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Global Metal Implants And Medical Alloys Market Overview Covering Forecast Market Size And Growth Rate 2033
Metal Implants And Medical Alloys Global Market Report 2024
According to The Business Research Company's, The metal implants and medical alloys market size has grown rapidly in recent years. It will grow from $14.56 billion in 2023 to $16.25 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to aging population, orthopedic and dental procedures, rise in chronic diseases, trauma and accident cases.
The metal implants and medical alloys market size is expected to see rapid growth in the next few years. It will grow to $24.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to customization and personalization of implants, minimally invasive procedures, growth of dental implantology, rising neurostimulation devices. Major trends in the forecast period include technological advancements, digital health integration, sustainability and environmentally friendly alloys, collaboration and partnerships.
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Market Drivers and Trends:
The increasing number of road accidents is expected to propel the growth of the metal implants and medical alloys market going forward. A road accident involves a moving vehicle on a public road that causes fatal or non-fatal casualties. Metal implants and medical alloys are crucial in treating injuries sustained in road accidents. These implants stabilize broken bones, aid in healing and restore normal function to injured individuals. For instance, in May 2023, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, road crashes increased from 35,935 in 2020 to 39,508 in 2021. Due to road accidents, in 2021, 42,939 persons were killed in motor vehicle crashes. These fatalities happened in 39,508 collisions involving 61,332 motor vehicles. This represented a 10% increase in deaths over 2020. As a result, the increasing number of road accidents is driving the growth of the metal implants and medical alloys market.
Companies operating in the metal implants and medical alloys market are adopting innovative technologies, such as aurum technology to increase their market reach and demand. It is orthopedic implant that features a titanium nitride surface that is ballistically bonded to a titanium substrate. For instance, in March 2022, Total Joint Orthopedics Inc., a US-based medical device company, launched a klassic knee system based on aurum technology. The innovative replacement implant is made from titanium alloy and coated with aurum technology, a titanium nitride coating used to improve metal implants' wear and corrosion resistance. This provides a high-quality, effective knee replacement procedure. It is designed to give patients a longer-lasting, more durable total knee replacement. It helps to reduce friction between the implant and the surrounding tissue, which can help improve the implant's function and reduce the risk of complications. This technology aims to decrease orthopedic implants' dependency on cobalt chrome.
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Major Key Players of the Market:
Medtronic PLC, Johnson Matthey PLC, Stryker Corporation, Kyocera Corporation, B. Braun Melsungen AG, Koninklijke DSM N.V., Aperam S.A., Zimmer Biomet Holdings Inc., Olympus Corporation, Smith and Nephew PLC, Dentsply Sirona Inc., ATI Specialty Alloys and Components, Carpenter Technology Corporation, Materion Corporation , Integra LifeSciences Holdings Corporation, NuVasive Inc., CONMED Corporation, Wright Medical Group, Fort Wayne Metals Research Products LLC, Ulbrich Stainless Steels & Special Metals Inc., Lisi Medical Jeropa Inc., Shanghai MicroPort Orthopedics Inc., DJO Global Inc., Ametek Specialty Metal Products Inc., Boston Centerless Inc., Anomet Products Inc., AAP Implantate AG, QuesTek Innovations LLC, Supra Alloys Inc., Syntellix AG.
Metal Implants And Medical Alloys Market 2024 Key Insights:
• The Metal Implants And Medical Alloys Market is expected to grow to $24.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Rising Road Accidents Fuel Demand For Metal Implants And Medical Alloys In Injury Treatment
• Innovative Aurum Technology Revolutionizes Metal Implants For Enhanced Performance
• North America was the largest region in the metal implants and medical alloys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in metal implants and medical alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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