As per the latest report by IMARC Group, titled “Bio-Implants Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 86.4 Billion in 2018. Bio-implants are bioengineered products that are utilized to replace, support, enhance or regularize physiological functions. They are made from biosynthetic materials such as collagen and tissue-engineered products like artificial skin or tissues. They are divided into three categories, namely, biological implants that comprise cell therapy, bioartificial organs and tissue engineering; biologized implants which include in-vivo cell lining, technical implants and biohybrid systems; and biofunctionalized implants that include surface-functionalized implants and drug-eluting stents.
Global Bio-Implants Market Trends:
Owing to sedentary lifestyles, altering consumption patterns and inadequate nutritional intake among individuals, the prevalence of chronic conditions, such as osteoarthritis, and neuropathic, congenital and cardiovascular diseases, has increased which, in turn, is augmenting the demand for bio-implants worldwide. In addition, the geriatric population represents the biggest end user of bio-implants as elderly individuals are relatively more susceptible to coronary heart diseases, peripheral artery diseases and other age-related conditions. Apart from this, manufacturers are developing innovative prosthetics to reduce production costs and offer customized devices to patients. Further, due to the increasing beauty consciousness, along with the improving success rate of cosmetic surgeries, there has been a rise in the number of individuals seeking bio-implants for enhancing their physical appearance. Looking forward, the market is projected to reach a value of US$ 136.3 Billion by 2024, expanding at a CAGR of around 8% during 2019-2024.
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- Based on the type, the market has been divided into cardiovascular, dental, spinal, orthopedic, ophthalmic and other implants. Currently, cardiovascular implants represent the most popular product type due to the rising cases of cardiovascular diseases.
- On the basis of the material, the market has been segmented into metallic, ceramic, polymer and biological. The report finds that metallic materials dominate the market, holding the largest share.
- The market has been segregated on the basis of the origin into allograft, autograft, xenograft and synthetic. At present, allograft exhibits a clear dominance in the market.
- Based on the mode of administration, the surgical segment accounts for the majority of the total market share, followed by the non-surgical segment.
- On the basis of the end user, the market has been classified into ambulatory surgical centers, clinics, hospitals and others. Amongst these, hospitals represent the biggest end user of bio-implants.
- Region-wise, the market has been segregated into Europe, Asia Pacific, North America, Latin America, and Middle East and Asia. Presently, North America is the leading market, holding the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Abbott Laboratories, Boston Scientific Corporation, Stryker Corporation, St. Jude Medical Inc., Medtronic Inc., Smith and Nephew, Wright Medical Group, Zimmer Biomet, Dentsply Sirona, Invibio Limited, Straumann, Danaher Corporation, Cardinal Health, Johnson & Johnson, B. Braun Melsungen, LifeNet Health, Inc and Endo International plc.
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