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The Global Metal Implants and Medical Alloys Market size is estimated to grow by USD 8.23 billion between 2022 and 2027 accelerating at a CAGR of 9.57%.
The growth of the metal implants and medical alloys market is propelled by several factors such as the rise in demand for orthopedic implants, initiatives aimed at raising awareness about osteoarthritis and rheumatoid arthritis, and the increasing incidence of these conditions. Although these drivers are contributing to market growth, there are still challenges to overcome, including limited awareness about advanced implants. Nonetheless, market players are leveraging opportunities such as the growing adoption of minimally invasive procedures and the availability of public and private sector funding for research to address these challenges.
This market report extensively covers market segmentation by type (titanium, stainless steel, cobalt-chromium, and others), application (orthopedic, cardiovascular, dental, craniofacial, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing incidence of osteoarthritis and rheumatoid arthritis is a major factor that is notably driving the market growth. Arthritis is joint inflammation affecting connective tissues, causing pain, swelling, stiffness, and limited mobility. Aging, injuries, trauma, genetics, diabetes, obesity, and immune dysfunction are common causes of osteoarthritis (OA) and rheumatoid arthritis (RA). Prevalence rates of knee OA were 16% among individuals aged 15 years or above and 22.9% among those aged 40 years or above in 2020, with 654.1 million cases worldwide.
The incidence rate of knee OA was 203 per 10,000 person-years in individuals aged 20 years or above, with 86.7 million new cases worldwide in 2020. The global prevalence of RA was 460 out of 100,000 people in 2020. As the global population aged 65 years and above is growing, the use of medical devices such as metal implants made of medical alloys is increasing to replace damaged bones caused by OA and RA, driving the growth of the global metal implants and medical alloys market.
The increasing adoption of minimally invasive procedures is an emerging trend in the market. Herniated discs, degenerative spinal diseases, fractures, trauma, tumors, herniated discs with cord compression, herniated discs with Cauda Equina Syndrome (CES), spondylosis/spondylolisthesis, stenosis, pseudoarthrosis, partial knee trauma, and errors in the positioning of prosthetic implants can all be treated using minimally invasive surgical procedures.
When compared with open surgery, minimally invasive surgical methods are safer, less stressful, and have lower mortality and complication rates. Surgical-site infections (SSIs) are 5.77 times more likely in open surgeries than in minimally invasive surgeries, according to a study published in Clinical Orthopedics and Related Research. Reduced surgical risks, less pain and blood loss, lower chances of infection, and shorter postoperative recovery times are just a few of the benefits of minimally invasive surgeries, which are making them popular both among patients and healthcare providers. Therefore, these factors will boost the market growth during the forecast period.
Lack of awareness about the availability of advanced implants is a major challenge impeding market growth. Compared to developed nations, emerging economies exhibit lower awareness of new medical technology and equipment. The rise in procedural volumes of advanced implants in developing countries creates additional opportunities for manufacturers of minimally invasive surgical (MIS) devices to position their businesses in high-growth markets through physician training and awareness initiatives. Consequently, industry and company-sponsored training programs and workshops are becoming increasingly vital in the healthcare sector.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Metal Implants and Medical Alloys Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arthrex Inc. - The company operates under one segment. The company under this segment is involved in new product development and medical education in orthopedics. The key offerings of the company include fibre stitch implants.
The metal implants and medical alloys market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the titanium segment will be significant during the forecast period. Due to their advantages, such as high strength, rigidity, fracture toughness, and consistent mechanical performance, as a replacement for hard tissues, metallic alloys such as titanium continue to be one of the most important components utilized in orthopedic implant devices.
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The titanium segment was valued at USD 3.13 billion in 2017 and continued to grow until 2021. Metallic implants are frequently used in the orthopedic sector. Despite the huge volume of metallic medical devices and implants in use presently, most of them are made from a few specific metals like titanium. Some examples of titanium implants used in orthopedics include prosthetic hip and knee replacements in patients suffering from various types of arthritis that affect these joints, spinal fusion instruments to stabilize degenerating and unstable vertebral segments, and fracture fixation devices of various types, such as plates, screws, and intramedullary rods. Titanium 6AL-4V/Titanium 6Al4V ELI alpha-beta alloys that are made from roughly 90% of titanium, 6% of aluminum, and 6% of vanadium are among the most popular alloys used in medical and dental implants. They enhance osseointegration by providing a high level of fracture resistance and working effectively inside the body. Therefore, these are the factors that are expected to maintain the dominance of the titanium segment in the market during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The global market is currently dominated by North America, and this trend is likely to continue throughout the forecast period. The market dominance of the region is attributed to several factors, including the increased prevalence of chronic diseases like arthritis, the presence of well-established insurance and reimbursement frameworks, and the presence of advanced healthcare infrastructure. The market in this region is also growing due to the rising demand for medical implants and the availability of skilled medical professionals, growth in the number of patients seeking treatments in hospitals and other healthcare facilities, and the availability of products. Additionally, the knee medical implant market is expected to grow due to an increasing number of patients undergoing knee and hip replacement surgery. Most older adults suffer from various orthopedic and heart ailments, and middle-class families in this region are investing more in healthcare as their per capita disposable income increases. As a result, the regional market is expected to grow at a fast pace during the forecast period.
The US is the major contributor to the North American market, owing to the high popularity of minimally invasive surgery (MIS), high adoption of technologically advanced products, and growing healthcare expenditure on orthopedic procedures. In addition, the growing geriatric population, increasing prevalence of osteoarthritis (OA) and rheumatoid arthritis (RA), and demand for cardiac implants will also contribute to market growth in the US. In terms of revenue, Canada is the second-largest contributor to the regional market owing to the rising number of hand and foot injuries, increasing research on metal implants in institutes such as the University of Toronto, and growing demand for implanted medical devices. All these factors will boost the market growth in North America during the forecast period.
The COVID-19 pandemic negatively impacted the growth of the market in 2020. However, there was a gradual recovery in the market in the region in the latter part of 2020 owing to the availability of COVID-19 vaccines and a decline in the number of COVID-19 cases. The governments of countries such as the US and Canada allowed hospitals to perform elective surgical procedures. Manufacturers of metal implants and medical alloys overcame the challenges such as the shortage of labor and raw materials and the shutdown of their factories, warehouses, and other distribution facilities. Owing to these factors, the demand for metal implants and medical alloys rebounded in the region. This is expected to positively impact the market growth during the forecast period.
The metal implants and medical alloys market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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Metal Implants And Medical Alloys Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.57% |
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Market growth 2023-2027 |
USD 8.23 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.66 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 30% |
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Key countries |
US, China, Japan, France, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
aap Implantate AG, Allegheny Technologies Inc., AMETEK Inc., Anomet Products Inc., Aperam SA, Arthrex Inc., Boston Centerless Inc., Carpenter Technology Corp., Fort Wayne Metals Research Products LLC, Johnson and Johnson Services Inc., Johnson Matthey Plc, Koninklijke DSM NV, Materion Corp., Prince Izant Co., SAES Getters Spa, Supra Alloys, Ugitech SA, Zimmer Biomet Holdings Inc., O Neal Industries, and Stryker Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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