Global Bioresorbable Implants Market to Surpass US$ 10.7 Billion by 2026 – Coherent Market Insights
According to Coherent Market Insights, the global bioresorbable implants market 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).
Key Trends and Analysis of the Bioresorbable Implants Market:
Key trends in market are advantages of bioresorbable material over inert metallic implants, increasing incidence of orthopedic injuries, and increase in research and development for the discovery of new product for cardiovascular application, and increase in incidence of osteoporosis and osteoarthritis.
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Market players are actively investing in research for developing novel materials for implants. Moreover, the players are committed to offer new and improved products in order to address the critical unmet needs of patients. For instance, in March, 2015, Hyperbranch Medical Technology, Inc. received approval for its Adherus AutoSpray Dural Sealant from the U.S. Food and Drug Administration (FDA).
Moreover, key players operating in the market are focused on adopting acquisition strategies in order to gain access to innovative products and expand their product offerings in the potential markets. For instance, in October 2018, Stryker acquired HyperBranch Medical Technology, Inc., developer of innovative medical devices based on its proprietary polymers and cross-linked hydrogels. The acquisition will support and strengthen Stryker to obtain excellence in the dural repair space and align making the healthcare better.
However, adverse effects materials used in bioresorbable implants for short and long term are expected to hinder the market growth. As per the NCBI report, October 2014, the long and short term adverse effects are observed by the use of bioresorbable implants. For instance, the release of organic acids can overwhelm the surrounding system and can cause bone demineralization and in short term the polymer material in bioresorbable implants such as Poly (α ester) and other can cause swelling and cyst formation.
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Key Market Takeaways:
- The bioresorbable implants market is expected to exhibit a CAGR of 7.7% during the forecast period (2018 – 2026), attributed to increasing incidences of trauma injuries, prevalence of osteoporosis and osteoarthritis, and advantages of bioresorbable implants as compared to metallic implants. According to the International Osteoporosis Foundation (IOF) fact sheet, an estimated 8.9 million fractures are caused annually by osteoporosis worldwide and it affects around 200 million women’s worldwide.
- Market growth is attributed to approval and launch of novel products for treatment in orthopedic injuries. For instance, in August 2008, Bio Mini-Revo suture anchor received FDA approval developed by Conmed Corporation for repair of the labrum in the hip joint.
- Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in February 2018. Stryker Corporation acquired Entellus Medical.
- 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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