PUBLISHER: The Business Research Company | PRODUCT CODE: 1391138
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391138
“Cranial Implants Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cranial implants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cranial implants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cranial implants market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cranial implants serve various purposes, such as protecting intracranial structures, reconstructing skull shapes, normalizing cerebral hemodynamics, and assisting in cranial reconstruction procedures following defects.
The main types of cranial implants are categorized as customized and non-customized. Customized implants are designed to adapt to tissue defects by transforming their shape in response to changes in temperature, pressure, or magnetic fields after transplantation. Materials commonly used in the manufacturing of cranial implants include polymers, metals, and ceramics. These implants find applications in hospitals, trauma centers, ambulatory surgical centers, specialty clinics, and other medical facilities.
The cranial implants market research report is one of a series of new reports from The Business Research Company that provides cranial implants market statistics, including cranial implants industry global market size, regional shares, competitors with a cranial implants market share, detailed cranial implants market segments, market trends and opportunities, and any further data you may need to thrive in the cranial implants industry. This cranial implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.'
The cranial implants market size has grown rapidly in recent years. It will grow from $1.11 billion in 2023 to $1.23 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth observed in the historic period in the cranial implants industry can be attributed to several factors. These include an increased prevalence of trauma and injury cases requiring cranial interventions, a rise in neurological surgeries, the adoption of patient-specific implants to address individual needs, an aging population necessitating such medical interventions, compliance with regulatory standards, and an uptick in medical tourism contributing to the demand for cranial implant procedures.
The cranial implants market size is expected to see rapid growth in the next few years. It will grow to $1.82 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The anticipated growth in the forecast period in the cranial implants industry can be attributed to various factors. These include the increasing adoption of emerging technologies, a rise in minimally invasive procedures, the growing prevalence of neurological disorders, the expansion of telemedicine and remote surgery practices, and a heightened demand for biocompatible materials in cranial implants. Major trends expected in the forecast period include the integration of the Internet of Things (IoT), customized cranial reconstruction solutions, continuous technological innovations, the development of innovative solutions, and strategic partnerships within the industry.
The anticipated growth in the cranial implants market is driven by the increasing prevalence of neurological diseases and road accidents. Neurological diseases, such as Parkinson's disease, are on the rise, making cranial implants a valuable tool for easier and more effective treatment. According to Parkinson's Foundation, approximately one in six people in the UK are affected by neurological conditions, with an estimated 600,000 new diagnoses annually. Cranial implants enable doctors to examine the brain without the need for repeated skull perforations, contributing to improved treatment outcomes for neurological disorders.
The growth trajectory of the cranial implants market is further fueled by the expanding demand for healthcare expenditure. Healthcare expenditure encompasses the total financial outlay on healthcare services and products within a specific region or country during a defined period. This includes expenses associated with cranial implant surgical procedures. In the UK, healthcare spending witnessed a notable increase, with a 9.4% rise in nominal terms and a 9.7% increase in real terms, as reported by The Office for National Statistics in May 2023. The total healthcare expenditure in the UK in 2021 amounted to $367.25 billion (£280.7 billion), with substantial allocations to pharmaceuticals and preventive care. This surge in healthcare expenditure is a significant driver for the growth of the cranial implants market.
Innovative technologies, such as 3D printing, are becoming pivotal in the cranial implants market, with major companies adopting these advancements for increased profitability. 3D Systems, a US-based 3D printer manufacturing company, introduced 3D printing technology for cranial implants in October 2023. The technology utilizes PEEK (polyetheretherketone) to create patient-specific implants tailored to individual anatomies. This approach ensures a precise fit, adhering to legal requirements for custom implants. The incorporation of 3D printing technology represents a significant leap in the cranial implants market, enhancing patient outcomes through personalized solutions.
Leading companies in the cranial implants market are directing their efforts towards product innovation, notably exemplified by the introduction of the Polyetherether Ketone (PEEK) cranial implant. This specialized implant serves the purpose of restoring cranial defects in a single surgical procedure, offering a comprehensive solution. CureTech, an Oman-based medical manufacturing company, has been at the forefront of this innovation, launching the PEEK cranial implant in December 2021 and April 2022. This product utilizes cutting-edge technologies, including computer-aided design (CAD) software and 3D printing, to create custom-made cranial implants. The PEEK cranial implant stands out for its high-performance thermoplastic polymer, characterized by biocompatibility, radiolucency, and a modulus of elasticity similar to that of natural bone.
In a strategic move to enhance its market position and broaden its product offerings, Incite Innovations, a US-based medical device company, made a significant acquisition in January 2022. The company acquired NeuroStructures Inc., a US-based manufacturer specializing in spinal implants. This strategic acquisition is expected to contribute to Incite Innovations' expansion in the spinal implant market and surgical instruments sector, reinforcing its commitment to delivering advanced medical solutions.
Major companies operating in the cranial implants market include B. Braun Melsungen AG, DePuy Synthes Inc., Stryker Corporation, Zimmer Biomet Holdings Inc., Kelyniam Global Inc., Medartis Holding AG, Osteomed LLC, KLS Martin Group, Renishaw PLC, Xilloc Medical B.V., Medtronic PLC, Ortho Baltic, Evonos GmbH, Synimed GmbH, Johnson & Johnson Services Ltd., Integra LifeSciences Corporation, OssDsign AB, Medicon eG, BIOARCHITECTS, Stryker Corporation, Medline Industries Inc., Matrix Meditec Pvt. Ltd., Matrix Surgical USA, Sibelco UK Ltd., Anatomics Pty Ltd., ProDentis GmbH, Biomet Microfixation Inc., Cochlear Limited, Combilift Ltd., Conformis Inc., Cranios USA
North America was the largest region in the cranial implants market in 2023. Asia-Pacific is predicted to record the fastest growth over the forecast period. The regions covered in the cranial implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the cranial implants market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The cranial implants market consists of sales of titanium implants, synthetic bone implants, and solid biomaterials. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.