Osseointegration Implants Market Study with Current and Upcoming Trends 2023
SummaryIn 2017, the global osseointegration implants market generated a revenue of $9.9 billion and is further projected to advance at a 4.0% CAGR during the forecast period (2018–2023).
- Author Company: P&S Intelligence
- Author Name: Pramod Kumar
- Author Telephone: +443479606455
The annual prevalence of spinal cord injuries (SCI) ranges between 250,000 and 500,000, as per the World Health Organization (WHO). Being one of the most complex and critical parts of the body, the spinal cord and backbone need to be protected at all costs. The pre-mature mortality rate among people with SCIs is 2–5 times more than those without such an issue. Almost 90% of SCIs are a result of falls, violence, and road crashes, though the incidence of these injuries without a traumatic cause is also rising.
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This is leading to an increasing volume of a new kind of spinal surgery, where the artificial part is directly connected to the bone, via a rod or screw; the process is called osseointegration. Thus, the osseointegration implants market, which valued $9.9 billion in 2017, is predicted to reach $12.5 billion by 2023, at a CAGR 4.0% during 2018–2023 (forecast period). After the implantation process, the tissues and the living bone grow over the rod, much like a creeper vine, thereby giving the implant stability and functionality.
A major reason behind the increasing volume of osseointegration surgeries is the supportive reimbursement scenario in several countries. For instance, the Australian Private Health Insurance provided by Osseointegration Group of Australia (OGA) reimburses a major part of the cost of osseointegration prosthetic limb (OPL) surgical procedures. Similarly, the U.S. Food and Drug Administration (FDA) approved prostheses for people who have an amputation above the knee and are unable to properly use the traditional socket prostheses.
Osseointegration procedures are performed at ambulatory surgical clinics (ASCs), hospitals, and dental clinics. Among these, hospitals account for the largest number of such procedures, as they employ medical specialists and have better facilities, including full-fledged operating rooms (OR), surgical tools, and imaging machines. Another reason behind this is the rising number of people suffering from SCIs, which, owing to their critical and complex nature, can be only dealt with at hospitals. However, dental clinics are also predicted to witness an increasing usage of these products in the coming years, on account of the surging incidence of tooth loss.
On a geographical basis, North America is the largest user of osseointegration implants, as a result of its growing geriatric population, which frequently suffers from SCIs and dental issues. For instance, from 49.2 million in 2016, the population of people in the age group of 65 and above in the U.S. is expected to increase to 98 million in 2060, as per government sources. In the coming years, Asia-Pacific (APAC) would observe fast osseointegration implants market growth, owing to extensive research and development, rising disposable income, and improving healthcare access.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings