Bioresorbable implants are used for fixation and support of tissues and bones during bone healing and tissue regeneration process. They are made of materials that break down and are absorbed by the body overtime as the bone heals. These implants offer key advantages over metal implants such as eliminating needs for follow-up surgeries for implant removal after bone healing. They minimize risk of stress shielding that can cause bone loss underneath metal implants. The global bioresorbable implants Market is estimated to be valued at US$ 1399.4 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising incidences of orthopedic injuries and trauma cases are increasing demand for bioresorbable implants in tissue regeneration applications. These implants are increasingly used in regeneration and healing of soft tissues such as ligaments, tendons and nerves. They offer distinct advantages over metal implants by promoting natural healing of soft tissues. Their use eliminates need for implant removal surgeries post healing and allows regeneration of natural soft tissues. Increasing research focusing on development of advanced bioresorbable materials is further expanding their use in soft tissue engineering applications. Growing investments by leading players in development of portfolio focused on soft tissue regeneration will drive significant growth of the bioresorbable implants market over the forecast period.
Porter's Analysis
Threat of new entrants: The bioresorbable implants market has moderate threat of new entrants due to high R&D costs involved in developing new products.
Bargaining power of buyers: Buyers have moderate bargaining power in the market owing to availability of substitutes. However, demand for customized implants increases buyer dependence.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many raw material suppliers for bioresorbable polymers and ceramics.
Threat of new substitutes: Threat from new substitutes is moderate as new biomaterial based research continues to evolve substitutes.
Competitive rivalry: The market is highly competitive due to presence of many global and regional players.
SWOT Analysis
Strength: Ability to eliminate need for repeat surgeries for implant removal. Biocompatibility reduces foreign body reaction.
Weakness: High costs of bioresorbable implants limit their widespread adoption. Degradation properties need further customization.
Opportunity: Growing geriatric population increases demand for osteoporotic and orthopedic implants. New product launches expand application areas.
Threats: Stringent regulatory approval delays market entry of new players. Reimbursement policies affect pricing strategy of market players.
Key Takeaways
The Global Bioresorbable Implants Market Size is expected to witness high growth due to rising incidence of fractures, accidents and orthopedic disorders worldwide. North America dominated the market in 2023 due to presence of major players and advanced healthcare facilities. R&D focus on bioresorbable polymers suitable for 3D printing can revolutionize implant design.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its leading position during the forecast period. This can be attributed to growing burden of orthopedic diseases, rising adoption of advanced biomedical technologies, and presence of major players in the region. Asia Pacific is anticipated to grow at a lucrative CAGR during the forecast period owing to improving healthcare infrastructure, and rising medical tourism in India and Southeast Asian countries.
Key players: Key players operating in the bioresorbable implants market are CONMED Corporation (U.S.), Wright Medical Group N.V. (U.S.), Stryker (U.S.), Medtronic (Ireland), Smith+Nephew (U.K.), Zimmer Biomet (U.S.), Integra LifeSciences (U.S.), B. Braun Melsungen AG (Germany), Arthrex, Inc. (U.S.), Baxter (U.S.), Globus Medical (U.S.), DJO, LLC (U.S.), NuVasive, Inc. (U.S.), The Orthopaedic Implant Company (U.S.), Aesculap, Inc. (U.S.), Flexicare Medical Limited (Australia), Agilent Technologies (U.S.), Narang Medical Limited (India), Auxein Medical (India), Uteshiya Medicare (India)
For More Insights, Read: https://www.trendingwebwire.com/bioresorbable-implants-market-size-share-and-growth-forecast-2023-2030/
Esticast Research & Consulting adds a new research report titled, ‘Global Bioresorbable Implants Market’ to its huge database of research reports.
It also covers projections by making use of a suitable set of estimates and methodologies.About Bioresorbable Implants Market:The global bioresorbable implants market is experiencing a favorable growth trend, as it holds an upper hand over the traditional titanium implants.
The ability of bioresorbable implants to dissolve within the body without the requirement for surgical removal is catalyzing the adoption of such implants in the healthcare sector.
The high tensile strength of magnesium alloy implants protects it from breaking under high mechanical pressure.
The domain experts who have planned the report have thoroughly studied the global Bioresorbable Implants market and have catered reliable and accurate data.They recognize the needs of the industry and the clients, which makes it simple for them to focus on the aspects, which the clients have been looking for.
The research report comprises of an analysis of an evaluation of the existing and upcoming trends that companies can invest in.
