Metal Implants and Medical Alloys Market Size

Metal Implants and Medical Alloys Market Analysis

The Metal Implants and Medical Alloys Market size is estimated at USD 17.60 billion in 2024, and is expected to reach USD 29 billion by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).

The emergence of the COVID-19 pandemic impacted the growth of the metal implants market, as the healthcare industry is still coping with the massive disruption in the supply chain. As a result, a massive shortage is still being experienced in medical devices in various countries. For instance, the study published International Dental Journal in April 2022 suggested that the number of outpatients decreased, and the proportion of emergency cases increased during the epidemic period.

Additionally, according to a study published in the British Journal of Surgery, in May 2021, based on 12 weeks of major hospital services disruption due to COVID-19, approximately 28.4 million elective surgeries worldwide will be canceled or postponed by 2020. Thus, the decline in surgical procedures and outpatient services hampered the market growth during the COVID-19 pandemic. However, since the restrictions were lifted, the industry has been recovering well. Over the last two years, the market recovery has been led by the high prevalence of orthopedic diseases, new product launches, and increased demand for metal implants and medical alloys.

The rising prevalence of degenerative joint diseases and the growing geriatric population are driving the growth of metal implants and the medical alloys market. For instance, according to the study published in Rheumatology International in May 2021, between 1980 and 2019, there were 460 cases of RA per 100,000 people worldwide, and people over the age of 60 will account for more than 20% of the world's population by 2050 which means the number of osteoarthritis sufferers will reach 130 million. The growing prevalence of arthritis and the increasing burden of arthritis conditions will increase the requirement for metal implants and medical alloys and hence are expected to boost the market growth.

Furthermore, growing technological advancement in metal implants is expected to support the growth of the market. For instance, in March 2022, Stryker presented a new implant material, the Klassic Knee implant with Aurum Technology, at Utah-based Total Joint Orthopedics Inc. (TJO). Aurum, a revolutionary implant coating method, is being unveiled to the orthopedic community at the American Academy of Orthopaedic Surgeons (AAOS). Thus, all the above-mentioned factors are expected to boost the market growth over the forest period. However, the high cost of the implant and regulatory issues may restrain the market growth over the forest period.