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Bioimplants Market size will experience consistent growth over 2023-2032, propelled by the rising prevalence of chronic diseases such as CVDs, diabetes, cancer, and lifestyle disorders. According to Center for Disease Control and Prevention estimates, the chronic illnesses burden is rapidly surging across the U.S., with nearly 6 in 10 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 demand is being further driven by the elevating cases of bone degeneration in geriatric population, aligned with the advancements in healthcare space technology.
Notable factors that could affect the industry include high price of bioimplants, increasing costs of bioimplant surgeries, unfavorable reimbursement policies and lack of skilled personnel to carry out the procedures. A dearth in the knowledge of the products is also likely to hamper the market expansion slightly. However, ongoing R&D activities in the sector are expected to open new revenue avenues for the companies through 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.
Recently, the Russia-Ukraine conflict may have disrupted the supply chain of bioimplant equipment across the world. During the recovery period from COVID-19 pandemic, Russia’s invasion of Ukraine slowed healthcare and medical industry in affected countries. Trade froze among Russian market players, impacting the developments in the field of bioimplants market. Moreover, increased inflation has intensified the prices of many medical products and might have caused a surge in bioimplant procedure costs.
In terms of the product segmentation, orthopedic bioimplants are touted to account for a significant share of bioimplants industry during the forecast period. Orthopedic bioimplants play a crucial role in augmenting the quality of human life. 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.
Among the end-users, ambulatory surgical centers are gaining significant prominence globally, thus driving the progression of bioimplants market. These healthcare settings are generally used for carrying out orthopedic surgeries owing to various advantages offered, including cost-effective procedures, no need for hospital admissions and more. ASCs perform nearly 50% of all OP endovascular peripheral surgical procedures. These factors are projected to fuel the market dynamics over the coming years.
North America market, led by the United States, is foreseen to witness notable gains in the coming years, owing to the rising incidences of chronic diseases. The chronic disease burden is significantly growing due to persistent unhealthy lifestyle of consumers. Moreover, the U.S. and Canada boast of superior healthcare structure and policies and are major investors in the medical industry.
Prominent players operating in the global bioimplants market are Abbott Laboratories, Medtronic plc, Johnson & Johnson, and Boston Scientific amongst others.