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 gradually absorbed by the body over time. These implants are made from materials such as polylactic acid (PLA) and polyglycolic acid (PGA), which are biocompatible and bioresorbable. The need for bioresorbable implants arises from the disadvantages associated with permanent implants, such as the need for removal surgeries and the risk of long-term complications. Bioresorbable implants provide several advantages, including reducing the risk of infection, eliminating the need for removal surgeries, and allowing natural bone growth.
B) Market Key Trends:
One key trend in the global bioresorbable implants market is the rise in orthopedic surgeries using bioresorbable implants. These implants are widely used in orthopedic surgeries, such as fractures fixation, ligament reconstruction, and joint surgeries. The use of bioresorbable implants in orthopedic surgeries provides numerous benefits, including reducing the risk of postoperative infections, eliminating implant removal surgeries, and allowing natural bone healing and remodeling. For instance, Königsee Implantate GmbH offers a line of bioresorbable screws and plates for use in trauma surgery and sports medicine.
C) PEST Analysis:
– Political: There are no significant political factors that directly impact the bioresorbable implants market.
– Economic: The increasing healthcare expenditure and favorable reimbursement policies are driving the demand for bioresorbable implants.
– Social: The rising geriatric population and the increasing prevalence of musculoskeletal disorders are contributing to the growth of the market.
– Technological: Advancements in materials science and 3D printing technology have led to the development of innovative bioresorbable implant solutions.
D) 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 the increasing demand for advanced medical devices and the advantages offered by bioresorbable implants.
– North America is the fastest-growing and dominating region in the global bioresorbable implants market, primarily due to the presence of a well-established healthcare infrastructure, increasing healthcare expenditure, and favorable reimbursement policies.
– Key players operating in the global bioresorbable implants market include Bioretec Ltd., CONMED Corporation, DePuy Synthes (Johnson & Johnson), Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew Plc., and Boston Scientific Corporation. These companies focus on product innovation, partnerships, and collaborations to strengthen their market position. For example, Zimmer Biomet entered into a partnership with Innovative Health to provide an innovative solution for the safe and efficient collection and disposal of bioresorbable implants.
In conclusion, the global bioresorbable implants market is expected to witness significant growth due to the increasing demand for advanced medical devices and the advantages offered by bioresorbable implants in various surgical procedures. North America is projected to be the fastest-growing region in this market, and key players like Bioretec Ltd., CONMED Corporation, and DePuy Synthes are actively contributing to market growth through product innovation and strategic partnerships.