Bioimplants Market Size are largely propelled by the rising prevalence of chronic diseases like CVDs, diabetes, cancer, and others as a result of the unhealthy lifestyle, increased alcohol consumption, and lack of physical activity. According to reliable estimates, the chronic diseases burden is gradually surging across the United States, with nearly 45% or more Americans suffering from at least one chronic disease.
Bioimplants are products used to reinstate the physiological functions of damaged biostructure by restoring it. The procedure is generally carried out by supporting, replacing, or enhancing the damaged, missing, or existing biological structure.
The global bioimplants market growth is being further driven by the elevating cases of bone degeneration in geriatric population, aligned with the technological developments in the healthcare space.
Some of the factors like high price of bioimplants, increasing costs of bioimplant surgeries, unfavorable reimbursement policies, absence of skilled personnel to carry out the procedures, and dearth in the knowledge of the product would hamper the market expansion during the forecast timeline. However, ongoing R&D activities in the space are expected to open new growth avenues for the market in the coming years.
Based on materials, alloy-based bioimplants are gaining ground worldwide. Bioimplants produced using magnesium-based alloys have showcased enhanced biocompatibility over other metallic biomaterials. Apart from being non-toxic in nature, magnesium alloys possess similar material strength and other suitable mechanical attributes, comparable to that of a human bone.
In terms of the product, orthopedic bioimplants segment is touted to account for significant gains during the forecast period. Orthopedic bioimplants play a crucial role in augmenting the quality of human life. Rising prevalence of orthopedic surgeries worldwide is projected to have a significant impact on the market demand. These products help in bone healing through an osseointegration process. Appropriate surface properties of orthopedic bioimplants include surface modification facilitating the biodegradation process. Besides, the surface modification of bioimplants can offer antibacterial properties to avoid any post-surgery infections.
Ambulatory surgical centers have been gaining significant prominence globally, thus driving the growth of bioimplants market. These healthcare settings are generally used for carrying out orthopedic surgeries owing to various advantages offered by these including cost-effective procedures, no need for hospital admissions and more. As per reliable estimates, ASCs perform nearly 41% of all surgical procedures. These factors are projected to fuel the market dynamics over the coming years.
North America bioimplants market, led by the United States, would foresee notable gains in the coming years, owing to the rising incidences of chronic diseases. Reports suggest that the country has largest chronic disease burden with the gap significantly growing. Moreover, the U.S. boasts of superior healthcare structure and policies and is known to be one of the hefty investors in the medical industry.
Prominent players operating in the global market are Abbott Laboratories, Medtronic plc, Johnson & Johnson, and Boston Scientific Corporation amongst others. These business conglomerates are opting for organic marketing strategies like mergers and acquisitions, partnerships, product launches, and more to gain a significant position in the overall market over the ensuing years.
The global market share is predicted to be highly influenced by the novel outbreak of SARS-CoV-2 infection spread. This can be reasoned to the increased scare amongst people to opt for hospital surgeries. Besides, given the huge ingress of severe COVID patients, various surgeries were kept on-hold, declining the sales of bioimplants. The market progression is further affected by the disruptions in raw material supply chains.
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