Global Cranial Implants Market Set For 10.2% Growth, Reaching $1.82 Billion By 2028
Cranial Implants Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Projected Growth and Market Size of the Global Cranial Implants Market?2
The cranial implants market size has witnessed remarkable growth in recent years, and it seems the upward trajectory is set to continue. The market is expected to 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 in the historic period can largely be attributed to the increased prevalence of trauma and injury cases, a rise in neurological surgeries, the adoption of patient-specific implants, an aging population, regulatory compliance, and a surge in medical tourism.
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What Are The Factors Driving The Growth Of The Cranial Implants Market?3
Looking ahead, the cranial implants market size is expected to experience accelerated growth, predicted to reach $1.82 billion by 2028, growing at a compound annual growth rate CAGR of 10.2%. The significant growth forecasted for this period can be attributed to emerging technologies, the increase in minimally invasive procedures, a rise in neurological disorders, the expansion of telemedicine and remote surgery, and a growing need for biocompatible materials.
The ascent of neurological diseases, coupled with an increase in road accidents, is expected to spur the growth of the cranial implants market. For instance, Parkinson's disease is the second most common age-related neurological disorder after Alzheimer's disease. A cranial implant enables doctors to study the brain without having to introduce a new hole in the skull each time, simplifying the treatment of neurological disorders. The Parkinson's Foundation reported in September 2021 that around one in six people in the UK have at least one neurological condition, with an estimated 600,000 people diagnosed each year, underlining the rising prevalence of neurological diseases that is driving the cranial implants market growth.
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Who Are The Major Players In The Cranial Implants Market And What Are Their Strategies?
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, and others. These players are heavily investing in innovation and new technologies, such as 3D printing technology, to maintain a competitive edge and increase their profitability in the market.
For instance, in October 2023, 3D Systems, a US-based 3D printer manufacturing company launched 3D printing technology for cranial implants. The PEEK polyetheretherketone implant is specifically designed to fit the individual patient's anatomy. Custom implants that meet legal requirements can be produced using 3D printing. This tailored approach guarantees a better fit and improved patient outcomes.
How Is The Global Cranial Implants Market Segmented?
The cranial implants market is segmented –
1 By Type: Customized Cranial Implants, Non-customized Cranial Implants
2 By Material: Polymer, Ceramic, Metal
3 By End User: Hospital and Trauma Centers, Ambulatory Surgical Centers, Speciality Clinics, Other End-Users
What Can We Expect From Regional Markets?
In terms of regions, North America was the largest market for cranial implants in 2023. However, Asia-Pacific is predicted to record the fastest growth over the forecast period. The vibrant regional markets covered in the cranial implants market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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