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%.
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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.
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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).