Manufacturers on a global level are engaging in developing new products. For example, bioabsorbable implants are being used to fix facial bones, offering various advantages over titanium plates by reducing the need for a second operation for their removal.
Bioabsorbable implants are also being used for treating knee, hand, and wrist injuries. Moreover, bioabsorbable implants have been successfully used in the reconstruction and repair of extra and intra articular abnormalities in shoulders, such as rotator cuff tears, and for spinal reconstruction surgeries.
The bioabsorbable implants space has been witnessing modest growth in recent years due to their dissolving nature and fast results. Significant collaboration efforts among key players in the medical industry and the presence of reimbursement agencies will further aid the growth of the market.
Increasing prevalence of patients suffering from osteoarthritis, which leads to knee fractures among the population, is also increasing the growth of the bioabsorbable implants market. Almost 260,000 Americans suffer from this and require surgeries. Additionally, the presence of large patient pools suffering from pelvic organ prolapse is expected to drive the growth of transvaginal bioabsorbable implants and meshes in the market during the forecast period.
The bioabsorbable implant companies are collaborating and acquiring key players in the industry, while reimbursement agencies are further aiding the growth of the market. For instance, DePuy Synthes acquired Tissue Regeneration System’s 3D printing technologies with which the company is aiming to create patient-specific, bioabsorbable implants.
The bioabsorbable implants market is fragmented in nature because the distributors of the market are in different parts of the world. To combat this, the bioabsorbable implants companies operating in the market are focusing on launching better and more advanced products to further increase sensitivity and avoid side effects. Improving the products would further increase the adoption rate of the bioabsorbable implants in the future. Still, side effects and complications such as allergies, inflammations and drug reactions resulting in organ and system failure are expected to negatively impact the growth of the global bioabsorbable implants market over the forecast period.
According to the report, fixation device implants accounted for over 40% revenue share in the global bioabsorbable Implants market in 2017. Moreover, advancements in the technology are creating awareness and increasing the popularity of bioabsorbable implants in the market, further increasing the growth of the other segments of bioabsorbable implants in the near future.
The company’s report tracks the key companies operating in the bioabsorbable implants market. Included in the Bioabsorbable Implants Market Report are Boston Scientific Corporation, Johnson & Johnson (DePuy Synthes), Medtronic Plc, Smith & Nephew Plc, Stryker Corporation, Zimmer Biomet, KARL STORZ, OSSIO, Dentsply Sirona, CONMED Corporation, Meril Life Sciences Pvt. Ltd. and many more.