Global Bioresorbable Implants Market – A Novel Approach in Orthopedics
Bioresorbable implants play a major role in advance healthcare, as they support and improve damaged biological structure. Bioresorbable implants are biologically integrated into the body, which gradually decomposes after a stipulated time.
The global bioresorbable implants market size was valued at US$ 5,543.1 million in 2017, and is expected to exhibit a CAGR of 7.7 % over the forecast period (2018 – 2026).
Figure 1. Global Bioresorbable Implants Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2019)
Increasing incidences of orthopedic surgeries is expected to propel growth of the bioresorbable implants market
Bioresorbable implants are used in various dental, orthopedic, and other surgeries. Moreover, high prevalence of cardiovascular disease is expected to propel demand for cardiovascular surgeries, which in turn is expected to drive the market growth. According to the World Health Organization (WHO) May 2017, factsheet around 17.9 million people died due to cardiovascular disease in 2016, accounting for 31% of all worldwide deaths.
Moreover, increasing incidences of trauma associated with skeletal injuries is propelling growth of the bioresorbable implants market over the forecast period. According to the World Health Organization (WHO) factsheet 2018, road accidents cause around 20 and 50 million injuries annually around the world. Road traffic injuries are the leading cause of death among people aged between 5 and 29 years, and more than 1.35 million people die each year as a result of road traffic crashes globally.
However, safety issues due to bioresorbable implants are expected to hinder the market growth. According to the October 2014 report of National Center for Biotechnology Information (NCBI), various adverse events of material used in bioresorbable implants are reported, such as polyglycolide that lead to swelling and cyst formation.
Figure 2. Global Bioresorbable Implants Market Share (%), by Material Type, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Increasing research and development in cardiovascular segment in North America is expected to bolster the market growth
North America holds dominant position in the global bioresorbable implants market, owing to high prevalence of cardiovascular disease. According to the American Heart Association, 2016, cardiovascular diseases accounted for around 17.3 million deaths annually worldwide, where an estimated 23.3 million people are expected to die from cardiovascular disease by 2030. For instance, Sirolimus-eluting Iron Bioresorbable Coronary Scaffold System developed by Lifetech Scientific (Shenzhen) Co., Ltd. is under study and estimated to complete study in April 2023.
Moreover, increase in geriatric population in this region is expected to propel demand for osteoporosis and osteoarthritis cases, which in turn is expected to bolster the market growth over the forecast period. For instance, according to International Osteoporosis Foundation statistics, osteoporosis cause more than 8.9 million fractures annually worldwide, resulting in an osteoporotic fracture every 3 seconds and around 1.6 million hip fractures occur worldwide each year.
Moreover, key players in the market are focused on receiving the U.S. Food and Drug Administration (FDA) approval for novel products to treat patients. For instance, Boston Scientific, which launched its SYNERGY Bioabsorbable Polymer Drug-Eluting Stent System consist of platinum, chromium metals. This stent is highly accepted amongst physician worldwide because of its optimal healing property and providing treatment option for complex cases.
Major players operating in the global bioresorbable implants market include Bioretec Ltd., CONMED Corporation, Depuy Synthes, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew Plc., and Boston Scientific Corporation.
Bioresorbable implants are prosthetic in nature and are made from polymer having a property to gradually decompose with the passage of time. It is used to support, enhance, and regularize the physiological function in the human body. Different types of material used in bioresorbable implants are Poly lactic-co-glycolic acid (PLGA), Poly L-lactide (PLLA), and others. The PLGA bioresorbable implant are actively used in periodontal therapy.
Increasing prevalence of trauma injuries, osteoporosis, and cardiovascular diseases is a major factor driving bioresorbable implants market growth. According to World Health Organization (WHO) factsheet in 2018, annually there are around 37.3 million falls, which require medical attention whereas an estimated 646,000 individuals die annually from falls globally. Moreover, advantages of bioresorbable polymer implants over metallic implants are expected to boost the market growth. Bioresorbable implants degrade after completion of its function, which is considered as the major advantage of bioresorbable implants over the permanently installed devices. Bioresorbable implants also bypasses the need of second surgery for the removal of the implant, making the process cost effective as compared to the non-biodegradable implants. However, bare metal implants or inert metallic implants lead to serious and life threating conditions such as neoatherosclerosis, late stent thrombosis, and local inflammation due to the presence of a foreign body.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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