Metal Implants and Medical Alloys Market

Global Metal Implants and Medical Alloys Market Size (2024 to 2029)

Between 2024 to 2029, the global metal implants and medical alloys market size is expected to grow at a CAGR of 10.12% and be worth USD 26.80 billion by 2029 from USD 16.55 billion in 2024.

Metal implants and medical alloys are playing a vital role in the medicine of today's world. The adoption of metal implants and medical alloys is growing significantly in the treatment procedures for injuries, degenerative diseases, and congenital disorders. Metal implants are biomaterials used when replacing a bone or joint, repairing a bone, and assisting bones when weak. By using these metal implants, patients can get mobility, function, and strength, which aids in improving the quality of life and decreasing pain and disability. In addition, medical alloys are majorly used in medical devices and medical implant manufacturing activities. The adoption of medical alloys is growing due to their properties, such as biocompatibility, strength, and corrosion resistance.

MARKET DRIVERS

The growing patient count suffering from degenerative joint diseases is one of the key factors propelling the global metal implants and medical alloys market growth.

The incidence of degenerative joint diseases is on the rise worldwide. Owing to the growing aging population and rising prevalence of obesity, the population suffering from degenerative joint diseases such as osteoarthritis, rheumatoid arthritis, and spinal disorders has been rapid over the last several years. According to the data published by Centres for Disease Prevention and Control (CDC), an estimated 32.5 million adults are in the United States. Furthermore, according to the World Health Organization (WHO) data in 2021, an estimated 1.9 billion adults were overweight in 2016, and 650 million were obese. Metal implants and medical alloys are widely used in surgical procedures for degenerative joint diseases, and the growing population suffering from these diseases is anticipated to result in market growth. In addition, the demand for advanced and biocompatible materials in joint replacement surgeries is growing significantly, further propelling the market growth.

The growing aging population is anticipated to boost the growth rate of the global metal implants and medical alloys market.

People are much more likely to suffer from various degenerative joint diseases with growing age. Therefore, the aging population suffering severely from joint diseases prefers joint replacement surgeries to get relief. In such procedures, the usage of metal implants and medical alloys usually be high as there work as a replacement for damaged or missing bones, joints, and tissues. According to the statistics published by the World Health Organization (WHO), one in every six people is expected to be aged more than 60 years by 2030.

In addition, the increasing number of road accidents and trauma cases is predicted to fuel the growth rate of the metal implants and medical alloys market. According to the National Highway Traffic Safety Administration (NHTSA) data, an estimated 42,915 people died in the United States due to traffic crashes, and many suffered injuries. In addition, an estimated 1 million people yearly suffer from traumatic brain injury (TBI) in the United States. Furthermore, the growing preference towards minimally invasive surgical procedures and the rising prevalence of lifestyle disorders are estimated to promote the global growth of metal implants and medical alloys.

MARKET RESTRAINTS

High costs associated with metal implants and medical alloys are one of the major factors hampering the market growth.

These high costs are unaffordable to some of the population from low-income countries. Furthermore, the stringent regulatory environment and the availability of alternative materials are further anticipated to inhibit the growth rate of the metal implants and medical alloys market. In addition, the scarcity of raw materials and lack of skilled professionals are estimated to impact the metal implants and medical alloys market negatively.

Impact Of COVID-19 On the Global Metal Implants And Medical Alloys Market

The impact of COVID-19 has had a significant negative impact on the metal implants and medical alloys market. Due to the COVID-19 pandemic, the supply chain industry has been severely impacted. As a result, many manufacturing companies have stopped their production activities, resulting in reduced demand for metal implants and medical alloys. Furthermore, during the COVID-19 pandemic, the priority has been shifted towards attending to the needs of COVID-19 patients, and all elective surgeries were kept on hold. This has reduced the usage of metal implants, as they are mostly used in elective procedures. However, the metal implants and medical alloys market is anticipated to recover quickly and post a healthy CAGR in the coming years owing to the reduced impact of the COVID-19 pandemic and the resuming of elective surgeries worldwide. In addition, many countries have realized the importance of healthcare infrastructure and the adoption of medical technologies to fight unprecedented situations like the COVID-19 pandemic, which are expected to showcase a favorable impact on the metal implants and medical alloys market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Metal Implants and Medical Alloys Market Analysis By Type

The titanium metal segment held the most significant share of the global metal implants and medical alloys market in 2023, and this trend is projected to continue over the forecast period. The advantages of titanium, such as excellent biocompatibility, strength, rigidity, increased strain-bearing capacity, and superior corrosion-resistance qualities compared to other materials, are major factors propelling segmental growth. In addition, titanium material is non-allergic, non-magnetic, and non-radio-opaque and remains in the bone without needing additional coating. Due to this, the segment's adoption is growing rapidly.

Global Metal Implants and Medical Alloys Market Analysis By Application

The orthopedic segment had the largest share of the global metal implants and medical alloys market in 2023 and is predicted to accelerate at a promising CAGR over the forecast period. The increasing number of joint replacement surgeries and other orthopedic procedures majorly drives the segment's growth. In addition, the growing aging population worldwide, the increasing number of people suffering from orthopedic diseases, and the rapid adoption of technological developments are anticipated to fuel the segment's growth rate. Orthopedic implants are used to replace missing joints or bones and provide support to injured bones. For strength, orthopedic implants are made of titanium alloys and stainless steel, with a plastic coating that works as artificial cartilage.

REGIONAL ANALYSIS

Geographically, the North American metal implants and medical alloys market held the largest share of the global market in 2023. The region's dominance is anticipated to continue during the forecast period owing to the growing aging population. The aging population is likely diagnosed with orthopedic diseases such as osteoarthritis and other joint-related diseases, which require metal implants and medical alloys when performing surgeries for these diseases. In addition, people with a high disposable income are expected to favor the regional market's growth. In addition, the rising adoption of new technologies in the metal implants and medical alloys market and the presence of well-established healthcare facilities are driving the regional market growth forward. Furthermore, the growing efforts from the key market participants on R&D to bring new products and upgrade the capabilities of existing ones are anticipated to promote the metal implants and medical alloys market in North America.

The European metal implants and medical alloys market is another potential region for metal implants and medical alloys worldwide. During the forecast period, the European market is estimated to have a promising occupancy in the worldwide market. The growing number of minimally invasive surgical procedures and the increasing population suffering from joint disorders propel the European market growth. During the forecast period, European countries such as the UK, Germany, and Spain are predicted to hold a considerable share of the European market.

During the forecast period, the APAC metal implants and medical alloys market is projected to witness the fastest CAGR in the global market among all the regions. The Asia-Pacific region is expected to be successful for manufacturers. Rising healthcare spending, combined with increasing disposable income, is boosting the market's position in the region. The industry is also fuelled by improving healthcare infrastructure in India and China. For example, the Indian Institute of Technology, Roorkee, has developed a new approach for enhancing orthopedic implants by reducing the risk of bacterial infections at the implant site. The new method focuses on antibacterial medication coating on the surface of metallic implants, which prevents disease by slowly releasing the medicine onto the implant site. Additionally, the region is seeing favorable growth because of the high number of incidents.

The Latin American market is predicted to showcase a steady CAGR in the coming years.

The MEA market is anticipated to hold a moderate global market share during the forecast period.

KEY PLAYERS IN THE GLOBAL METAL IMPLANTS AND MEDICAL ALLOYS MARKET

Carpenter Technology Corporation, Royal DSM, Johnson Matthey PLC, Fort Wayne Metals, ATI Specialty Alloys & Components, Ametek Specialty Metal Products, Questek Innovations LLC, Supra Alloys Inc., and Materion Corporation are a few of the noteworthy companies operating in the global metal implants and medical alloys market profiled in this report.

RECENT MARKET DEVELOPMENTS

• In October 2022, Rosies Base LLC, a start-up R&D company from the U.S. that develops bio-compatible, durable, and cost-effective nano-structured alloys, had an agreement with SpineCraft to develop new generation spinal implants.
• Ametek Specialty Metal Products expanded its product offering for implanted medical devices by introducing two new Titanium strip grades – grades 9 and 23 –in January 2019 to expand its offering of implanted medical devices that can be integrated into the external shell.
• Wayne Metals purchased G&S Titanium in January 2018 to increase its footprint in the medical device market by adding new items to its portfolio. G&S Titanium specializes in titanium and specialty alloy wire and bar drawing.
• The FDA said in 2019 that it is proposing new testing requirements for Nitinol implants. It is a titanium-nickel alloy used extensively in medical implants.

DETAILED SEGMENTATION OF THE GLOBAL METAL IMPLANTS AND MEDICAL ALLOYS MARKET INCLUDED IN THIS REPORT

This research report on the global metal implants and medical alloys market has been segmented and sub-segmented based on type, application, and region.

By Type

• Titanium
• Stainless Steel
• Cobalt-Chromium
• Other Metal Implants and Medical Alloys (Gold, Silver)

By Application

• Orthopedic
• Dental
• Spinal Fusion
• Craniofacial
• Stent
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa