Market
growth is largely driven by the rapidly growing global geriatric population.
The elderly are more susceptible to various diseases and disorders such as
orthopedic, dental, neurological, and cardiovascular disorders, owing to which,
growth in the geriatric population will result in an increase in the demand for
implants. The growing number of accidents and sports-related injuries and the
increasing launch of technologically advanced products are also major factors
supporting market growth.
The
global Medical Alloys Market is projected to reach USD
17.6 billion by 2024 from USD 11.2 billion in 2019, at a CAGR of 9.4%.
By type, the titanium segment is expected to account for the
largest share of the metal implants and medical alloys market in 2019
On the
basis of type, the titanium segment is expected to account for the largest
share of the metal implants and medical alloys market in 2019. The large share
of this segment can be attributed to the advantages offered by titanium, such
as high biocompatibility, strength, rigidity, greater strain-bearing capacity,
and greater corrosion-resistance properties as compared to other materials.
Moreover, it is non-allergic, non-magnetic, and non-radio-opaque, and adheres
easily to the bone without any additional coating.
By application, the orthopedic applications segment is expected to
grow at the highest CAGR during the forecast period (2019–2024)
Based
on application, the metal implants and medical alloys market is segmented into
orthopedic, cardiovascular, dental, craniomaxillofacial, and neurological
applications. The orthopedic applications segment is expected to grow at the
highest CAGR in the metal implants and medical alloys market during the
forecast period owing to the growing incidence of orthopedic disorders such as
osteoporosis and arthritis, which result in a large patient pool for orthopedic
implant procedures.
North America to dominate the metal implants and medical alloys
market in 2019
North America is expected to account for the largest share of the metal implants and medical alloys market in 2019, followed by Europe and the Asia Pacific. The large share of North America in the global market can be attributed to the growing aging population and subsequent increase in the prevalence of chronic disorders in North American countries, thereby increasing demand for improved products and treatment services. Other factors supporting market growth include the growing healthcare expenditure, high accessibility to advanced technologies in countries such as the US and Canada, increasing focus on the development of innovative and technologically advanced products, and the significant presence of major product developers in the region.
The
prominent players in the metal implants and medical alloys market are Carpenter
Technology Corporation (US), Royal DSM (Netherlands), Johnson Matthey Plc (UK),
ATI Specialty Alloys & Components (US), Ametek Specialty Products (US),
Aperam S.A. (Luxembourg), QuesTek Innovations LLC (US), and Fort Wayne Metals
(US).