BIO-IMPLANT MARKET ANALYSIS

Market Challenges And Opportunities

Global Bio-implant Market - Driver

Increasing Number of Product Approvals by Regulatory Bodies

Market players are focused on gaining approvals from regulatory bodies, and this is expected to drive the global bio-implant market growth over the forecast period. For instance, in April 2022, The Orthopaedic Implant Company (OIC), a medical device manufacturing company, announced the U.S. FDA approval, and commercial launch of the market's first and only high-value dorsal spanning plate.

Moreover, in June 2021, Intelligent Implants Ltd., a medical device company, announced that U.S. FDA has granted breakthrough device designation for its SmartFuse orthopedic implant technology. The SmartFuse platform is designed to remotely stimulate, control, and monitor bone growth for real-time clinical decision-making. The product will be indicated for first-use patients who undergo lumbar spinal fusions.

Global Bio-implant Market- Restraint

Product Recalls and Cardiac Implant Related Infection

The major factors that can hamper growth of the global bio-implant market over the forecast period include product recalls of cardiac implants. For Instance, in February 2021, Medtronic, a U.S.-based medical device company, announced that it had recalled its Evera, Viva, Brava, Claria, Amplia, Compia, and Visia Implantable Cardioverter Defibrillators (ICDs), and Cardiac Resynchronization Therapy (CRT-Ds) devices due to an unexpected and rapid decrease in battery life. This decrease in battery life is caused by a short circuit in some devices to produce first warning that the battery is low earlier than expected. There have been 444 complaints regarding these ICDs and CRT-Ds in the U.S.

Restraints & Challenges:

Increasing  product recalls from the regulatory authorities