The global bio-implants market was estimated to be worth $94.1 billion in 2012 and is poised to grow at a CAGR of 7.38% from 2012 to 2016.
The rise in the aging population and increase in incidences of chronic diseases such as osteoarthritis, old age-related trauma, cardiovascular diseases, neuropathic disorders (Alzheimer's disease and Parkinson's), and congenital disorders and deformities is expected to trigger growth within the market.
Bio-implants can be defined as prostheses used to regularise physiological functions. They are made up of biosynthetic materials like collagen, and tissue-engineered products like artificial skin or tissues. Most bioengineered products like cardiac pacemakers and orthopedic artificial implants are also covered under bio-implants, since they are implanted entirely in the patient's body.
Globally, there has been an increase in the incidence of chronic diseases including cardiovascular disease, osteoarthritis, congenital disorders, and neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, and trauma. This is due to a variety of factors such as unhealthy dietary habits, lack of physical activity, excessive consumption of alcohol, and excessive smoking.
Thus, the increasing prevalence of these chronic diseases leads to the rise in demand for various bio-implants, such as cardiovascular implants, spinal implants, knee implants, hip implants, and neurostimulator implants to treat a variety of diseases.
North America is estimated to be the largest market followed by Europe and Asia-Pacific, but in the coming years North America is expected to face a fall in this segment due to the increase in taxation and the austerity measures of the Federal Government.
Moreover, the Euro crisis is also likely to hinder growth of the bio-implant market in the near future. Among these regions, Asia-Pacific is expected to witness high growth due to government funding and foreign investments.
Major players within the bio-implants market include Stryker Corporation (U.S.), Synthes (U.S.), Boston Scientific Corporation (U.S.), Biomet, Inc. (U.S.), Smith & Nephew (U.K.), Medtronic (U.S.), St. Jude Medical, Inc. (U.S.), and Tornier N.V. (The Netherlands).
For more information on the bio-implants market, see the latest research: Bio-Implants Market
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