Global Bio-implants Market - Segmented by Type of Bio-implants, Material, Origin, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global bio-implants market is expected to register a CAGR of around 8.5% during the forecast period, 2018 to 2023. Biological implants are used for restoring the biological structure of the body by replacement, supporting, or enhancing missing, damaged, or existing biological structure. They do not necessarily require incisions but are pressed against the human body organ. With well-established healthcare infrastructure and rising healthcare expenditure, North America is expected to dominate this market.
Rising Incidences of Chronic Diseases and Lifestyle Disorders
The market of bio-implants is primarily driven by the rising incidence of chronic diseases and lifestyle-related disorders. Bio-implants help in better management and specific drug delivery in conditions, such as obesity, infections, and musculoskeletal disorders. For example, bio-implants provide a unique and specific drug delivery for the skeletal system. In case of chronic osteomyelitis and deep soft-tissue infections, beads and spacers with high antibiotic concentrations are useful in treatment, by avoiding systemic side effects. Other factors, such as rise in geriatric population, rising preference for minimally invasive surgeries, advancements in bioengineering technologies and rising awareness regarding cosmetic implants also drive the bio-implants market.
Unfavorable Reimbursements Issues
The reimbursement issue is one of the major problems being tackled by many hospitals and patients operating on bio-implants. This is one of the major factors that hinders the growth of this market. For example, in case of spine surgeries, the hospitals lose a lot of money due to lack of proper reimbursements. Similarly, Medicare covers only the diagnostic audiology services in case of cochlear and brain stem implants. Hence, there has been a huge rise in the cost, whereas, reimbursement reduced. Others factors, such as infections and instability of bio-implants, also hamper the growth of this market.
Middle East & Africa (MEA) -A Potential Market during the Forecast Period
The MEA has witnessed a rising production of bio-implants, which makes it a potential market in the forecast period. North America is expected to have the largest market share for bio-implants due to a large number of payers in bio-implant and strong healthcare infrastructure. North America is followed by Europe, due to rising technological advancements and considerably high geriatric population in the region.
Key Developments in the Market