The global bio-implants market size is estimated to be worth USD 129.6 billion by 2028 from USD 96.36 billion in 2023, growing at a CAGR of 6.12% from 2023 to 2028.
Impact of COVID-19 on the bio-implants market:
The healthcare industry experienced a significant impact from the Covid-19 pandemic. The implant surgeries were canceled to conserve resources during the COVID-19 pandemic and this has led to a shortage of professionals available to perform these surgeries. The decrease in surgical procedures amidst the COVID-19 pandemic resulted in a decline in the growth rate of the bio-implants market. The cardiac implant sector also experienced setbacks in research and development due to the COVID-19 pandemic. Clinical trial sites were closed and in-person reporting of adverse cardiovascular disease events, such as cardiac arrest and implant-related infection was limited. The global market has picked up the pace during the post-pandemic period owing to the resumption of postponed surgeries worldwide. The global bio-implants market is anticipated to experience a notable growth rate during the forecast period due to the significant increase in surgical procedures and operations.
MARKET DRIVERS:
The growing prevalence of chronic diseases, rising adoption of sedentary lifestyles and increasing demand for minimally invasive surgeries majorly propel the growth of the global bio-implants market. Bio-implants aid in improved management and targeted medicine administration for patients suffering from obesity, infections, and musculoskeletal diseases. The healthcare systems in both developed and developing countries are expected to continue to advance rapidly and support the growth rate of the bio-implants market. The growing awareness among people of scientific breakthroughs and the efficacy of cosmetic implants favor the market growth.
The global rise in dental issues contributes to the increasing demand for bio-implants and accelerates the market’s growth rate. The demand for orthopedic artificial implants and cardiac pacemakers is on the rise owing to the growing patient population of cardiovascular and orthopedic diseases. The growing number of product releases and rising demand for minimally invasive procedures further boost the growth rate of the bio-implants market. The adoption of minimally invasive surgeries is growing significantly owing to the numerous benefits over traditional open surgeries such as reduced trauma, smaller incisions, faster recovery, and shorter hospital stays. The demand for Bio-implants such as stents, grafts, and drug-eluting implants remains high due to their crucial role in facilitating tissue repair, promoting healing and supporting organ function during medical procedures.
The favorable reimbursement policies and the increasing number of initiatives from several governments in favor of bio-implants further drive the market growth. Bio-implants are gaining recognition worldwide and by healthcare organizations due to their potential for long-term cost-effectiveness owing to their ability to reduce hospitalization and post-operative care requirements. As a result, the governments of various countries have been putting efforts towards the implementation of reimbursement schemes and funding programs aimed at promoting the use of Bio-implants.
MARKET RESTRAINTS:
Stringent regulatory approval processes and the high cost of bio-implant procedures majorly hamper the growth of the bio-implant market. Limited reimbursement coverage, potential risks and complications associated with bio-implants, and technological limitations and challenges impede the market growth. Limited availability and accessibility of skilled healthcare professionals, the competition from alternative treatment options, and poor awareness and education among patients and healthcare providers further hinder the growth of the bio-implants market.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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Segments Covered |
By Type, Material, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC; PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global bio-implants market has been segmented and sub-segmented into the following categories.
Bio-implants Market - By Type:
Based on type, the cardiovascular implants segment is predicted to account for a substantial share of the global market during the forecast period. The high incidence of heart-related disorders and the increasing adoption of minimally invasive procedures majorly drive the demand for cardiovascular implants and contribute to the growth of the cardiovascular implants segment. Technological advancements in cardiovascular implants, such as bioresorbable stents and transcatheter heart valves, the growing geriatric population that are more susceptible to cardiovascular conditions, rapid adoption of minimally invasive cardiac procedures, and rising awareness and screening programs for early detection and treatment of cardiovascular diseases fuel the growth rate of the cardiovascular implants segment.
The dental implants segment is anticipated to witness a healthy CAGR during the forecast period owing to the rising emphasis on aesthetic dental procedures and the desire for natural-looking and functional tooth replacements. The growing awareness about the benefits of dental implants, such as improved speech, chewing efficiency and preservation of jawbone health, technological advancements in dental implant materials and techniques, the increasing aging population and the increasing number of dental procedures performed in older adults promote the growth of the dental implants segment.
The orthopedic implants segment is another lucrative segment among all and is estimated to hold a considerable share of the global market during the forecast period owing to factors such as the rising prevalence of musculoskeletal disorders and the growing aging population worldwide.
Bio-implants Market - By Material:
Based on material, the biomaterials metals and alloys segment is expected to capture the leading share of the global market during the forecast period. The high strength and durability of metals and alloys that ensure long-term implant stability and functionality is one of the key factors propelling segmental growth. The growing number of applications of biomaterials metals and alloys including orthopedic, cardiovascular, and dental implants due to their versatility further boosts the segment’s growth rate.
The polymers segment is estimated to register a notable CAGR during the forecast period in the global bio-implants market. The biocompatibility, reduced risk of adverse reactions, and enhanced patient safety majorly drive the adoption of polymer material in the bio-implants market and boost the growth of the polymers in the global market. The versatility and lightweight nature of polymer materials further contribute to segmental growth.
Bio-implants Market - By End-User:
Based on end-user, the hospitals and clinics segment is estimated to dominate the global market during the forecast period. The growing availability of comprehensive medical infrastructure and resources, expertise and specialization in handling complex implant procedures and the ability to provide a wide range of implantation services primarily propel the growth of the hospitals and clinics segment. Integration with other healthcare departments and specialties and the capability to offer comprehensive patient care from diagnosis to postoperative follow-up further promote segmental growth.
The ambulatory surgical center segment is expected to occupy a notable share of the global market during the forecast period. The cost-effectiveness compared to traditional hospital settings, convenience and efficiency of same-day surgical procedures, and streamlined patient experience with reduced waiting times drive the growth of the ASCs segment. Focus on outpatient care to avoid overnight hospital stays and the growing demand for minimally invasive procedures suitable for ASC settings boost the segment’s growth rate.
Bio-implants Market - By Region:
North America had the largest share of the global market in 2022. The domination of the North American region in the global market is likely to continue throughout the forecast period. The availability of well-established healthcare infrastructure and advanced medical technologies in North America, the growing prevalence of chronic diseases, favorable reimbursement policies, and insurance coverage for implant procedures in North America majorly drive the North American bio-implants market growth. The growing geriatric population and age-related conditions requiring bio-implant treatments and robust research and development activities in the bio-implant field further boost the growth rate of the North American market. The U.S. followed by Canada held the major share of the North American market in 2022 and the same pattern is anticipated to continue during the forecast period.
Europe held the second biggest share of the global market in 2022 and is expected to grow at a prominent CAGR during the forecast period. The growing awareness among the healthcare professionals and patient population regarding the benefits of bio-implants in Europe is one of the major factors propelling the European market growth. The growing number of initiatives and support in the approval of implant devices from the governments of European countries, the increasing number of heart specialty hospitals and advanced healthcare facilities, the growing demand for minimally invasive surgeries and implantable devices, and the presence of key market players and strong research collaborations in Europe further accelerate the growth rate of the European market.
APAC is the most lucrative regional market for bio-implants and is projected to register the highest CAGR in the worldwide market during the forecast period. The presence of a large population base and growing patient population suffering from chronic diseases in the countries of the Asia-Pacific region primarily drive the growth of the APAC market. The growing healthcare expenditure, an increasing number of improvements in the healthcare infrastructure, rising disposable income, growing middle-class population, an increasing number of advancements in medical tourism, rapid adoption of innovative technologies, and increased focus on healthcare reforms further fuel the growth of the APAC bio-implants market.
Latin America is predicted to hold a considerable share of the global market during the forecast period and register a steady CAGR. The growing awareness about the benefits of bio-implants and advancements in healthcare technology, the increasing aging population, expansion of the private healthcare sector, and increasing investments in medical infrastructure in Latin America drive the growth of the Latin American market.
MEA is forecasted to occupy a moderate share of the global market during the forecast period. The growing patient population of chronic diseases and lifestyle-related disorders and an increasing number of initiatives from the governments of MEA countries to improve healthcare access and quality in the region support the growth of the MEA market.
KEY MARKET PLAYERS:
Medtronic plc, Johnson & Johnson, Zimmer Biomet Holdings, Inc., Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, Smith & Nephew plc, Danaher Corporation, Becton, Dickinson and Company, and 3M Healthcare are some of the companies playing a leading role in the global bio-implants market.
RECENT HAPPENINGS IN THE MARKET:
Frequently Asked Questions
The growth of the bio-implants market is primarily driven by factors such as an increasing aging population, rising prevalence of chronic diseases, technological advancements in implantmaterials and design, and growing demand for minimally invasive procedures.
The bio-implants market is globally distributed, with North America and Europe historically dominating the market due to advanced healthcare infrastructure and higher healthcare spending. However, emerging economies in Asia-Pacific are witnessing rapid growth due to improving healthcare facilities and increasing patient awareness.
Some key challenges faced by the bio-implants market include the high cost of implants, the risk of implant failure or complications, regulatory hurdles, limited reimbursement coverage, and ethical concerns related to the use of certain types of implants.
The bio-implants market is expected to witness significant growth in the coming years due to advancements in technology, increasing demand for personalized implants, and the rising prevalence of chronic diseases. Additionally, ongoing research and development efforts are likely to lead to the introduction of innovative bio-implants with enhanced biocompatibility and functionality.
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