Americas to Dominate Bone Implant Market due to High Availability of Advanced Technology
The global bone implant market share is expected to rise at a CAGR of 6.8% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global bone implant market is mainly driven by the growing technological advancement in bone implants, which has led to the availability of a number of viable options in the bone implants market, and the growing need for bone implant procedures around the world. The rising prevalence of sports injuries and other bone injuries is also likely to be a major driver for the global bone implant market over the forecast period.
Rapid advancement of the technology around bone implants is likely to be a major driver for the global bone implant market over the forecast period. With time, the global bone implants market has grown rapidly, leading to steady development of a number of products that can be viably used as bone implants. The steady development of the materials industry has also led to a rapid rise for the global bone implants market, as a number of viable materials have been developed that can be used to produce effective bone implants. This is likely to remain a major driver for the global bone implants market over the forecast period, as the material plays a key part in ensuring long-term viability of the bone implant. Materials such as ceramics and polymers are likely to undergo extensive research in the coming years, leading to steady growth of the bone implant market.
On the other hand, the high prices of orthopedic surgeries and bone implant products could hinder the global bone implant market’s growth over the forecast period. Government policies could also hinder the use of specific products in the global bone implant market over the forecast period.
Competitive Analysis:
Leading players in the global bone implant market include Depuy Synthes Inc., NuVasive Inc., Stryker Corporation, Integra LifeSciences Holdings Corporation, The Orthopedic Implant Company, Aesculap Implant Systems, Conmed Corporation, Arthrocare Corporation, BioTek Instruments Inc., Wright Medical Group N.V., Medtronic plc, Zimmer Biomet Holdings Inc., Smith & Nephew plc, and Globus Medical Inc.
Acquisitions and mergers and likely to remain a popular tactic for players in the global bone implant market over the forecast period.
In May 2018, NN Inc. acquired Paragon Medical for USD 375 million.
In 2017, Stryker Corporation acquired Vexim for USD 215 million.
Segmentation:
The global bone implant market has been segmented on the basis of biomaterial, product, application, device, end user, and region.
On the basis of biomaterial, the bone implant market has been classified as metals, ceramics, and polymers. The metal segment has been further divided into titanium, stainless steel, cobalt chromium alloy, gold alloys, and tantalum. The ceramics segment has been further divided into alumina, hydroxyapatite, beta-tricalcium, phosphate, carbon, bioglass, zirconia, and zirconia-toughened alumina. The polymers segment has been sub-segmented into polymethylmethacrylate, polytetrafluoroethylene, polyethylene, polysulfone, polyurethane, and polyether ether ketone.
By product, the market is segmented into orthopedic screws, orthopedic plates, interlocking nails (rods), and others.
By application, the bone implant market is segmented into hip orthopedic implants, knee orthopedic implants, spine orthopedic implants, dental orthopedic implants, and others.
By device, the market is segmented into external fixators and internal fixators.
By end user, the market is segmented into orthopedic clinics, hospitals, and others.
Regional Analysis:
The Americas is likely to remain the major regional party in the global bone implant market over the forecast period. The advanced healthcare sector in the region, the high disposable income of consumers in developed countries such as the U.S. and Canada, and the growing prevalence of sports injuries in the region are likely to drive the bone implant market in the Americas region over the forecast period.
The rising prevalence of orthopedic diseases in Europe is likely to drive the regional market for bone implants over the forecast period. Asia Pacific is also likely to exhibit a rapid growth in the bone implant market over the forecast period due to the growing prevalence of orthopedic conditions.
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