The key players in the global craniomaxillofacial implants market in 2013 were Synthes, Stryker Corporation, Biomet, Inc., KLS Martin LP, and OsteoMed. Their collective share estimated to 81.1% in 2013. Analysts have described the market to be highly competitive with a burgeoning demand for technologically advanced implants, observes Transparency Market Research in its new research report.
“Focusing on developing high-quality nonmetallic or bioresorbable materials to develop internal fixators is projected to create new growth opportunities for the players in the global market,” suggests the lead author of this research report. Demand for nonmetallic internal fixators is expected to be an upcoming trend as they assimilate with the tissue, thereby eliminating the need for a follow-up surgery.
According to the research report, the global craniomaxillofacial market is anticipated to be worth US$1.7 bn by the end of 2022 as the market exhibits a CAGR of 6.2% between 2014 and 2022. Analysts predict that the global market is anticipated to be led by internal fixators segment as it will reach a valuation of US$1.5 bn by 2022. The ability of these devices to fix facial deformities or injuries without any infections will drive this segment. Technological advancements in this segment will also be responsible for the growth internal fixators in this region. Geographically, North America will dominate the global market as it is estimated to contribute revenue worth US$ 929.4 mn by 2022.
High Incidence of Facial Traumas Augments Uptake of Craniomaxillofacial Implants
The increasing frequency of facial fractures is one of the key drivers for the increased uptake of the craniomaxillofacial implants. The rise in the number of road accidents along with slips, falls, and other industrial accidents have also led to growing cases of craniomaxillofacial injuries and trauma. Furthermore, growing pool of geriatrics, who are more susceptible to facial fractures due to reducing bone mineral density is also anticipated to augment the growth of this market in the near future. The increasing cases of osteoporosis, rising participation in adventures sports, and outdoor recreational activities have collectively led to a growing number of facial injuries, thus providing the market with an incredible impetus.
The high adoption of craniomaxillofacial implants can also be attributed to the growing technological advancements and increasing demand for minimally invasive procedures. The reduced hospitalization time and non-disruptive procedures to fix these implants have made it easy for both patients and surgeons to operate. Advancements such as developments in 3D printing technology have opened up a chance for customization of implants that can be made to suit the anatomy of the patient. This technological advancement has revolutionized the cranial fracture fixation by providing an improved bone fitting and compression as compared to conventional implants.
The improving healthcare expenditure in both developed as well as developing countries have also boosted the craniomaxillofacial implants. The improved healthcare infrastructure in countries such as China and India that have gigantic population bases is also anticipated to lead to an extensive usage of craniomaxillofacial implants in the near future.
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Expensive Implants Discourages Market Growth
The high costs associated with craniomaxillofacial surgeries due to the expensive cost of manufacturing and selling implants is expected to discourage the market from growing. This market will also be restrained due to the rising demand for exceptionally skilled labor to perform these surgeries. Furthermore, the unaffordability of modern technologies as manufacturers price them high to recover the heavy investments they make will also prevent the market from reaching its full potential, predict analysts. The lack of insurance schemes to cover the expenses associated with craniomaxillofacial surgeries will also act as a major hindrance to the overall market.
The review of the global craniomaxillofacial implants market is based on Transparency Market Research’s research report, titled “Craniomaxillofacial Implants Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.”