The global metal implants and medical alloys market size accounted for USD 10,310.0 million in 2018 and is projected to register a CAGR of 9.1% over the forecast period. Metal has been used widely in the orthopedic implants manufacturing in a multitude of different forms. Implants made from titanium, cobalt, iron, chromium, and tantalum are generally used. Implants assist in replacing a biological structure that has been damaged due to trauma or bone and cartilage disorders. An alloy is a substance made by melting two or more elements together. Several alloys have medical applications, such as those used for prostheses and in dental amalgams. The worldwide surge in the number of road accidents & trauma cases coupled with mounting demand for minimally invasive surgical procedures is expected to drive the market growth during the assessment period. In addition, growing geriatric population along with rising burden of lifestyle-associated diseases and increasing technological advancements in the devices are likely to support the market growth. For instance, as per the statistics published by World Health Organization (WHO), the number of road traffic deaths continues to rise steadily, reached to 1.35 million in 2016, increased from 1.15 million in 2000.
On the contrary, the high cost of metal implants and limited insurance coverage are anticipated to impede the market growth over the forecast period.
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Regional Segmentation
The global metal implants and medical alloys market has been categorized on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Segmentation
The global 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 dominated market in 2018 as the titanium is used from head to toe in biomedical implants and is often used in the body due to titanium's biocompatibility and with surface modifications, bioactive surface. The high strength, low weight, higher corrosion resistance possessed by titanium and titanium alloys have led to a wide and diversified range of successful applications that demand high levels of reliable performance in surgery.
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 has spearheaded the market in 2018 and is likely to continue dominance over the forecast period. This is attributed to increasing prevalence of obesity, rising osteoporosis-related fractures, and surging orthopedic implant surgeries.
Key Players
Few of the leading players in the global metal implants and medical alloys market are Royal DSM, DePuy Synthes, Wright Medical Group N.V., Zimmer Biomet, AMETEK Inc., ATI Specialty Alloys & Components, Fort Wayne Metals Research Products Corp, Aperam, Materion Corporation, and Supra Alloys (TITAN Metal Fabricators, Inc.).
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