The global bio-implants market is expected to see significant growth over the next five to six years, according to an Allied Market Research report.
Here are seven key points from the report:
1. The market is projected to reach $115.8 billion by 2020, growing at a compound annual growth rate of 10.3 percent from 2014 to 2020.
2. Increase in prevalence of disease conditions such as cardiovascular, orthopedic and spinal disorders that can be treated through the use of bio-implants is the prime driver of the market.
While the cardiovascular bio-implants segment is expected to account for 30 percent of the total market throughout the forecast period, the orthopedic and dental bio-implants are forecast to have a promising growth rate from 2014 to 2020.
3. The development of bio/raw material variants that enhance biocompatibility of the implants is expected to drive market growth.
4. In 2013, North America and Europe together had majority market share, at about 70 percent of the market. However, it is estimated that the Asia Pacific regional market will lead with a sizable market share of about 20 percent in 2020.
5. Key players in the market include DENTSPLY International, Wright Medical, Invibio, Medtronic, Stryker, Smith & Nephews and DePuy Synthes.
Earlier this month, Invibio launched a new polymer-based trauma device technology for internal fixation. The technology is based on a composite called "PEEK-OPTIMA Ultra Reinforced Polymer."
6. A recent market report estimated that the global biomaterials market will grow at a compound annual growth rate of 4.1 percent from 2013 to 2019, reaching $33.6 billion.
7. Biologics is widely agreed to be one of the most exciting clinical developments in the spine and orthopedic industries, with several companies entering the space. X-spine Systems added a line of biologics to its product portfolio, which is intended to complement its line of spinal fixation products.
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