Metal Implants and Medical Alloys Market Trends, Research and Global Industry Analysis Till 2025
Global Metal Implants and Medical Alloys Market Research Report: Information by Material Type (Titanium, Stainless Steel, Cobalt-Chromium and others), Application [Orthopedic (Joint Reconstruction Devices, Trauma Fixation Devices and Spinal Implants), Cardiovascular (Stents, Implantable Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Guidewires, Mechanical Heart Valves), Dental (Dental Implants, Orthodontic Appliances, Metallic Bridges and Crowns), Craniofacial Implants (Cranial Implants and Facial Implants) and Neurological] and Region - Forecast till 2025
Metal implants and medical alloys market has registered burgeoning growth in the recent decades due to the expanding geriatric population and rising number of accidents and injuries that are necessitating the use of implants. Bones in older people generally weaken giving rise to various problems such as low bone density and osteoporosis that can lead to increased bone fracture. They also tend to lose teeth which makes a strong case for dental metal implants. Estimates show that metal implants and medical alloys market which amassed a revenue of USD 10,310 million in 2018, is expected to register a CAGR of 9.1% over 2019-2025.
Various metals such as titanium, cobalt, iron, chromium, and tantalum are used in manufacturing metal implants. Metals can essentially replace bone structures that have either been damages in accidents or have worn out with age. Metal implants are often worn out after a span of 15 to 20 years which gives rise to the need of revision surgeries for new implants. Previously older people were less active which helped their implants to last longer. But in the recent decades, people even above the age of 60 have been found to be much more active as they prefer to jog, play golf or ride their bikes. The need to maintain an active lifestyle added a potent boost to metal implants and medical alloys market.
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Road accidents are increasing around the world and estimates show that nearly 20 to 50 million people are injured and disabled in road accidents. In many cases people require bone reconstruction that necessitate temporary or permanent implants. Considering the fact that most of the people involve in road accidents are found to be aged between 15 to 44, it is predictable that many who receive an implant as that age will go on to live a long life and hence require revision surgeries to replace worn out metal implants thus adding growth scope to metal implants and medical alloys market.
Metal alloys are substances that are made by melting two or more elements together. For instance, titanium alloy is made by mixing with chromium, iron etc. with titanium and the resultant substance is stronger than titanium itself. Titanium alloy is extensively used is dental implants. High cost of medical alloys can be one of the factors deterring the growth of metal implants and medical alloys market. However, research and development activities to design low cost titanium alloy is underway in several parts of the world which in turn can help in the growth of metal implants and medical alloys market.
Segmentation:
The metal implants and medical alloys market is segmented on the basis of material type, application and region.
Depending on material type, metal implants and medical alloys market is further subdivided into titanium, cobalt-chromium, stainless steel and others. In 2018, titanium was estimated to have dominated the market due to its biocompatible nature. Titanium alloys are extremely strong, thus resisting wear and tear and have lower weight when compared to other implant materials. Such features have created a wide scope for titanium alloy usage in diversified range of implant applications.
By application, metal implants and medical alloys market is subdivided into orthopedic, dental, craniofacial, neurological and cardiovascular. There are several sub segments of the orthopedic segment, namely, joint reconstruction devices, spinal implants and trauma fixation devices. The orthopedic segment is expected to dominate the metal implants and medical alloys market over the forecast period after having spearheaded its growth in 2018. This can be attributed to the rising number of osteoporosis-related fractures, obesity and surging orthopedic implant surgeries.
By region, metal implants and medical alloys market is segmented into Americas, Europe, Asia Pacific and MEA.
Competitive Landscape:
Some of the leading participants in the metal implants and medical alloys market include Zimmer Biomet, ATI Specialty Alloys & Components, DePuy Synthes, Aperam, Materion Corporation, Fort Wayne Metals Research Products Corp, AMETEK Inc., Wright Medical Group N.V., Royal DSM and Supra Alloys.
Industry News:
Metal implants and medical alloys market is creating its own growth scope with technology improvements that can be achieved through collaborations as well. For instance, a recent exclusive global license has been signed between Sweden-based Bactiguard and U.S. based Zimmer Biomet in which innovative infection prevention technologies developed by Bactiguard will be used on orthopedic trauma implants of Zimmer Biomet. The agreement involves a payment of $3 million to Bactiguard at signing and an additional $2 million upon receiving clearances by U.S. regulatory bodies and post-commercialization royalties on net sales.
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