Craniomaxillofacial devices market to collect considerable revenue through temporomandibular joint replacement, North America to lead the regional landscape over 2016-2023
Publisher : Fractovia | Published Date : 2017-07-28Request Sample
The number of oral and maxillofacial surgeries have increased considerably since the last decade. Craniomaxillofacial devices market growth is expected to be influenced heavily in the ensuing years, subject to the aforementioned fact. Of late, specialist surgeons have been giving preference to technologically advanced devices for carrying out facial reconstruction surgeries. Thus, it is undeniable that the escalating technological advancements in medical equipment will influence craniomaxillofacial devices industry share notably. The aging population across the globe is also a major driver influencing the market across key geographies. Elderly patients have lately been giving preference to dental implants for better anatomy, which will further stimulate craniomaxillofacial devices market share. According to Global Market Insights, Inc., “Worldwide craniomaxillofacial devices market was worth USD 1.14 billion in 2015 and will collect a revenue of USD 1.93 billion by the end of 2023 with an annual growth rate of more than 6.8% over 2016-2023.”
Pertaining to the relatively limited competition in craniomaxillofacial devices industry, major biggies are investing heavily to develop technologically advanced devices. One such device is the 3D printed implant that has been introduced in the market. Nowadays, the 3D printed implant technique is increasingly used for cranial reconstructive surgeries such as external prosthetics and crowns, owing to the flexibility of the product. Moreover, technical advancements in the implementation of robot assisted CMG technology will fuel the product demand. For instance, advanced CMF distraction systems are extensively deployed across oncology, orthognathic surgery, and trauma reconstruction, owing to their role as bone stabilizers. On these grounds, craniomaxillofacial devices market size from CMF distraction systems is slated to register a modest annual growth rate of 8.8% over the coming six years. Screws, footplates, distractor body, and extension arms are the prominent constituents of this product. Of late, CMF procedures also encompass bio absorbable materials.
U.S. craniomaxillofacial devices market size, by material, 2012 - 2023 (USD Million)
Bio-absorbable implants are gaining popularity in orthopedic surgical procedures subject to the material benefits such as radiolucency, minimized requirement of hardware based removal, and capability to transfer gradual load to healing tissues. This material, as analyzed, is mainly used for soft tissue fixation and for the fixation of fractures. Pertaining to the same, craniomaxillofacial devices market share from bioabsorbable material will exhibit a CAGR of 7.5% over the coming timeframe, having had a revenue of USD 280 million in 2015. The material’s superior capabilities to assimilate with the body will propel its demand further, especially since it helps to avoid secondary surgeries. Industry giants have been undertaking further research to invent specialized materials.
Cosmetic surgeries are becoming increasingly popular among the people due to their capability to enhance an individual’s appearance. The rising trends toward cosmetic surgeries like jaw replacement and chin augmentation are thus estimated to propel craniomaxillofacial devices market across the globe. Considering long-term effects, surgeons have been giving preferences to temporomandibular joints in case of jaw replacement. On that note, craniomaxillofacial devices industry size from temporomandibular joint replacement is likely to witness the highest annual growth rate of 11.2% over 2016-2023.
The governmental organizations of various countries are investing heavily to develop global healthcare infrastructure. A recent news report speaks about HLL Infra Tech Services Ltd. making strategic alliances with an India-based project management and consultancy company KITCO to develop healthcare infrastructure projects, which is likely to spur the regional craniomaxillofacial devices industry. The Make in India initiative by the Indian government has also generated lucrative opportunities for the industry giants in the healthcare sector. As per reliable sources, many of the developed countries have been giving preferences to the India belt as far as cosmetic surgeries are concerned, subject to the availability of cost-effective therapies. On that note, Asia Pacific craniomaxillofacial devices market will exhibit a growth rate of 8.8% over the coming six years. The escalating requirement of minimally invasive medical treatments along with the growing prevalence of orthopedic disorders will fuel the product demand over the years ahead across the APAC region. India, Japan, and China will be the prominent revenue contributors.
The cases of facial deformities and facial fractures are increasing exponentially across the U.S., owing to the lack of precautions at worksites. North America has been witnessing tremendous development in the residential and industrial sectors, which has led to the availability of advanced healthcare facilities, thereby fueling craniomaxillofacial devices market size. As per estimates, U.S. craniomaxillofacial devices industry is slated to surpass a revenue of more than USD 1 billion by the end of 2023.
Medtronic, Stryker Corporation, Zimmer-Biomet, Inc., and KLS Martin LP are the prominent players in craniomaxillofacial devices market. Industry giants are heavily involved in technological developments along with clinical process enhancements to sustain their business position. Craniomaxillofacial devices industry giants have also been engaged in strategic alliances with their competitors and as well as with research institutes to bring about a massive change in their product portfolios.
