Metal Implants and Medical Alloys Market by Type (Titanium, Stainless Steel, Cobalt Chrome), Application (Orthopedic, Dental, Spinal Fusion, Craniofacial, Pacemaker, Stent, Defibrillator, Hip, Knee, & Shoulder Reconstruction) - Global Forecast to 2024
“The metal implants and medical alloys market is projected to grow at a CAGR of 9.4% from 2019 to 2024”
The metal implants and medical alloys market is projected to reach USD 17.6 billion by 2024 from USD 11.2 billion in 2019, at a CAGR of 9.4%. Growth in this market is driven by the growing geriatric population globally; rising prevalence of chronic disorders such as cardiovascular, orthopedic, and neurological diseases; the launch of technologically advanced products; the growing number of accident and trauma cases as well as sports-related injuries. However, the high cost of implants and stringent product approval process are expected to restrain the growth of this market to a certain extent during the forecast period.
“The titanium segment to witness the highest growth in the metal implants and medical alloys market during the forecast period”
On the basis of type, the metal implants and medical alloys market is segmented into titanium, stainless steel, cobalt chromium, and other metal implants and medical alloys. The titanium segment is expected to register the highest CAGR during the forecast period. Titanium is a biologically inert biomaterial as it remains unchanged when implanted in the human body. It forms a surface layer of titanium dioxide when it comes in contact with air or water, which protects and stabilizes the metal. This is a major factor driving market growth.
“The increasing prevalence of orthopedic disorders is expected to drive the orthopedic applications segment”
On the basis of application, the metal implants market is further segmented into orthopedic, cardiovascular, dental, craniomaxillofacial, and neurological applications. The orthopedic applications segment is expected to command the largest share of the market due to the growing global geriatric population, increasing prevalence of orthopedic disorders, growing number of accident/trauma cases, increasing adoption of minimally invasive procedures, better clinical outcomes, and technological advancements.
“The APAC market is projected to witness the highest growth between 2019 and 2024”
The APAC market comprises China, Japan, India, and RoAPAC and is projected to grow at the highest CAGR in the metal implants and medical alloys market during the forecast period. Growth in the Asia Pacific market is primarily driven by the presence of a large patient population, improving healthcare infrastructure, growing per capita income, increasing health awareness, and the increase in the number of trauma/accident cases.
The breakdown of primary participants is as mentioned below:
By Company Type: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
By Designation: C-level: 35%, Director-level: 30%, and Others: 35%
By Region: North America: 45%, Europe: 25%, Asia Pacific: 20%, and RoW: 10%
The prominent players in the global metal implants and medical alloys market are Carpenter Technology Corporation (US), Royal DSM (Netherlands), Johnson Matthey Plc (UK), ATI Specialty Alloys & Components (US), Ametek Specialty Products (US), Aperam S.A. (Luxembourg), QuesTek Innovations LLC (US), and Fort Wayne Metals (US).
The report analyzes the various metal implants and medical alloys and their adoption patterns. It aims at estimating the market size and future growth potential of the metal implants and medical alloys market for different segments (type, application, and region). The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the metal implants and medical alloys market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the metal implants and medical alloys market
Market Development: Comprehensive information on the lucrative emerging regions by type, application, and region
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the metal implants and medical alloys market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the metal implants and medical alloys market
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