The global bioresorbable implants market is valued at USD 5,864.2 Mn in 2019 and is estimated to grow at a CAGR of 6.8 % over the forecast period to reach a USD XX Mn by 2027.
Bioresorbable implants are implants made of a resorbable material. In the early stages of bone healing, bioabsorbable implants preserve fixation. Over time, the implant gradually decomposes, and the stresses are steadily transferred to the healing tissue. The main benefit is that the mass has a temporary help, the bioabsorbable implants offer support for the body to allow healing of damaged tissue and disappear after the fixation task is completed, leaving tissue without any foreign material present. The global market for bioresorbable implants is primarily driven by the growing cases of chronic diseases and the increasing geriatric population worldwide. According to the United Nations, 2017, nearly 13 % of the global population comprised people aged 60 plus years. The capability of bioresorbable implants to dissolve inside the body without the constraint of surgical removal is driving the acceptance of such implants in healthcare. Bioresorbable implants have started to gain traction due to its numerous applications such as orthopedic implants. The polymers are broadly used materials for the implants as they readily dissolve in a biological system. However, the high cost of bioresorbable implants and surgery, as well as the time-consuming approval for bioresorbable implants, may hinder the market progress.
By material type, the global market for Bioresorbable implants is segmented into metallic and polymers. Polymers are further sub-segmented into PLGA- Poly lactic-co-glycolic acid, PLLA- Poly L-lactide, PGA- Polyglycolic Acid, PLA- Polylactic Acid, and others. Polymers hold the most significant market share as the implant degrades after completion of its function, which is a substantial advantage over the permanently installed devices.
It bypasses the need for a second surgery for the removal of the implant, making the process cost effective as compared to other implants. However, the fragility of polymer implants, especially under high pressure, has led to the preference of bioresorbable metals such as magnesium alloys. Their high tensile strength protects it from breaking under high mechanical load, making metallic bioresorbable implants the fastest growing share in materials type segment.
Market Dynamics
Drivers
- Increasing cases of chronic diseases and growing geriatric population
- Increasing occurrence of serious injuries and orthopedic diseases
- Advantages of biodegradable implants
Restraints
- Limitations of bioresorbable implants
- High cost of bioresorbable polymer and treatment cost
Increasing Occurrence Of Serious Injuries And Orthopedic Diseases
According to the WHO, life expectancy is increasing for the human race. By 2050, the world’s population, aged 60 years and older, is expected to reach a total of 2 billion. As of 2018, 125 million people were aged 80 years or older. By 2050, 80% of the total geriatric population is expected to live in low- and middle-income countries. The aging process is commonly associated with the onset of increased risks of chronic diseases and weakness in the bones and muscles. Elderly patients face high risks of developing various disorders, such as orthopedic disorders, lung problems. Due to a rapid increase in the geriatric population, the prevalence of age-associated disorders has witnessed an increase, which, in turn, has resulted in the expansion of the market. According to the International Osteoporosis Foundation (IOF) 2019, one in three women and one in five men aged 50 years and above sustain osteoporosis-related fractures, and approximately 200 million people are affected worldwide, resulting in a fracture every three seconds. Also, due to the increase in the number of dental disorders and cardiac disorders, there is an increased demand for bioresorbable implants globally. As per American Heart Association in 2017, approximately 17.8 million deaths occurred due to cardiovascular diseases in the United States and this number is expected to grow to more than 22.2 million deaths by 2030 in the United States.
Covid-19 Impact Analysis
The COVID-19 outbreak has impacted the bioresorbable implants market in the initial phase pandemic. Due to nationwide lockdowns, cancelled or postponed surgeries, the bioresorbable implants market is expected to register a certain decline during the forecast period. Many companies in the bioresorbable implants market are forced to halt their manufacturing and production operations, owing to the spread of the virus. Moreover, business operations have been paused, owing to new government rulings, which directly influences revenue drift of the bioresorbable implants market. More than two-million non-emergency procedures were cancelled in the UK to free up healthcare resources to help fight against the pandemic. Similarly, the hospitals in the USA saw a 30–60% decline in hospital visits after the announcement of coronavirus as a pandemic. The extent of the COVID‐19 outbreak and the public restrictions vary between regions and may influence people's attitude and protectoral behavior. In Germany, a strain on the public health care system could be averted so far. However, as in most countries, German authorities implemented a nation‐wide public lockdown and restricted access to medical service for non‐urgent cases. Most patients were disabled and suffered multiple comorbidities given the high percentage of geriatric patients, polypharmacy, immobility and high hospitalization rate within 12 months. Telemedicine is an increasingly popular alternative that provides health care via digital communication between medical staff and patients using smartphones, email, or videoconference.
Geographical Analysis
The South America bioresorbable implants market is valued at USD 607.2 Mn in 2019 and is estimated to grow at a CAGR of 5.8% over the forecast period to reach USD XX Mn by 2027. South America region is expected to be the moderately growing market owing to factors such as increasing geriatric population, the burden of chronic diseases, increasing demand for cosmetic dentistry, and technological advancements in bioresorbable implants. The countries in South America are reporting high economic growth, which will increase spending power, thus enabling people to afford bioresorbable implants, some of which are considered expensive. A more significant number of skilled physicians offering bioresorbable implants will further increase the region's growth. Moreover, the population of people aged 60 and above are increasingly opting for cosmetic surgeries, particularly for minimal and non-invasive surgical procedures. This factor will increase the facial implants in the region. Moreover, factors such as lower incidences of post-surgical difficulties leading to speedy patient recovery, growing demand for minimally invasive techniques, and technological advancement are likely to contribute to the market growth in the region. However, some factors may hamper the market's growth, including increasing governing inspection, high costs associated with this procedure, and risk associated with the medical procedure.