July 19, 2024
Bioresorbable Implants Market

Advancements in Bioresorbable Implants Drive Market Growth

A) Market Overview:
The global bioresorbable implants market is estimated to be valued at US$5,543.1 million in 2017 and is projected to reach US$ 8,965.2 million by 2022, exhibiting a CAGR of 7.7% during the forecast period. Bioresorbable implants are medical devices that are gradually absorbed by the body over time. They offer several advantages over traditional implants, including reduced risk of infection, improved healing, and elimination of the need for implant removal surgeries. The increasing prevalence of chronic diseases and advancements in healthcare technologies are driving the demand for bioresorbable implants.

B) Market Key Trends:
One key trend in the bioresorbable implants market is the rising popularity of orthopedic applications. Orthopedic surgeries, such as joint replacement and fracture fixation, often require the use of implants. Bioresorbable implants provide a temporary support structure during the healing process and gradually dissolve as the bone regenerates. This eliminates the need for implant removal surgeries, reducing patient discomfort and healthcare costs. For instance, DePuy Synthes, a leading player in the market, offers a wide range of bioresorbable implants for orthopedic applications.

C) Porter’s Analysis:
– Threat of new entrants: The bioresorbable implants market has high entry barriers due to extensive regulatory requirements and the need for significant investment in research and development. Established players with strong product portfolios and distribution networks have a competitive advantage.
– Bargaining power of buyers: The bargaining power of buyers is moderate as there are a limited number of key players in the market. However, buyers have the ability to compare and choose products based on quality, pricing, and efficacy.
– Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of multiple suppliers of raw materials and components. However, stringent quality standards and regulatory requirements ensure that suppliers meet the necessary criteria.
– Threat of new substitutes: The threat of new substitutes is low as bioresorbable implants offer unique advantages over traditional implants. The demand for bioresorbable implants is expected to increase with the growth of geriatric and diabetic populations.
– Competitive rivalry: The bioresorbable implants market is highly competitive, with key players continuously focusing on technological advancements and product innovation. Collaborations, acquisitions, and partnerships are common strategies employed by companies to strengthen their market presence.

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 prevalence of chronic diseases and advancements in healthcare technologies.
– North America is the fastest-growing and dominating region in the market. The region’s well-established healthcare infrastructure, favorable reimbursement policies, and increasing adoption of novel medical technologies contribute to its growth.
– Key players operating in the global bioresorbable implants market include Bioretec Ltd., CONMED Corporation, DePuy Synthes, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew Plc., and Boston Scientific Corporation. These companies focus on product development, mergers and acquisitions, and strategic collaborations to strengthen their market position.

The global bioresorbable implants market is witnessing significant growth due to the advantages offered by these implants, such as reduced infection risk and improved healing. Orthopedic applications, in particular, are driving market growth. The market is highly competitive, with key players focusing on innovation to maintain their market share. North America is the fastest-growing region, driven by its advanced healthcare infrastructure and favorable reimbursement policies. With technological advancements and increasing adoption of bioresorbable implants, the market is expected to further expand in the coming years.