The global biomaterials market for implantable devices features an exceedingly fragmented competitive landscape with the presence of a large number of companies, observes Transparency Market Research. Easy availability of several options across similar product varieties has intensified price competition and has compelled vendors to expand product portfolios and focus on R&D efforts to benefit from product differentiation.
Increased investment for R&D in lucrative segments such as antimicrobial coatings and strategic expansion across developing economies exhibiting high propensity towards implant procedures are also key strategies adopted by market players for sustainable pay-offs. Some of the key vendors in the market are Celanese Corp., AdvanSource Biomaterials Corp., Collagen Matrix, Inc., Royal DSM and Invibio, Inc., DuPont, Evonik Industries AG, and Celanese Corp.
Transparency Market Research estimates that the global biomaterials market will exhibit growth at a healthy pace in the next few years, rising from a valuation of US$28.8 bn in 2015 to US$33.6 bn by 2024.
Metals continue to be Most Used Biomaterials in Implantable Devices
In terms of the type of biomaterials used in implantable devices, the market is dominated by metals. The segment is expected to account for over 42.3% of the overall market by 2019. The segment of polymers, which currently holds the second position in terms of share in the market, is expected to witness promising growth and capture a share of nearly 30% of the market by 2019.
In terms of geography, North America presently holds the dominant share in the market and is expected to retain dominance over the forecast period as well. The region is expected to lead to an impressive demand for implantable devices in the next few years owing to the rising population of geriatrics, sedentary lifestyle and the resultant rise in the patients with eye disorders, bone-related diseases, and fractures.
Promise of Better Outcomes Leading to Increased Preference to Implant Surgeries
The medical implants market has benefitted over the years from the introduction of technologically advanced and highly efficient implant devices. The emergence of high precision digital mapping technologies that allow precise measurements and improved results post surgeries have also significantly contributed in increasing the confidence of both patients and surgeons about implant surgeries. These factors have also significantly augmented the number of implant surgeries taking place across the globe, driving the biomaterials market. In the next few years as well, the rise in the number of implant surgeries will be a key factor boosting the biomaterials market for implantable devices.
Concerns Regarding Post-implantation Infections to Hinder Market Growth
The key challenges ahead of the biomaterials market for implantable devices are the several issues related to post-surgery infections, implant failures, and the subsequent recall of products. Medical implants carry the risk of causing foreign body-related infections (FBRIs), which lead to a substantial rise in chances of further complications and the need for additional corrective surgeries. Furthermore, the rising incidences of product recalls play a big role in making the masses apprehensive about medical implants and lead to reduced sales on a global front.
These factors could limit the growth prospects of the market to a certain extent over the forecast period. TMR states that the impact of these factors is expected to be high during the forecast period as well.
This review of the market is based on a recent market research report by Transparency Market Research, titled “Biomaterials Market for Implantable Devices - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
For the study, the global biomaterials market for implantable devices is segmented into:
Biomaterials Market, by Material Type
Biomaterials Market, by Geography
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