Bioimplantย market was valued at $77,738 million in 2016, and is estimated to reach $124,154 million by 2023, with a CAGR of 6.9% during the forecast period. Bioimplant are devices of human or animal origin used to replace a missing natural body structure, support an injured biological part, or improve an existing biological structure. The major factors that contribute to the market growth include increase in geriatric population, rapid technological advancements, rise in incidence of chronic diseases, surge in adoption of advanced treatment devices, and growth in awareness regarding both the disease and treatment devices available in the market. However, the stringent approval procedure of the bioimplant is expected to impede the market growth. In addition, significant unmet need in the emerging nations provides a lucrative opportunity for the market.
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The major companies profiled in the report are Abbott Laboratories (St. Jude Medical, Inc.), Boston Scientific Corporation, Dentsply Sirona Inc., Johnson & Johnson (Ethicon, Inc.), Medtronic Plc, Smith & Nephew Plc, Stryker Corporation, Victrex Plc. (Invibio Ltd.), Wright Medical Group N.V., and Zimmer Biomet Holdings Inc.
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The orthopedic bioimplant segment generated the maximum revenue, accounting for nearly 40% of the global digital bioimplant market in 2016. On the other hand, dental bioimplant segment is expected to witness the highest CAGR during the forecast period.
By material, the metallic biomaterial segment is expected to dominate the market, accounting for nearly two-thirds share in 2023. On the other hand, the polymeric biomaterials segment is estimated to register the highest CAGR during the forecast period.
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- The cardiovascular bioimplant segment contributed for nearly one-fourth share of the global bioimplant market in 2016.
- The spinal bioimplant segment is projected to grow at a significant CAGR from 2017 to 2023.
- The natural biomaterial segment is projected to grow at a significant CAGR during the forecast period.
- Germany and France are the major shareholders, which collectively accounted for more than one-third share of the Europe bioimplant market in 2016.
- Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific bioimplant market in 2016.
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