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| Global Bioresorbable Implants Market Size |
Bioresorbable implants are made from biological materials that dissolve
naturally in the body after completion of their function. Bioresorbable
implants such as plates, screws, rods, anchors, and pins are used during
orthopedic surgical procedures to fix broken bones and repair soft tissues.
These implants dissolve and are replaced by natural bone over time, eliminating
the need for removal surgery.
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 Opportunity:
Low risk of second surgery for implant removal presents a major market
opportunity for bioresorbable implants. Conventional metallic implants often
require subsequent surgery to remove them once healing is complete, which poses
risks of additional complications, discomfort, and cost for patients.
Bioresorbable implants eliminate this need for elective surgery to remove the
implant after it has served its functioning, as they dissolve and are absorbed
by the body naturally over time. This reduces pain and recovery time for
patients as compared to conventional surgeries. As awareness about
bioresorbable implants and their benefits rises among both patients and surgeons,
their demand is expected to surge significantly during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of resources
reduces barriers for new players to enter the market. However, presence of established
brands and need for strong distribution network discourages new entrants.
Bargaining power of buyers: Large pool of players offers variety of options to
buyers. However, customized nature of products according to patient's medical
needs gives some bargaining power to companies.
Bargaining power of suppliers: Key raw materials such as polymers, metals are
supplied by a few major players globally. This gives them bargaining power
against companies to negotiate prices.
Threat of new substitutes: Technological advancements have increased use of
permanent implants and drugs in treatment. However, bioresorbable implants have
distinct advantages that deter complete substitution.
Competitive rivalry: Presence of global brands intensifies competition. Players
compete on attributes like product efficacy, biocompatibility and
customization.
SWOT Analysis
Strength: Bioresorbable implants dissolve naturally in the body eliminating
need for follow-up surgery. They enable natural healing without interfering with
tissue growth.
Weakness: High manufacturing cost increases product prices. Variation in
degradation time affecting clinical outcomes is a concern.
Opportunity: Increasing orthopedic and cardiovascular procedures present
significant growth prospects. Favorable regulations in emerging nations boost
market potential.
Threats: Stringent regulatory approvals and clinical trials delay market entry
of new products. Reimbursement policies remain inconsistent across regions.
Key Takeaways
Global
Bioresorbable Implants Market Size
is expected to witness high growth due to rising medical applications.
Regional
analysis: Asia Pacific region is set to offer significant growth opportunities
owing to rising healthcare investments, increasing medical tourism and growing
prevalence of lifestyle diseases. China, India and Japan are some of the
largest markets in the region due to presence of vast patient population and
improving access to advanced treatment options.
Key players: Key players operating in the bioresorbable implants market are
Corbion, Evonik, Foster Corporation, DSM, Poly-Med, KLS Martin Group, and
SyntheMed. Corbion is one of the leading players with strong product portfolio
including polylactic acid plates and screws for osteomyelitis treatment.
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