Sales Revenue of Bioimplants Market to Soar in the Near Future Owing to Growing Consumer Adoption by 2023 | Abbott Laboratories (St. Jude Medical, Inc.), Boston Scientific Corporation, Dentsply Sirona Inc.
Bioimplants are surgically implanted to replace or support any damaged body organs to enhance function of any body organ. The major factors that drive the growth of the global bioimplants market include rise in prevalence of chronic diseases coupled with the rapidly aging population. Furthermore, increased awareness and technological advancements in bioimplant further propel the market growth. However, high implantation cost and lack of expertise are some of the factors restrict the market growth.
The key companies operating in the market include Abbott Laboratories (St. Jude Medical, Inc.), Boston Scientific Corporation, Dentsply Sirona Inc., Johnson & Johnson (Ethicon, Inc.), Medtronic Plc, Smith & Nephew plc, Stryker Corporation, Victrex plc. (Invibio Ltd.), Wright Medical Group N.V., Zimmer Biomet Holdings Inc.
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High Incidence of Chronic Conditions with Increasing Age
According to the National Institutes of Health report, it is estimated that 27% of the Japanese, 16% of the U.S., 24% of the UK, 17% of the Russian, and 14% of Chinese the population will be above 65 years of age by 2020. With age there is an increase in incidence of chronic diseases such as cardiovascular disease, neuropathic disorders, old age-related trauma, and osteoarthritis. For instance, according to the American Heart Association, in 2013 in the U.S., 70.2% of men and 70.9% of women in the range of age 60-79 years have cardiovascular disorders. Moreover, it is been predicted by World Health Organization that there will be an increase of 50% in cardiovascular disorders in China between 2010 and 2030 based on an increase in aging population.
Emerging Technological Advanced Products
Continuous technological innovations in the field of implantable devices is set to drive the market for bioimplant. In addition, end companies spend a lot into R&D to create innovative products, for instance, Medtronic invested $2.2 billion for R&D in 2017, according to its annual report. Scientists are working on developing bioimplant with improved attributes, such as, new generation of drug-eluting stent, bioabsorbable stent, and customized orthopedic implantsMoreover, a biosynthetic alternative to the human cornea bioimplant is developed, which mimics the structure of cornea.
The global bioimplant market is segmented based on product type, material, and region. Based on product type, the market is categorized into cardiovascular implant, dental implant, orthopedic implant, spinal implant, ophthalmic implant, and others. By material type, it is divided into metallic biomaterial, ceramic biomaterial, polymer biomaterial, and natural biomaterials. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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