Global Biomedical Metal Market 2017-2021

Overview of the global biomedical metal market

Market research analysts at Technavio predict that the global biomedical metal market will grow steadily at a CAGR of over 7% by 2021. This market research analysis identifies the rise in demand for stainless steel in medical applications as one of the primary growth factors for this market. Properties such as corrosion and wear resistance, inertness, durability, cost effectiveness through mass production, recyclability, and easy to clean and sterilize have made stainless steel a suitable material for medical applications and it is used in various medical applications including implants, surgical instruments, and dental fixtures. Additionally, stainless steel also showcases unique reliability properties when it is alloyed with chromium, nickel, and molybdenum. These diverse benefits offered by stainless steel in medical applications and the increasing innovations in stainless steel products will increase the demand for biomedical stainless steel.

The development of new titanium-based alloys is one of the latest trends that will gain traction in the biomedical metal market in the coming years. The demand for artificial medical instruments made of biomaterials (biomedical metals) for replacing failed and damaged tissues and the demand for biomedical metal-based implants such as artificial hip joints and dental implants are increasing due to the fast growth of the aged population. Titanium alloys are preferred more as a biomaterial as they are known for their excellent specific strength and corrosion resistance. Additionally, titanium alloys also have the best biocompatibility among other metallic biomaterials.

Competitive landscape and key vendors

The biomedical metal market appears to be competitive due to the presence of global vendors. Moreover, a sizeable number of small regional vendors are also operating in the market and have significant shares. Vendors in this market compete based on factors such as innovation, price, operational cost, and product quality and are involved in setting up R&D divisions in emerging regions. The competition in the market is expected to intensify during the forecast period with the increase in technological innovations for product extensions.

The leading vendors in the market are -

• Carpenter Technology
• Dentsply Sirona
• Wright Medical Group
• Zimmer Biomet

The other prominent vendors in the market include Arthrex, DePuy Synthes, Heraeus Holding, Materion, and Supra Alloys.

Segmentation by metal type and analysis of the biomedical metal market

• Stainless steel
• Titanium
• Cobalt-based

During 2016, the stainless steel segment accounted for the major shares of this market. Stainless steel is mostly used in surgical implants and dental applications as it has high corrosion resistance and low carbon content, easily recyclable, durable, easy to clean, and hygienic. Additionally, different grades of stainless steel are used in implants such as bone fixation screws and prosthetic joints in medical applications which will contribute to the growth of the biomedical metal market in this segment.

Geographical segmentation and analysis of the biomedical metal market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market by 2021. The increase in the population aged above 65 years across the Americas increases the demand for biomedical metals and implants, particularly in reconstructive and spinal implants. The advancements in sophisticated medical technologies and the increasing R&D activities in the medical field will fuel the demand for biomedical metals in this region.

Key questions answered in the repo rt include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global biomedical metal market?
• What are the key market trends impacting the growth of the global biomedical metal market?
• What are the challenges to market growth?
• Who are the key vendors in the global biomedical metal market?
• What are the market opportunities and threats faced by the vendors in the global biomedical metal market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global biomedical metal market?