June 14, 2024
Bioresorbable Implants Market

Bioresorbable Implants Market Propelled by Increasing Adoption of Biodegradable Medical Devices

Bioresorbable implants are biodegradable medical devices that are implanted in the human body and with the passage of time, they dissolve and are absorbed by the body without requiring subsequent surgery for removal. Bioresorbable implants offer several advantages over conventional implants such as reducing complications associated with permanent implants and eliminating long-term effects of permanent implants.

The global Bioresorbable Implants Market is estimated to be valued at US$ 1399.4 Mn  in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The bioresorbable implants market is witnessing significant growth owing to the increasing adoption of biodegradable medical devices. The biodegradable nature of bioresorbable implants eliminates the need for subsequent surgery required to remove permanent implants. Since bioresorbable implants degrade and get absorbed in the body over time, they reduce complications associated with permanent implants such as inflammation, stress-shielding, and implant migration. Their biodegradability and elimination of long-term effects of permanent implants are major factors contributing to the growing demand for bioresorbable implants.
SWOT Analysis
Strength: Bioresorbable implants offer advantages over their metal counterparts including reduced risk of infection and avoidance of secondary surgeries for implant removal. They gradually degrade and get absorbed by the body over time as the tissue heals.
Weakness: Higher costs associated with development and production of bioresorbable implants. Limited applications and adoption particularly in orthopedic and trauma fixations.
Opportunity: Growing aging population and increasing incidence of chronic diseases are driving the demand for bioresorbable implants. More R&D initiatives focused on expanding applications offer new opportunities in soft tissue reconstruction.
Threats: Price sensitiveness in developing countries. Stronghold of well-established metal implant manufacturers poses competition. Strict regulatory norms for approval delays market entry.

Key Takeaways
Global Bioresorbable Implants Market Size  is expected to witness high growth. The market size is projected to reach US$ 1399.4 Mn  in 2024 from US$ 941.4 Mn in 2019, at a CAGR of 4.6% during the forecast period of 2023 to 2030.

Regional analysis North America currently dominates the global market and is expected to maintain its leading position throughout the forecast period. This is attributed to the presence of major manufacturers, favorable reimbursement policies and increasing geriatric population suffering from orthopedic disorders in the region. The Asia Pacific region is projected to be the fastest growing market and grow at a CAGR over 6% between 2023-2030. This rapid growth can be attributed to rising medical tourism, increasing healthcare spending and growing awareness about bioresorbable implants in the region.

Key players operating in the bioresorbable implants market are DEPUY SYNTHES, Stryker, Smith & Nephew, Zimmer Biomet, Johnson & Johnson Services, CONMED Corporation, XLmed Medical Co. Ltd., Arthrex Inc, Integra LifeSciences, Medtronic, Wright Medical Group N.V., Tornier Inc., and Bioretec Ltd. Major players are focusing on new product approvals and launches, expansions, acquisitions and partnerships to strengthen their market presence globally. They are also investing in R&D to expand applications of bioresorbable implants in different therapeutic areas.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it