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 Metal Implants and Medical Alloys Marketis projected to reach USD 17.6 billion by 2024 from USD 11.2 billion in 2019, at a CAGR of 9.4%.
Recent Developments:-
- In 2018, Carpenter Technology Corporation acquired LPW Technology Ltd., a developer and supplier of advanced metal powders and powder lifecycle management solutions to the additive manufacturing industry, for approximately USD 81 million to combine LPW’s metal powder lifecycle management technology and processes with its technical expertise in producing highly engineered metal powders and additively manufactured components.
- In 2018, Carpenter Technology acquired MB CalRAM LLC, a manufacturer of powder-bed fusion additive metal printing services to strengthen its capabilities in producing highly engineered metal powders and wire for additive manufacturing applications.
- In 2017, Carpenter Technology introduced CARTECH PURIS 5+, a high-strength, low-oxygen titanium powder solution to provide the simultaneous optimization of powder recyclability and strength, alleviating concerns about using low oxygen powder (to maximize powder reuse) and optimum standard strength requirement.
- In 2017, Carpenter Technology entered into a strategic alliance with Samuel, Son & Co. to provide end-to-end supply chain solutions for the additive manufacturing marketplace.
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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.
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.
Regional Analysis:-
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.
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Top Key Players:-
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).
