Bioimplant are medical devices or tissues that are surgically implanted inside the body. These implants are used to replace or support any damaged body organ to enhance function of the organ or to detect errors in normal body activity. These can be either placed permanently or temporarily in human body and can be removed when it is no longer needed. Some of the implants are made of bone, tissue, skin, metals, and other materials. Bioimplants have other application such as prosthetics, biosensors, and drug delivery. Currently, bioimplants are available in bio absorbable materials, a material that gradually degraded in the body.
Bioimplants Market –Dynamics
Factors leading to growth of the bioimplants market are increasing research and development in material use for manufacturing of bioimplant and rising government initiative such as providing medi-claim services for healthcare facility development in low and middle income countries. As per the press release by ScienceDaily on February 2019, using dime-sized (implant) invention developed by engineers at Thayer School of Engineering at Darthmouth, the kinetic energy of heart can be converted into electricity to power a wide range of implantable devices such as pacemaker. Such innovation helps to propel growth of bioimplants market. Furthermore, rising cases of bone degeneration in geriatric population, bioimplants applicable for replacement of degenerative bone, increasing demand for minimally invasive surgeries, and technological advancement in healthcare sector are expected to drive the bioimplants market growth. According to the World Health Organization report 2017, around 9.6% of men and 18% of women aged over 60 years have symptomatic bone degenerative disorder (osteoarthritis) worldwide. Rising application of bioimplants in life threatening diseases such as cancer, diabetes, and cardiovascular is another factor aiding in growth of the bioimplants market globally. According to the World Health Organization report 2019 statistics, around 9.6 million people worldwide die from cancer and 18.1 million new cancer cases are diagnosed in 2018. Moreover, according to report of National Centers for Research and Development, February 2016, the Bio-Implant project was carried out by an Interdisciplinary Consortium of three Polish Universities and an oncology centers. Polish scientists have developed an innovative tissue engineering technique to support regeneration and restoration of cancer patients’ bone tissue.
Bioimplants Market – Regional Insights
On the basis of geography the bioimplants market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. In 2018, North America accounted for the highest market share in bioimplants market. This is owing to innovative product launches, increasing prevalence of chronic diseases, and presence of better healthcare infrastructure. For instance, in March 2019, Nvision Biomedical Technologies received the U.S. Food and Drug Administration approval for its first foot and ankle implant made from advanced and biocompatible PEEK-OPTIMA polymer. Europe is expected to account for high market share, over the forecast period. This is owing to increasing geriatric population and sophisticated healthcare infrastructure. According to European Commission Aging report 2018, geriatric people population in Europe was around 29.6% in 2016 and expected to reach around 51.2% of total European population by 2070. Moreover, as per the press release by National University of Ireland (NUI) Galway on December 2018, (NUI) Galway, lead European Bioimplant Research Network, The research programme will target the development of next-generation bio absorbable medical implants, which has been a strategic priority area for researchers at NUI Galway for the past number of years.
Asia Pacific is an emerging and profitable market for bioimplant manufacturers, owing to rising government initiatives, focus on research and development, and increased access to healthcare services. In November 2017, University of Taxes (UNT) U.S. partner with Indian Institute of Technology to carried out research on bioimplants Iongevity. Such factors are expected to aid in growth of the market.
Bioimplants Market – Competitive Landscape
Key players operating in the bioimplants market include Abbott Laboratories, Medtronic, Boston Scientific Corporation, Stryker Corporation, Depuy Synthes, Smith and Nephew, DENTSPLY International, Zimmer Biomet, Edwards Lifesciences Corporation, Johnson and Johnson, Lifenet Health, Integra Lifesciences Holdings Corporations, Nvision Biomedical Technologies, and others.
Bioimplants Market – Market Taxonomy
On the basis of application, the global bioimplants market is segmented into:
On the basis of origin, the global bioimplants market is segmented into:
On the basis of material, the global bioimplants market is segmented into:
On the basis of geography, the global bioimplants market is segmented into:
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