According to FutureWise analysis the market for Metal Implants and Medical Alloys in 2023 is US$ 16.24 billion, and is expected to reach US$ 33.87 billion by 2031 at a CAGR of 9.62%.
The rising demand for minimally invasive surgeries alongside a growing geriatric population globally is driving the market. Furthermore, the increasing number of trauma cases and road accidents are augmenting the market growth. Moreover, an increasing prevalence of chronic disorders and obese population is playing a major role in the expansion of the market. Technological advancements and product launches are spurring the market as well.The market is bifurcated into type, applications, and region. In terms of type, titanium is expected to register the highest growth. Titanium offers high strength, biocompatibility, rigidity, corrosion, and greater strain-bearing capacity. It is also non-magnetic, non-radio opaque and non-allergic. Owing to these features and benefits, the demand for titanium has inflated, thus expanding the market. The titanium also sticks easily to the bone, thus eliminating the need for any extra additional coating.
In terms of application, orthopaedic is expected to dominate the market due to rising cases of orthopedic disorders and increasing geriatric population globally. Rising cases of chronic diseases such as cardiovascular diseases, congenital disorders, osteoarthritis, and neuropathic diseases are driving the demand of the orthopedic segment. The advancements in medical products and innovative product launches are also boosting the market.
Regionally, North America is the global leader of the market. Rising healthcare expenditure alongside the presence of prominent players is driving the growth of the market. Moreover, initiatives taken by public and private healthcare sectors to promote advanced products is propelling the market in the region. Rise of the geriatric population and the emergence of chronic ailments is stimulating the market in the region.
Asia-Pacific region is predicted to be a lucrative region for manufacturers. Rising healthcare expenditure alongside the rise in disposable income is boosting the presence of the market in the region. Improving healthcare infrastructure in countries like India and China is fueling the growth of the market as well.