Market Research Report
Global Bioresorbable implants Market - 2019-2026
|Published by||DataM Intelligence||Product code||803273|
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|Global Bioresorbable implants Market - 2019-2026|
|Published: March 1, 2020||Content info:||
Global Bioresorbable implants Market Overview
The global bioresorbable implants market is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
Bioresorbable implants are implants made of a resorbable material. In the early stages of bone healing, bioabsorbable implants preserve fixation. Over time, the implant gradually decomposes, and the stresses are steadily transferred to the healing tissue. The main benefit is that the mass has a temporary help, the bioabsorbable implants offer support for the body to allow healing of damaged tissue and disappear after the fixation task is completed, leaving tissue without any foreign material present.
Global Bioresorbable implants Market - Market Dynamics
The global market for Bioresorbable implants is primarily driven by the growing cases of chronic diseases and increasing geriatric population worldwide. According to the United Nations, 2017, nearly 13 % of the global population comprised of people aged 60 plus years. The capability of bioresorbable implants to dissolve inside the body without the constraint of surgical removal is driving the acceptance of such implants in healthcare. Bioresorbable implants have started to gain traction due to its numerous applications such as orthopedic implants. The polymers are broadly used materials for the implants as they readily dissolve in a biological system.
However, the high cost of bioresorbable implants and surgery, as well as the time-consuming approval for bioresorbable implants, may hinder the market progress.
Global Bioresorbable implants Market - Segment Analysis
By material type, the global market for Bioresorbable implants is segmented into metallic and polymers. Polymers are further sub-segmented into PLGA- Poly lactic-co-glycolic acid, PLLA- Poly L-lactide, PGA- Polyglycolic Acid, PLA- Polylactic Acid, and others. Polymers hold the most significant market share as the implant degrades after completion of its function, which is a substantial advantage over the permanently installed devices. It bypasses the need for a second surgery for the removal of the implant, making the process cost effective as compared to other implants. However, the fragility of polymer implants, especially under high pressure, has led to the preference of bioresorbable metals such as magnesium alloys. Their high tensile strength protects it from breaking under high mechanical load, making metallic bioresorbable implants the fastest growing share in materials type segment.
By application, the global market for Bioresorbable implants is segmented into cardiovascular, orthopedics, and others. Orthopedics segment holds the most significate share is owing it to the rise in geriatric population, chronic diseases, and growing incidences of accidents such as roads and falls. According to the World Health Organization (WHO), 2018, road accidents cause around 50 million injuries annually worldwide and more than 1.35 million people die yearly as a result of road traffic crashes worldwide. According to the Centers for Disease Control (CDC), more than 300,000 older people in the US are hospitalized each year from broken hips, and 95 percent of these fractures are the result of a fall. Furthermore, the applications are increasing in medical and dental streams which are boosting the bioresorbable implants market.
Global Bioresorbable implants Market- Geographical Analysis
North America is the dominant share in the global bioresorbable implants market, and it is primarily attributed to factors such as the high prevalence of cardiovascular disease and increase in geriatric population in the region is expected to boost the osteoporosis and osteoarthritis cases. For instance, according to International Osteoporosis Foundation (IOF), there are approximately 44 million people with either osteoporosis or low bone mass, which represents 55% of the people aged 50 plus in the United States. Moreover, its broad base of the patient population and the established healthcare infrastructure and the rising disposable income and higher investment in R&D activities contribute to the growth of North America's share.
Asia-Pacific region is expected to be the fastest growing market during the forecast period, owing to the region's rapidly improving healthcare infrastructure and the presence of a broad base of the target population. According to the International Osteoporosis Foundation (IOF), osteoporosis affects almost 70 million Chinese over the age of 50 and causes some 687,000 hip fractures in China each year.
Global Bioresorbable implants Market- Competitive Analysis
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with increased focus on R&D are other ways the leading players improve their market presence. Key players are also bolstering their networks of distribution to expand the geographical scope of their products.
February 2019, Ocular Therapeutix, a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, announced the dosing of the first patient in a Phase 1 trial of OTX-TKI (tyrosine kinase inhibitor implant) in patients with wet Age-related Macular Degeneration (AMD).
February 2019, GT Medical Technologies has raised $10 million in funding to help support commercialization of its GammaTile Therapy, a bioresorbable implant designed to deliver local doses of radiation to patients with brain tumors. The series A round was led by MedTech Venture Partners, with additional funding from BlueStone Venture Partners.
December 2018, REVA Medical, a leader in bioresorbable polymer technologies for vascular applications, announced the first implant of its recently launched Fantom Encore bioresorbable scaffold (BRS) in Italy.
September 2018, Johnson & Johnson Medical GmbH acquired spinal implant 3D printing specialist Emerging Implant Technologies (EIT), headquartered in Germany. Following this acquisition, Johnson & Johnson's orthopedics branch DePuy Synthes will also strengthen its interbody implant portfolio which includes titanium integrated PEEK technology for minimally invasive spinal surgery.
September 2017, DePuy Synthes announces the U.S. launch of TRUMATCH Titanium 3D-Printed Implants for use in facial reconstruction. The new products were distributed through an exclusive agreement with Materialise, a leader in software solutions and 3D-printing services in the medical and industrial markets.