Global Bio-implant Market, By Product Type (Cardiovascular Implants, Dental Implants, Spinal Bio-implants, Orthopedic Implants, Ophthalmic Implants, and Others), By Material Type (Biomaterial Metal, Ceramic, Alloys, and Polymer), By End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 91.14 Billion in 2023, exhibiting a CAGR of 6.0% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are focused on inorganic growth strategies such as distribution agreement, and this is expected to drive the market growth over the forecast period. For Instance, on April 14, 2023, Essex Bio-Technology Ltd., a biopharmaceutical company, announced that its wholly-owned subsidiary, Majeton Pte. Ltd., has entered into an exclusive distribution agreement with Osteopore Limited., a medical technology company, to promote and sell Osteopore's dental and oral maxillofacial products in Singapore.
Global Bio-implant Market– Impact of Coronavirus (COVID-19) Pandemic
Supply chain and manufacturing activities have been disrupted globally, due to lockdowns implemented by governments, restricted movement, and other COVID-19 safety precautions. Similarly, the supply chain for cardiac implant was disrupted during the pandemicthat led to decline of cardiac implant surgeries.
Moreover, COVID-19 pandemic had negative impact on the global bio-implants market, due to decrease in the number of cardiac devices implantation. For instance, according to an article published by Medicina Journal, a peer-reviewed, scientific journal, in May 2021, during the COVID-19 pandemic, there was decrease of 75% of all procedures of new intra-cardiac devices implantation in diabetic as well as non-diabetic patients in Western Romania.
However, increasing demand for cardiac implant during the pandemic, owing to the association of cardiovascular diseases with COVID-19. According to an article published by the National Center for Biotechnology Information (NCBI), in March 2021, even though novel coronavirus majorly affects the upper respiratory tract, it also leads to several conditions at a systemic level. Existing co-morbid condition such as a cardiovascular disease becomes more complicated during the course of COVID-19 infection. COVID-19 can cause cardiovascular conditions such as arrhythmia, myocarditis, cardiac injury, and others. Cardiac implants aid in the prognosis and treatment of cardiovascular conditions, and this is expected to increase demand for cardiac implant during the pandemic.
Furthermore, according to an article published by NCBI (National Center for Biotechnology Information), in March 2021, COVID-19 can lead to cardiac events such as myocarditis, arrhythmia, acute coronary syndrome, and others. SARS-CoV-2, the causative agent of COVID-19 infection, is involved in inducing plaque rupture in blood vessels that leads to acute coronary syndrome and ischemia. The same study also revealed that pre-existing heart conditions become more severe due to COVID-19 infection.
Global Bio-implant Market- Key Developments
Increasing research and development by key market players is expected to drive the market growth. For instance, on April 05, 2023, Perfuse Therapeutics, a biopharmaceutical company pioneering transformational therapies to treat ischemia-induced ocular diseases, announced that the U.S. Food and Drug Administration (FDA) has cleared the Investigational New Drug (IND) application for a Phase 1/2a clinical study of PER-001 Intravitreal Implant in patients with glaucoma.
In July 2022, Carl Zeiss Meditec, a healthcare company, and Precise Bio, a regenerative medicine company, announced that both companies have entered into a partnership to develop and commercialize fabricated corneal tissue for transplants in patients that require endothelial keratoplasty and natural lenticule transplants for treating keratoconus and vision correction
Browse 35 Market Data Tables and 34 Figures spread through 180 Pages and in-depth TOC on “Global Bio-implant Market”- Forecast to 2030, Global Bio-implant Market, by Product Type (Cardiovascular Implants, Dental Implants, Spinal Bio-implants, Orthopedic Implants, Ophthalmic Implants, and Others), by Material Type (Biomaterial Metal, Ceramic, Alloys, and Polymer), by End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing adoption of growth strategies such as acquisition of companies by the key market players is expected to drive the market growth over the forecast period. For instance, in August 2022, CONMED Corporation, a global medical technology company, announced a definitive agreement to acquire privately held Biorez, Inc., a medical device start-up that is is focused on advancing the healing of soft tissue using its proprietary BioBrace Implant technology, on a cash-free, debt-free basis, for cash consideration of US$ 85 million at closing, subject to adjustment, and up to an additional US$ 165 million in growth-based earnout payments over a four-year period. The transaction is expected to be financed through the company's existing credit facility. . The BioBrace implant is an innovative bioinductive scaffold that is intended to reinforce soft tissue where weakness exists and facilitate healing. BioBrace is cleared for use by the U.S. FDA in multiple product sizes.
Key Takeaways of the Global Bio-implant Market: