Bioresorbable implants are bio-degradable medical products designed as support structures or scaffolds for healing bones and soft tissues. They are commonly made from polyglycolic acid, polylactic acid or other synthetic materials that safely dissolve and pass through the body after new bone formation. Bioresorbable pins, rods, screws and plates are increasingly used in orthopedic fracture repair, trauma fixation, and osteochondral defect treatments as they eliminate the need for follow-up surgeries to remove permanent metallic implants. The global bioresorbable implants market is estimated to be valued at US$ 1399.4 million in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for minimally invasive surgical procedures and rise of biodegradable medical materials are expected to drive the growth of the bioresorbable implants market during the forecast period. Self-reinforced polyglycolide pins and plates have emerged as effective substitutes for permanent metal implants owing to their bioresorbable nature. They dissolve within 6-24 months after implantation without requiring removal surgery. Abundant use of bioresorbable implants is observed in fixation of small bones in foot and hand, fractures of skull, facial bones and jaw fractures. In spine surgery too, bioresorbable rods and screws are gaining acceptance for fusion of vertebrae. Bioresorbable sutures and fixators help avoid stress shielding and allow natural load transfer to newly formed bone. Rising awareness about biodegradable medical products among clinicians and patients augurs well for the market expansion of bioresorbable implants over coming years.
Segment Analysis
The bioresorbable implants market is segmented into material type, application, end user, and geography. Based on material type, the market is divided into polymer-based bioresorbable implants and metal-based bioresorbable implants. The polymer-based bioresorbable implants dominates the segment as they offer various advantages like biocompatibility, adjustable and controlled strength, and zero requirement for implant removal. Based on application, the market is classified into orthopedic, cardiovascular, and other applications. The orthopedic segment dominates the market owing to the high number of musculoskeletal injuries and related surgeries performed annually.
PEST Analysis
Political: Governments across regions are supporting the growth of bioresorbable implants market by providing funding for R&D activities. Stringent regulations ensure patient safety.
Economic: Rising healthcare spending along with growing per capita income contributes to market growth. However, high costs of bioresorbable implants remains a challenge.
Social: Increasing incidence of chronic diseases and trauma injuries is driving the demand for implants that can dissolve harmlessly overtime. Growing awareness about advantages of bioresorbable implants fuel adoption.
Technological: Advancements in material science, manufacturing techniques and design engineering have enhanced mechanical integrity and control over biodegradation rate of implants. 3D printing offers customized solutions.
Key Takeaways
The Global Bioresorbable Implants Market Size is expected to witness high growth at a CAGR of 10% during the forecast period of 2023 to 2030. Regional analysis indicates that North America dominates the market currently owing to regulatory approvals, availability of advanced healthcare facilities and presence of major players in the region.
Key players operating in the bioresorbable implants market are CONMED Corporation (U.S.), Wright Medical Group N.V. (U.S.), Stryker (U.S.), Medtronic (Ireland), Smith+Nephew (U.K.), Zimmer Biomet (U.S.), Integra LifeSciences (U.S.), B. Braun Melsungen AG (Germany), Arthrex, Inc. (U.S.), Baxter (U.S.), Globus Medical (U.S.), DJO, LLC (U.S.), NuVasive, Inc. (U.S.), The Orthopaedic Implant Company (U.S.), Aesculap, Inc. (U.S.), Flexicare Medical Limited (Australia), Agilent Technologies (U.S.), Narang Medical Limited (India), Auxein Medical (India), Uteshiya Medicare (India). Key players are focused on product innovation and expansion to meet the growing needs of bioresorbable implants.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
