Bio-Implants Market - Forecast(2024 - 2030)

Key Takeaways

• Geographically, the North America Bio-Implants Market accounted for the highest revenue share in 2021. The growth is owing to high obesity rates, the profuse prevalence of CVDs, better cognizance among people regarding oral health procedures, well-established healthcare infrastructure, and high disposable incomes and quality lifestyles subjecting to augmented healthcare spending.
• Ascending popularity of cosmetics procedures such as chin augmentation, lip fillings, ocular prosthesis, and breast implants, developing healthcare infrastructure in developing nations, surging health consciousness among people, enlarging preponderance of illnesses like otosclerosis, glaucoma, epilepsy, Parkinson’s disease, cardiac arrhythmia, heart failure, spinal stenosis, osteoarthritis, cancer, and many more are said to be preeminent driver driving the growth of Bio-Implants Market. Risk of metal corrosion, rising cost of healthcare procedures, exorbitant nature, and rapid job loss because of the covid19 are the factors said to reduce the market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Bio-Implants Market report.

The Bio-Implants Market based based on type can be further segmented into Cardiovascular implants, Neurological implants, Ophthalmology bio-implants, Dental & Prosthetics bio-implants, Joint reconstruction bio-implants, Spinal bio-implants, and Others. The cardiovascular implants segment held the largest share in 2021. The growth is owing to an overwhelming surge in the pervasiveness of cardiovascular diseases in different countries across the globe. These illnesses arose when the circulatory system, valves, and heart confronts some sort of disorder that impairs their smooth functioning. Valvular heart disease, atherosclerosis, ventricular tachycardia, heart failure, angina pectoris, and cardiac arrhythmia are perilous heart conditions that claim the lives of millions every year. Furthermore, cardiovascular and joint replacement bio-implants segments are estimated to be the fastest-growing with a CAGR of 9.4% over the forecast period 2022-2027. This growth is owing to jaw-dropping ascension in the old-age population worldwide. This rapid surge in the geriatric population has unleashed a wave of bone disorders which mainly includes scoliosis, chronic joint pain, bone fractures, spinal stenosis, and osteoarthritis; as a result, the overall demand for joint replacement surgeries has proliferated in recent years.

Bio-Implants Market Segment Analysis - By End User

The Bio-Implants Market based on end-user can be further segmented into Hospitals, ASCs, Specialty centers, and Others. The hospital segment held the largest share in 2021. The growth is owing to the rising demand for in-hospital surgical procedures as chronic illnesses are growing at a ruthless pace. Additionally, rising incidences of injuries associated with sports and road accidents have their fair share in propelling the demand for in-hospital procedures. Besides, hospitals are far better equipped with required accessories such as medical supplies and machines which heightens their importance as a healthcare facility. Moreover, comprehensive presence in cities and countryside, 24/7 availability, and top-flight medical professionals extend hospitals an edge over other medical facilities. Nevertheless, the hospital along with the ambulatory surgical centers' segment is estimated to be the fastest-growing with a CAGR of 9.7% over the forecast period 2022-2027. This growth is owing to proliferating trend of outpatient surgeries owing to their expediencies such as lower cost and quick treatments. Moreover, outpatient surgeries at ASCs allow patients to go home within hours.

Bio-Implants Market Segment Analysis - By Geography

The Bio-Implants Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 36% of the overall market in 2021. The growth in this segment is owing to the factors such as world-class healthcare facilities, a humungous pharmaceutical industry, the growing presence of outpatient surgery centers, high healthcare expenditure by the government, health-conscious public, widescale obesity, and decent disposable incomes. According to a report, the U.S. has more than 9,000 active ASCs throughout the nation and the number is growing as the cost of healthcare is witnessing a steep rise. On another hand, the presence of leading medical companies is another prominent factor responsible for propelling the aforementioned market in the said segment. Nevertheless, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to bettering healthcare infrastructure, high population, the booming pharmaceutical industry of India and China, and a rise in healthcare spending from the governments' end. Also, augmenting incidences of chronic disease as the old-age population is ascending relentlessly. According to a study, over 50 percent of deaths in India happen due to chronic maladies. A major faction of the Asian population lives on labor work. Workers lift heavy weights manually which leads to musculoskeletal hitches and intensify the requirement of undergoing surgical procedures. Moreover, the lower cost of healthcare and aesthetic procedures in Asia-Pacific as compared to other wealthy regions of the globe is another factor driving the market. For instance, a patient undergoing dental implants in the U.S. is supposed to pay somewhere around $3,000-$5,000, whereas, the same procedure will cost only $900-$2,000 in India.

Bio-Implants Market Drivers

According to the report, chronic maladies like heart attack and cancer are the biggest reason for increased mortality rates all over the globe. More than 600,000 people die from heart attacks in the U.S. Moreover, around 17-18 million lose their lives due to coronary heart diseases worldwide. Moreover, over 350 million cases of arthritis were found in 2021. According to a report, every year more than 45 percent of people who age above 60 develop osteoarthritis. Last year around 350-360 million global citizens were identified with joint disorders. The numbers are likely to grow steadily as the geriatrics population is anticipated to reach 2 billion in a few years. Moreover, rising incidences of road catastrophes are leading to a massive surge in neurological issues which is a prominent factor propelling the growth of the aforementioned market. According to a Forbes report, with a 10.5 percent hike as compared to 2020, more than 8000 people fall victim to crashes in starting months of 2021. Similarly, the situation is much worse in low-income countries. For instance, India in 2020 noted more than 300,000 deaths and more than 100,000 injuries due to road crashes. Severe injuries inflicted by such tragedies are a major factor propelling the prevalence of brain problems like hydrocephalus.

Many affluent countries spend around 10 percent of their GDPs every year on health, the U.S. is one of them. From $1.4 trillion in 2001, America’s healthcare expenditure soared to $4.1 trillion in 2020. High healthcare spending ensures a well-established network and infrastructure of healthcare facilities that stand ready to fulfill patients’ requirements. Additionally, per capita, health spending in countries is on the rise. For instance, U.S. per capita healthcare spending has crossed the $11,000 mark. On another hand, enlarging proactiveness among people regarding their health and rising disposable incomes are the well-known factors for the market hold.

Bio-Implants Market Challenges

Dental implants and prosthesis are among the most costly dental procedures. The cost of dental implants often scares patients away, and it's not always evident why such a small screw can cost a few hundred, or even thousands of euros. The titanium alloy which is used to make the implant is not cheap in itself, since it must meet a variety of norms and regulations as it will be used in the human body. Furthermore, according to Smile Office, implant production technology is relatively costly. A machine that just slices a titanium rod and produces a billet for the future implant, for instance, costs around €250,000 in Europe. There could be 50-100 of these machines in the factory. Furthermore, the dental implant must be degreased and cleansed, which adds to the cost. Some manufacturers, such as Straumann®, also use a specific acid to roughen the surface of the implants, hence stifling the market expansion.

Bio-Implants Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Bio-Implants market top 10 companies include-

1. Dentsply International
2. Stryker Corporation
3. Wright Medical Group
4. Smith & Nephew
5. DePuy Synthes
6. Ethicon Inc.
7. MiMedx Group
8. Bausch & Lomb Inc.
9. Edwards Lifesciences
10. Abbott Laboratories

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