Metal Implants and Medical Alloys Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Metal Implants and Medical Alloys Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The metal implants and medical alloys market is expected to witness a CAGR of 9.4% during the forecast period.

The emergence of the COVID-19 pandemic impacted the growth of the metal implants market, as the healthcare industry is still coping with the massive disruption in the supply chain. As a result, a massive shortage is still being experienced in medical devices in various countries. For instance, the study published International Dental Journal in April 2022 suggested that the number of outpatients decreased, and the proportion of emergency cases increased during the epidemic period.

Additionally, according to a study published in the British Journal of Surgery, in May 2021, based on 12 weeks of major hospital services disruption due to COVID-19, approximately 28.4 million elective surgeries worldwide will be canceled or postponed by 2020. Thus, the decline in surgical procedures and outpatient services hampered the market growth during the COVID-19 pandemic. However, since the restrictions were lifted, the industry has been recovering well. Over the last two years, the market recovery has been led by the high prevalence of orthopedic diseases, new product launches, and increased demand for metal implants and medical alloys.

The rising prevalence of degenerative joint diseases and the growing geriatric population are driving the growth of metal implants and the medical alloys market. For instance, according to the study published in Rheumatology International in May 2021, between 1980 and 2019, there were 460 cases of RA per 100,000 people worldwide, and people over the age of 60 will account for more than 20% of the world’s population by 2050 which means the number of osteoarthritis sufferers will reach 130 million. The growing prevalence of arthritis and the increasing burden of arthritis conditions will increase the requirement for metal implants and medical alloys and hence are expected to boost the market growth.

Furthermore, growing technological advancement in metal implants is expected to support the growth of the market. For instance, in March 2022, Stryker presented a new implant material, the Klassic Knee implant with Aurum Technology, at Utah-based Total Joint Orthopedics Inc. (TJO). Aurum, a revolutionary implant coating method, is being unveiled to the orthopedic community at the American Academy of Orthopaedic Surgeons (AAOS). Thus, all the above-mentioned factors are expected to boost the market growth over the forest period. However, the high cost of the implant and regulatory issues may restrain the market growth over the forest period.

Dental implants are artificial tooth roots that can be surgically implanted in the jawbone. Dental implants are made up of two key components: the fixture and the abutment, which are typically made of zirconium and titanium. The growing burden of dental problems in the country, as well as the growing senior population, are driving segment growth. According to the research study in International Dental Journal in August 2022, dental caries and periodontal disease were common in Jiangsu, China, and oral illnesses remained a major problem for local residents in China. As a result of the country's high prevalence of dental problems, the demand for dental implants is predicted to rise during the research period.

Additionally, the geriatric population is more prone to dental diseases, which is likely to contribute to the growth of the segment. According to the World Population Prospects 2022, on November 15, 2022, the world's population is expected to surpass 8 billion. According to the United Nations' most recent forecasts, the global population might reach 8.5 billion in 2030, 9.7 billion in 2050, and 10.4 billion in 2100. Thus, the geriatric population is highly affected by dental diseases, thereby boosting segment growth.

Furthermore, product launch by the key market players is expected to boost the segment growth. For instance, in June 2022, ZimVie Inc. announced the US availability of the new, FDA-cleared T3 PRO Tapered Implant with Encode Emergence Healing Abutment. The T3 PRO is the newest member of ZimVie's dental implant family, and it builds on the proven solutions of the T3 Tapered Implant. Thus, all the above-mentioned factors are expected to boost segment growth.

North America is expected to hold a major market share in the global metal implants and medical alloys market due to the increasing geriatric population and growing prevalence of chronic diseases and product launches by the key market players.

According to the Centers for Disease Control and Prevention (CDC) updated in October 2021, compared to the 58.5 million individuals with arthritis in 2013-2015, it is predicted that by 2040, 78.4 million adults aged 18 and older (or 25.9% of the anticipated total adult population) are likely to be diagnosed with the condition. Furthermore, according to America’s Health Rankings Senior Report published in 2021, the number of older adults living in United States is significant and growing; by 2050, it is anticipated that there will be 85.7 million adults in the country who are 65 or older. Such a high prevalence of this disease and the aging population are likely to increase the adoption of metal implants, thereby boosting market growth.

Growing research and development activity is likely to support the market growth in the region. For instance, in December 2021, CHU de Québec-Université Laval and Investissement Québec CRIQ revealed Health Canada's clearance of the first 3D-printed medical implant by the 3D anatomical reconstruction laboratory (LARA 3D) at Investissement Québec - CRIQ's facilities in Quebec City, Canada. This is the first time a Canadian organization has been granted permission to manufacture a 3D-printed implanted medical device in Canada.

Thus, due to the abovementioned factors, the studied market is expected to grow during the study period in the region.

The metal implants and medical alloys market is competitive and consists of several market players. In terms of market share, a few major players are currently dominating the market. Some companies currently dominating the market are Carpenter Technology Corporation, Royal DSM, Johnson Matthey PLC, ATI Specialty Alloys & Components, Ametek Specialty Products, Aperam SA, QuesTek Innovations LLC, Fort Wayne Metals, Wright Medical Group, and Zimmer Biomet Holdings Inc.

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