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Bioimplants Market Size
Bioimplants Market size will experience consistent growth over 2024-2032, propelled by the rising prevalence of chronic diseases such as cancer, CVDs, diabetes, 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 serve as products designed to restore the physiological functions of damaged biostructures by supporting, replacing, or enhancing the compromised, missing, or existing biological structure. The elevating cases of bone degeneration in geriatric population, aligned with the advancements in healthcare space technology.
Bioimplants Market Trends
The confluence of factors such as high price of bioimplants, increasing costs of bioimplant surgeries, unfavorable reimbursement policies, and lack of skilled personnel to carry out the procedures may negatively impact the industry outlook. 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 bioimplant companies over the coming years.
Additionally, 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 companies, impacting the developments in the field of bioimplants. Moreover, increased inflation has intensified the prices of many medical products and might have caused a surge in bioimplant procedure costs.
Bioimplants Market Analysis
Alloy-based bioimplants segment is poised to generate notable revenues throughout 2024-2032, as 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.
Orthopedic bioimplants are touted to account for a significant industry share by 2032, as they help 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. Moreover, the surface modification of bioimplants can offer antibacterial properties to avoid any post-surgery infections.
Ambulatory surgical centers will continue to gain significant prominence during the forecast period. 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 shape the market dynamics over the coming years.
North America bioimplants market, led by the U.S., 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 medical policies, which along with major investors in the medical sector bolster the regional industry share.
Bioimplants Market Share
Prominent players operating in the bioimplants industry are:
- Johnson & Johnson
- Abbott Laboratories
- Medtronic plc
- Boston Scientific
Bioimplants Industry News
- In January 2022, The Johnson & Johnson Medical Devices Companies (JJMDC) collaborated with Microsoft to enhance & develop JJMDC's secure and compliant digital surgery ecosystem.