Bio-implants Market Reach at a 6.9% CAGR and Expected to Generate $124,154 Million in Upcoming years 2020 to 2025
Pune, Maharashtra, India, September 25 2020 (Wiredrelease) Allied Analytics –:Rise in chronic diseases and awareness about the benefits of the bioimplants has increased the acceptance of bioimplants which majorly drives the market growth. Moreover, the ongoing R&D has increased application area for bioimplants which further boosts the market growth
“Bioimplants Market by Type, and Material: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the market was valued at $77,738 million in 2016, and is estimated to reach $124,154 million by 2023, with a CAGR of 6.9% during the forecast period 2020 to 2027.
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Covid-19 Impact on the Global Bio implants Market:
Bio implants Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2019-2026). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly.
Market Competitive Analysis:
The key companies operating in the market include Abbott Laboratories (St. Jude Medical, Inc.), Boston Scientific Corporation, Dentsply Sirona Inc., Johnson & Johnson (Ethicon, Inc.), Medtronic Plc, Smith & Nephew plc, Stryker Corporation, Victrex plc. (Invibio Ltd.), Wright Medical Group N.V., Zimmer Biomet Holdings Inc.
Bioimplant are devices of human or animal origin used to replace a missing natural body structure, support an injured biological part, or improve an existing biological structure. The major factors that contribute to the market growth include increase in geriatric population, rapid technological advancements, rise in incidence of chronic diseases, surge in adoption of advanced treatment devices, and growth in awareness regarding both the disease and treatment devices available in the market. However, the stringent approval procedure of the bioimplant is expected to impede the market growth. In addition, significant unmet need in the emerging nations provides a lucrative opportunity for the market.
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The orthopedic bioimplant segment generated the maximum revenue, accounting for nearly 40% of the global digital bioimplant market in 2016. On the other hand, dental bioimplant segment is expected to witness the highest CAGR during the forecast period.
By material, the metallic biomaterial segment is expected to dominate the market, accounting for nearly two-thirds share in 2023. On the other hand, the polymeric biomaterials segment is estimated to register the highest CAGR during the forecast period.
Key Findings of the Bioimplants Market:
>The cardiovascular bioimplant segment contributed for nearly one-fourth share of the global bioimplant market in 2018.
>The spinal bioimplant segment is projected to grow at a significant CAGR from 2018 to 2025.
>The natural biomaterial segment is projected to grow at a significant CAGR during the forecast period.
>Germany and France are the major shareholders, which collectively accounted for more than one-third share of the Europe bioimplant market in 2018.
>Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific bioimplant market in 2018.
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The North America market is projected to dominate the global bioimplant market in terms of revenue during the forecast period. This is majorly due to the increase in technological development and rise in incidence of cardiac, neuro, and spinal disorders. The Asia-Pacific market is expected to grow at the highest CAGR of 8.7% during the forecast period, owing to rise in awareness about the use of bio implants in the healthcare industry and surge in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs.
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