by Bioresorbable implants are biomaterial implants whose fixation function gradually transfers to the body after completion of their intended function post injury or surgery. They are made from naturally occurring biodegradable polymers such as polylactic acid, polyglycolic acid and their copolymers which undergo degradation and decomposition within the body harmlessly without surgical removal. They provide mechanical support during the healing process and get absorbed without affecting surrounding tissues. 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 key trends:
The increasing prevalence of orthopedic diseases and injuries across the world is one of the major factors propelling the growth of bioresorbable implants market. As per the data by National Center for Biotechnology Information (NCBI), around 8.9 million people in the United States suffered from bone fractures in 2014, imposing a huge economic burden of $12 billion to the country’s healthcare system. Bioresorbable implants solve many common issues associated with traditional implants like need for follow-up surgery for implant removal and interference with diagnostic imaging techniques. They gradually transfer load to bones and disintegrate after healing, eliminating long-term effects. The ability to suitably treat orthopedic conditions in a minimally invasive manner with bioresorbable implants is expected to drive higher adoption during the forecast period.
SWOT Analysis
Strength: Bioresorbable implants are absorbed by the body after completing their intended function which eliminates the need for follow-up surgeries for implant removal. They offer advantages like reduced pain and infection.
Weakness: High cost of bioresorbable implants limits their widespread adoption. Challenges exist in controlling the degradation rate of implants as per surgical requirements.
Opportunity: Rising demand for minimally invasive surgeries and growing prevalence of orthopedic diseases and trauma cases present growth opportunities. Development of advanced bioresorbable materials will further support the market expansion.
Threats: Limited clinical evidence on long term performance of newer bioresorbable materials poses risks. Stringent regulatory norms may cause delays in product approvals.
Key Takeaways
The Global Bioresorbable Implants Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that North America dominates currently due to rising usage of bioresorbable fixation devices for orthopedic fractures and injuries. Asia Pacific is anticipated to grow at a fastest pace supported by growing medical tourism and increasing healthcare investments in countries like India and China.
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). The key players focus on new product launches, acquisitions, and geographical expansions to increase their revenue share in the bioresorbable implants market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
