The metal implants and medical alloys market size accounted for USD 4400 million in 2030 and is projected to register a CAGR of 8.34% during the forecast period.
Metal Implants and Medical Alloys Market is expected to register a healthy CAGR over the forecast period. The metal implants and medical alloys market size accounted for USD 4400 million in 2030 and is projected to register a CAGR of 8.34% during the forecast period. Metallic implants as a load-bearing component are widely selected for orthopedic prosthesis due to their superiority over traditional ceramic and polymeric biomaterials. Metal alloys typically offer higher strength, durability, and flexibility over the base metal. Few of the major market drivers are a surge in the number of road accidents & trauma cases worldwide, growing demand for minimally invasive surgical procedures, increasing geriatric and obese populations, and rising incidence of lifestyle diseases. For instance, the number of road traffic deaths continues to increase steadily, reached 1.35 million in 2016, increased from 1.15 million in 2000. On the flip side, high cost of metal implants is anticipated to restrict market growth during the forecast period.
The metal implants and medical alloys market has been segmented into material type, application, and region.
By material type, the market has been segmented into titanium, stainless steel, cobalt-chromium, and others. The titanium segment is expected to hold the largest market share during the forecast period due to its high biocompatibility, strength, rigidity, higher strain-bearing capacity, and greater corrosion resistance properties when compared to other materials. It is non-magnetic, non-allergic, and non-radio-opaque, and it adheres easily to the bone without any additional coating.
Based on application, the global metal implants and medical alloys market has been classified into orthopedic, cardiovascular, dental, craniofacial implants, and neurological. The orthopedic segment has been further classified into joint reconstruction devices, trauma fixation devices, and spinal implants. The joint reconstruction devices segment has been further categorized into knee reconstruction devices, hip reconstruction device, shoulder reconstruction devices, and others. The trauma fixation devices segment has been additionally divided into metal plates & screws, wires, pins, nails, and rods. The spinal implants segment has been further classified into spinal fusion devices, spinal decompression devices, vertebral compression fracture devices, and motion preservation devices. The cardiovascular segment has been further categorized into stents, implantable cardiac pacemakers, implantable cardioverter defibrillators, guidewires, and mechanical heart valves. The dental segment has been classified into dental implants, orthodontic appliances, metallic bridges, and crowns. The craniofacial implants segment has been additionally segmented into cranial implants and facial implants. The orthopedic segment is expected to register comparatively higher CAGR over the forecast period due to growing elderly population; advancements in medical technologies; and the rising prevalence of chronic diseases including osteoarthritis (OA), cardiovascular diseases (CVDs), neuropathic diseases, and congenital disorders.
The metal implants and medical alloys market has been segmented on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The metal implants and medical alloys market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
The European metal implants and medical alloys market has been segmented into Western Europe and Eastern Europe. The Western Europe metal implants and medical alloys market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The metal implants and medical alloys market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The metal implants and medical alloys market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Metal Implants and Medical Alloys Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports, and MRFR Analysis
Geographically, the Americas held substantial market share in 2018 due to the growing aging population and subsequent increase in the burden of chronic diseases, boosting demand for improved products and treatment services, increasing healthcare expenditure, and high accessibility to advanced technologies in countries such as the US and Canada. For instance, according to the Centers for Disease Control and Prevention (CDC), currently, 6 in 10 adults in the US have a chronic disease, and 4 in 10 adults in the US have two or more.
Europe would follow the Americas in terms of metal implants and medical alloys market size throughout the forecast period as Germany spends more on dental services than any other European country followed by Switzerland that makes it an attractive market for the dental implant industry. As per data published by the Parliament of Australia, in 2018, around Euro 80 billion was spent on dental treatment in the European Union. Given that there were 512.7 million EU citizens, which is equivalent to about Euro 156 per capita.
Asia-Pacific would represent the fastest growth for metal implants and medical alloys market owing to the presence of a large patient population, a surge in the number of trauma/accident cases, developing healthcare infrastructure, growing per capita income, and rising health awareness. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) report, in 2013, road traffic injuries were a leading cause of death and disability in the Asia and more than 733,000 deaths were caused during 2013.
The metal implants and medical alloys market in the Middle East & Africa would witness the modest market growth rate from 2019 to 2025. The Middle East would spearhead the market during the assessment period. A number of Middle Eastern countries are investing in the modernization of their healthcare systems, which is supporting the market growth.
Metal Implants and Medical Alloys Market, by Material Type
Metal Implants and Medical Alloys Market, by Application
Metal Implants and Medical Alloys Market, by Region
|Market Size||4400 million USD 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Royal DSM, Zimmer Biomet, DePuy Synthes, AMETEK Inc., Fort Wayne Metals Research Products Corp, ATI Specialty Alloys & Components, Aperam, Wright Medical Group N.V., Materion Corporation, Supra Alloys (TITAN Metal Fabricators, Inc.)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The metal implants and medical alloys market is projected to grow at a 8.34% CAGR between 2020-2030.
Key competitors in the metal implants and medical alloys market include Supra Alloys (TITAN Metal Fabricators, Inc.), Materion Corporation, Aperam, Fort Wayne Metals Research Products Corp, ATI Specialty Alloys & Components, AMETEK Inc., Zimmer Biomet, Wright Medical Group N.V., DePuy Synthes, and Royal DSM.
It has extensive applications in neurological, craniofacial implants, dental, cardiovascular, and orthopedic.
Increase in road accidents, rise in trauma cases, and technological advances are adding market growth.
Limited insurance coverage and high cost may impede market growth.