Global Bioresorbable Implants Market Is Estimated To Witness High Growth Owing To Increasing Demand For Minimally Invasive Procedures And Rising Chronic & Lifestyle Diseases
The Global Bioresorbable Implants Market is estimated to be valued at USD 6.10 Bn in 2024 and with CAGR of 8.5% over the forecast period 2024-2031. Furthermore, the growth in geriatric population and rising chronic diseases is further fueling the market growth.
Market Dynamics:
The Global Bioresorbable Implants Market is driven by the increasing demand for minimally invasive procedures coupled with the rising chronic and lifestyle diseases. Minimally invasive procedures involve small incisions and cuts instead of large ones, resulting in less pain, blood loss, faster recovery time and minimal scarring compared to conventional open surgeries. Moreover, the changing lifestyle and increasing life expectancy has led to a surge in chronic diseases such as cardiovascular diseases and diabetes. As bioresorbable implants dissolves after completion of the healing process, they eliminate the need for follow-up surgeries to remove permanent implants. This has increased the preference for bioresorbable implants among both patients and physicians.
Increasing Prevalence of Chronic Diseases
Rising occurrence of chronic diseases like cardiovascular diseases, orthopedic disorders and other lifestyle-related health conditions can boost demand for bioresorbable implants. These implants are majorly utilized for healing broken bones and repairing soft tissues damaged due to chronic conditions. As per estimates, around 1.5 million bone graft procedures are performed annually in the U.S. to treat fractures and various bone defects. This growing disease burden worldwide can drive the bioresorbable implants market growth over the forecast period.
Advantages Over Conventional Implants
Bioresorbable implants offer various advantages like avoiding discomfort from permanent implants, reduced risk of infection and rejection. These get absorbed harmlessly into the body as new tissue regenerates. This eliminates the need for follow-up surgeries required to remove conventional permanent implants. Due to their bioabsorbable nature, these implants cause reduced inflammation and allergic reactions in the body. Their user-friendliness and safety aspects boosts their demand for bioresorbable implants across various therapeutic areas.
High Cost of Bioresorbable Implants
The manufacturing cost of bioresorbable implants is often higher as compared to traditional metallic implants as these require advanced technologies. This increased product cost makes bioresorbable implants unaffordable for many patients, especially in developing regions with low healthcare spending capabilities. This pricing challenge remains a major barrier in the widespread commercialization of these advanced implant materials.
Limited Clinical Evidence
Despite ongoing clinical research, there is lack of long-term evidence on safety, efficacy and degradation properties of newer bioresorbable materials. Concerns remain regarding the strength provided by these implants during healing period and their degradation timelines. More clinical data is still needed in order to establish standardized treatment protocols involving widespread use of bioresorbable implants across varied disease conditions. This restricts surgeon preferences and larger adoption.
Increased R&D into Newer Materials
Growing research focus on developing advanced biocompatible materials like magnesium alloys, polyglycolic acid (PGA) and silk fibroin-based polymers can offer new opportunities. These novel biomaterials aim to provide ideal strength, degradation properties and reduced inflammatory response in the body. Successful innovation in material science can help address current challenges and bring new applications in tissue regeneration as bioresorbable implants.
Expansion into Non-Orthopedic Applications
Most current research and commercial usage of bioresorbable implants is focused on orthopedic and musculoskeletal applications. However, there is potential to develop these materials for other internal tissue repairs in areas like ophthalmology, cardiology, urology and neurology. This opens new avenues for bioresorbable stents, sutures, glues and other medical devices. Wider therapeutic expansion coupled with improved material properties can drive the market growth. Global bioresorbable implants market growth is driven by rising disease burden globally and various clinical advantages over permanent devices. However, high product costs and lack of long term evidence can hamper its widespread acceptance. Continued R&D into novel biomaterials and broader therapeutic applications can offer growth opportunities in the future.
Link: https://www.coherentmarketinsights.com/market-insight/bioresorbable-implants-market-2478
Key Developments
- In March 2023, Bioretec Ltd, a medical device company, received FDA market authorization for its RemeOs trauma screw. This marked a milestone as the first and only company offering bioresorbable metal implants in the U.S. This innovation aims to replace traditional titanium and steel implants used in healing bone fractures, eliminating the need for removal surgeries.
- In 2021, DePuy Synthes, a division of Johnson & Johnson, acquired OrthoSpin via its Synthes GmbH subsidiary. OrthoSpin is an Israel -based company that specializes in developing a robotic-assisted external fixation system for orthopedic treatments.
- In 2020, Medtronic introduced the Adaptix Interbody System, featuring Titan nanoLOCK Surface Technology, as the first guided titanium implant available in the U.S. This innovative product has significantly enhanced Medtronic's market presence and revenue in the region.
Key Players: Abbott Laboratories, Medtronic plc, Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, Boston Scientific Corporation, Biotronik SE & Co. KG, Terumo Corporation, Amaranth Medical, Inc., Arthrex, Inc., Bioretec Ltd., REVA Medical, LLC, Tepha, Inc., Corbion N.V., DSM Biomedical, WL Gore & Associates, Inc.
