An implant is a medical device, which replaces, supports, and improves damaged or existing biological structure. An implant is a man-made device, which is inserted into the human body cavity. Bio-implants are medical devices that are made from biological cells compatible with human body cells. Eye bio-implants are used in the treatment of cornea sores or chemical damages in the eye. Bio-implants help in management of disease condition and specific drug delivery in conditions such as obesity, infections, and musculoskeletal disorders. It provides a specific and unique drug delivery for skeletal muscle. Various bio-implants are developed by key market players operating in the marketwhich include cardiovascular implants, dental, spinal, and orthopedic implants. Cardiac implants are used in cardiac related surgeries.
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The global bio-implants market was valued at US$ 73,947.4 million in 2019 and is expected to exhibit a CAGR of 5.7% over the forecast period (2019-2027).
Increasing prevalence of chronic diseases such as cardiovascular diseases (CVD) and arthritis is expected to increase the demand for bio-implants, which in turn is expected to fuel the bio-implants market growth over the forecast period. For instance, according to the World Health Organization (WHO) 2017 statistics, cardiovascular diseases accounted for around 17.9 million deaths in 2016. Moreover, according to the Centers for Disease Control and Prevention (CDC), in May 2019, around 54.4 million of U.S. adults were diagnosed with arthritis.
Manufacturers and researchers are focused on developing the advanced systems for treating medication resistant epilepsy patients using a deep brain stimulation implant similar to a cardiac pacemaker. For instance, in February 2019, Medtronic launched Deep Brain Stimulation (DBS) implant for reducing epileptic seizures. DBS provides an important surgical treatment option for patients, who suffer from epilepsy and do not respond to medication.
Moreover, key players operating in the market are focusing on strategic investment in order to develop and commercialize new products and expand its market presence. For instance, in February 2019, GT Medical Technologies raised US$ 10 million funding to help support commercialization of its GammaTile Therapy, a bioresorbable implant designed to deliver local doses of radiation to patients with brain tumors.
North America is expected to hold the dominant position in the global bio-implant market. The major factors driving growth of the market include increasing prevalence of chronic diseases and presence of better healthcare infrastructure in the region. For instance, according to the American Chiropractic Association, 2017, about 65 million U.S. population suffer from lower back problems every year, and around 8 out of every 10 Americans are expected to suffer from the back pain at some point in their life. Additionally, there is increase in number of ophthalmic diseases in the U.S. Rising incidence of chronic diseases is expected to increase demand for the bio-implants. Thus, owing to these factors the North America market is expected to witness significant growth over the forecast period.
Moreover, in September 2017, DePuy Synthes launched TRUMATCH Titanium 3D-Printed Implants in the U.S. This is used in facial reconstruction. The new products were distributed through an exclusive agreement with Materialise, a leader in software solutions and 3D-printing services in the medical and industrial markets.
Asia Pacific market is expected to be the fastest-growing market over the forecast period, owing to high incidence of spinal cord injuries in the region. This can be attributed to increasing incidence of road accidents. For instance, according to the Tokyo’s Keio University’s February 2019 publication, over 100,000 patients in Japan were paralyzed due to spinal cord injuries.
Major players operating in the global bio-implants market include Abbott, Dentsply Sirona Plc, Medtronic, Stryker Corporation, Zimmer Biomet, B.Braun, Cook Medical, C.R. Bard, Edwards Lifesciences, Wright Medical technology, and Boston Scientific Corporation.
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