Material Science Innovations Offering Advanced Bioabsorbable Implants with Enhanced Properties
Rockville , Nov. 19, 2023 (GLOBE NEWSWIRE) — As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global bioabsorbable implant market is estimated at a value of US$ 664.8 million in 2024 and is projected to reach US$ 836.5 million by the end of 2034.
Bioabsorbable implants represent a transformative landscape in the field of medical devices, offering solutions that are designed to be gradually absorbed by the body over time. These implants serve a crucial role in various medical applications, providing temporary support during the healing process and eliminating the need for subsequent removal surgeries. The market is expanding due to ongoing advancements in material science, an increasing preference for minimally invasive procedures, and a growing aging population with associated medical needs.
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Ongoing developments in material science are driving the creation of innovative bioabsorbable materials with improved mechanical properties and enhanced biocompatibility. This trend is expanding the applicability of bioabsorbable implants across diverse medical specialties. Bioabsorbable implants are gaining traction due to increasing preference for minimally invasive surgical techniques across the world. Bioabsorbable implants are particularly well-suited for these procedures, offering reduced invasiveness and faster patient recovery.
|Value Projection (2034)||US$ 836.5 Million|
|Growth Rate (2024-2034)||2.3% CAGR|
|No. of pages||170 Pages|
|No. of Tables||80 Tables|
|No. of Figures||219 Figures|
Key Takeaways from Market Study
- Global demand for bioabsorbable implants is projected to increase at a CAGR of 2.3% from 2024 to 2034.
- Sales of bioabsorbable stents are calculated at US$ 180 million for 2024.
- High healthcare expenditure and the presence of a conducive regulatory environment that supports innovation are driving the sales of advanced bioabsorbable implants in North America.
- Strong healthcare infrastructure and major focus on research and development are contributing to European market growth.
- The Asia Pacific market is witnessing healthy growth due to factors such as large patient population, increasing healthcare investments, and rising demand for advanced medical technologies.
“Growing prevalence of chronic diseases and orthopedic conditions is pushing worldwide demand for advanced medical solutions, including bioabsorbable implants,” says a Fact.MR analyst.
Leading bioabsorbable implant manufacturers are:-
- Boston Scientific Corporation
- Johnson & Johnson (DePuy Synthes)
- Medtronic Plc
- Smith & Nephew Plc
- Stryker Corporation
- KARL STORZ
- Corbion NV
- Evonik Industries AG
- Poly-Med Inc.
- Foster Corp.
- KLS Martin Group
- 3D Biotek LLC.
- Sunstar Suisse S.A.
Leading companies are focusing on product innovations, mergers, acquisitions, and expanding their global footprint to maintain a competitive edge in the evolving bioabsorbable implant market. Continuous efforts to address unmet medical needs, adhere to regulatory standards, and enhance patient outcomes are contributing to their leadership positions in the market.
- 3D Biotek unveiled an innovative product in February 2022, the 3D InsertTM PCL scaffolds, designed for large-scale 3D cell expansion. Distinguished from conventional 2D culture methods, the 3D InsertTM PCL technology stands out for its remarkable ability to closely emulate an in vivo environment.
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What is Influencing Sales of Bioabsorbable Implants in the United States?
“Growing Prevalence of Chronic Diseases and Favorable Regulatory Environment”
Chronic disorders like orthopedic problems and cardiovascular conditions are becoming significantly more common in the United States. Bioabsorbable implants are becoming more popular because they are novel and have the potential to enhance patient outcomes, especially in orthopedic and cardiovascular applications.
Bioabsorbable implants can potentially benefit from a reasonably favorable regulatory environment in the US, with well-defined rules and approval processes. This makes it easier for new bioabsorbable implants and technologies to enter the market, which boosts the products’ sales.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global bioabsorbable implant market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on product type (stents, biological meshes, fixation devices, others), material (metallic, ceramic, polymers, others), application (orthopedic, cardiovascular), and end user (hospitals, ambulatory surgical centers, specialty clinics), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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