioresorbable implants and the growing acceptance of innovative medical technologies drive market growth.
– Technological: Technological advancements in biomaterials and implant designs contribute to the development of superior bioresorbable implants.
E) Key Takeaways:
– The global Bioresorbable Implants Market Growth is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing technological advancements and the rising prevalence of orthopedic and cardiovascular disorders.
– Regionally, North America is the fastest-growing and dominating region in the bioresorbable implants market, attributed to the high adoption rate of innovative medical technologies and the presence of key market players.
– Key players operating in the global bioresorbable implants market include Bioretec Ltd., CONMED Corporation, Depuy Synthes, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew Plc., and Boston Scientific Corporation.
The global bioresorbable implants market is witnessing rapid growth due to technological advancements and the increasing prevalence of orthopedic and cardiovascular disorders. Bioresorbable implants offer numerous advantages over traditional metallic implants, driving their adoption in the medical field. However, government regulations and economic factors can impact market growth and adoption rates. Nonetheless, the market is expected to continue its growth trajectory, especially in regions like North America, with key players driving innovation in the industry.
