Market Size of Global Bio-Implants Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Bio-Implants Market Analysis
The Bio-implants market is expected to register a CAGR of 8% over the forecast period.
The Covid-19 pandemic had an effect on the country's healthcare systems with significant impacts not only on the patients infected with COVID-19 but on others as well, which resulted in the cancellation of implant surgeries to manage and reserve the resources and many hospitals were facing a shortage of professionals to assist these surgeries. For instance, according to the study published in October 2021, by the National Library of Medicine globally, there has been a 42.8% decrease in general surgery admissions. Thus, the reduction in surgical procedures during the COVID-19 pandemic affected the market's growth. However, the postponed surgeries resumed worldwide, driving the market's growth during the post-pandemic period. Hence, the high number of surgical procedures and operations being performed is expected to boost the development of the bio-implant market during the forecast period.
The bio-implants market is primarily driven by the increasing burden of chronic diseases and lifestyle disorders and the rising preference toward minimally invasive surgeries. Bio-implants help in better management and specific drug delivery in conditions such as obesity, infections, and musculoskeletal disorders. For instance, bio-implants provide a unique and specific drug delivery for the skeletal system. According to an article published by Orthopaedic Surgery in January 2021, the total prevalence of lumbar spondylolisthesis in the middle-aged people of the Beijing community was 17.26% (15.98% in males and 18.80% in females). Women are more likely to suffer from lumbar spondylolisthesis after 60 years old. Furthermore, the 'UK Factsheet January 2022' published in 2022 by British Heart Foundation shows that around 7.6 million people live with heart and circulatory diseases, and nearly 4 million males and 3.6 million females live with heart and circulatory diseases in the country in 2021. This highly prevalent heart and circulatory disease among patients generate demand for more implant procedures and hospital admissions.
Additionally, the increasing product launches are expected to drive the growth of the market during the forecast period. In February 2021, Medtronic launched TYRX absorbable Antibacterial Envelope- an absorbable, single-use antibacterial envelope designed to stabilize a cardiac implantable electronic device or implanted neurostimulator.
Hence, the market studied is expected to witness steady growth over the forecast period. However, the high cost of bio-implants and unfavorable reimbursement policies are expected to restrain the growth of the market.
