Global Bioresorbable Implants Market, by Material Type (Metallic and Polymer), by Application (Orthopedic, Cardiovascular, and Others), by End User (Hospitals, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 5,543.1 million in 2017, and is projected to exhibit a CAGR of 7.7.% over the forecast period (2018 – 2026).
Increasing research and development by market players to augment the market growth Key players in the market are focused on research and development in order to develop novel products to address the critical unmet needs of patients. For instance, EXCEL-II biodegradable polymer sirolimus-eluting stent developed by JW Medical Systems Ltd is under study and estimated to complete study in June 2019. Similarly, BuMA Supreme DES and Xience or Promus Drug Eluting Stents developed by Nova Vascular LLC is under study and estimated to complete study in June 2023. Moreover, increase in geriatric population is expected to rise incidences of osteoarthritis and osteoporosis, which in turn is expected to boost the market growth. According to National Center for Biotechnology Information (NCBI), report published on August 2017, estimated knee osteoarthritis cause around 80% of the disease total burden and affects around 19% of Americans adults age 45 years and above.
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Browse 25 Market Data Tables and 27 Figures spread through 169 Pages and in-depth TOC on ‘Bioresorbable Implants Market’- Global Forecast to 2026, by Material Type (Metallic and Polymer), by Application (Orthopedic, Cardiovascular, and Others), by End User (Hospitals, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance their product portfolio. For instance, in November 2016, Stryker Corporation entered into a collaboration agreement with Indo UK Institute of Health's (IUIH) Medicity Program, to serve as its business partner in the orthopedic areas of hip, knee, and trauma products and services.
Key Takeaways of the Bioresorbable Implants Market:
The global bioresorbable implants market is expected to exhibit a CAGR of 7.7 % over the forecast period, owing to increasing prevalence of osteoporosis, osteoarthritis, and cardiovascular diseases. As per the International Osteoporosis Foundation (IOF) fact sheet, an estimated around 1 in 3 women over age 50 and 1 in 5 men aged over 50 are expected to experience osteoporotic fractures worldwide.
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Among material type, the polymer segment held a dominant position in the bioresorbable implants market in 2018, owing to its advantages as compared to metallic implants.
Among application type, orthopedic segment held a dominant position in the bioresorbable implants market in 2018, as the majority of the implants are used in orthopedic segment due to trauma injuries.
Among end user type, hospital segment held a dominant position in the bioresorbable implants market in 2018, as majority of the cases of cardiovascular diseases and other are registered at hospitals.
Key players operating in the global bioresorbable implants market include, Bioretec Ltd., CONMED Corporation, Depuy Synthes, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew Plc., and Boston Scientific Corporation.
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