bio-implant market

In recent years, the medical industry has experienced remarkable advancements, and one such innovation that continues to gain movement is bio-implants.

What are Bio-Implants?

Bio-implants refer to biosynthetic materials designed to insert inside the body for various purposes. These are medical devices or tissues used to replace a damaged bone, tissue, or other body parts. Materials such as ceramics, polymers, and metals are used to make these implants.

Capabilities and Types of Bio-Implants

Bio-implants have the ability to provide a number of functions, such as improving mobility, enhancing physiological functions, serving structural support, or providing therapeutic substances. Joint implants, cardiovascular implants, dental implants, cochlear implants, breast implants, and neurological implants are some of the common types of bio-implants used in medical applications.

The bio-implant market was valued at USD 122.34 billion in 2022 and is projected to achieve USD 327.87 billion with a CAGR of 10.68% over the next five years.

Surge in Demand for Bio-Implants

The rising demand for bio-implant procedures compared to arthroscopy and other therapy therapies such as physiotherapy is one of the key factors driving the bio-implant market growth. This is due to its benefits, like a greater success rate and biocompatibility.

Non-surgical or slightly invasive bio-implants are easier and more effective than treatments like root canals, and so more and more patients are preferring use of bio-implants. Therefore, the rising cases of oral health issues are expected to propel the market demand. For instance, as per the 2021 Global Burden of Disease Study (GBDS) by WHO, oral diseases were projected to affect about 50% of the world’s population.

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Enhancing Quality of Life with Bio-Implants

These devices offer people a chance to restore lost functions and improve their quality of life. These implants are capable of restoring movement to sensory perception and improving the overall well-being of patients. The development of new and effective products will boost the market expansion during the forecast period. For instance, in May 2022, Impulse Dynamics unveiled an ingenious mini-optimizer. This compact battery serves as a portable device that actively monitors heart failure, providing healthcare professionals with vital clinical insights for effectively managing their patients with heart failure.

By product, orthopedic implants segment captured the highest share in 2022

On the basis of type, orthopedic implants accounted for the major bio-implant market share owing to factors including the rising prevalence of orthopedic diseases, favorable government reimbursement programs, and a surge in the use of implants in orthopedic surgeries. According to estimates by the Centers for Disease Control and Prevention (CDC), 54.4 million people in the United States alone had arthritis in 2021.

Geographical Expansion

North America is projected to show significant growth throughout the study period. This growth can be attributed to the growing demand for new technologies across all medical specialties coupled with the increasing number of surgical operations requiring implants. As per Organization for Economic Co-operation and Development’s (OECD) Health Statistics, in 2017, more than 1.4 million orthopedic operations involving hip and knee replacement surgeries were performed. In addition, the rate is anticipated to increase in the upcoming years.

Recent Developments

For instance, in March 2020, Spinal Kinetics Inc., a privately owned manufacturer, and developer of artificial cervical and lumbar discs, was purchased by Orthofix International N.V. The goal of the change was to expand Orthofix’s line of orthobiologics bio-implants.

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The 3D printing techniques used by MaterialsCare for bio-implants are presently only intended for use by veterinarians, but the company has announced that the technology will be accessible to humans by the end of 2021. Similarly, to this, technological developments have given those involved in the development of biomaterials new possibilities.

Future Outlook

In conclusion, the bio-implant market is expected to witness significant growth due to the increasing cases of orthopedic and cardiovascular diseases (CVD), changing lifestyles, and the rising popularity of cosmetic procedures. Further, with rising technological developments and research breakthroughs, the industry continues to drive the development of advanced bio-implants.