Albany, NY -- (SBWIRE) -- 10/01/2020 -- The global cranial implants market was valued at US$ 792.2 Mn in 2017. It is projected to expand at a compound annual growth rate (CAGR) of 6.8% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled 'Cranial Implants Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.' The report suggests that an increase in the geriatric population and rise in number of brain cancer and trauma cases are expected to propel the cranial implants market in the near future (2018 to 2026). North America is expected to dominate the global market, owing to an increase in the geriatric population, rise in the patient population, and rise in technological advances. The market in Asia Pacific is expected to expand at a CAGR of 7.6% during the forecast period, due to an increase in the geriatric population, rise in awareness, and increase in patient population in the region. Moreover, research and development activities and initiatives by governments in the health care sector are anticipated to further boost the market in Asia Pacific.
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Value-added Features in Cranial Implants to Fuel the Global Market
The global cranial implants market is expected to be driven by value-added features offered by various cranial implants in order to provide effective and efficient implantation and restoration. Cranial implants are designed to ensure increased success rates of treatments and fewer complications. Cranial implants are used to repair cranial defects occurring due to injury, infection, hemorrhagic diseases, and tumor invasion. Cranial implantation takes place through cranioplasty, which is a surgical intervention or procedure.
A cranial bone defect can occur after injury, infection, and tumor invasion or when an autogenous bone is unsuited for replacement after a decompressive craniectomy due to brain infarction or hemorrhage. Earlier, different types of materials were used for cranioplasty. With technological advancements, new materials and technological interventions are available, providing specificity for the patient population according to the treatment and surgeon. Due to advancements in technology, cranial implants can be designed according to skull defects and locations with further specifications included, thereby making treatments more effective and convenient for neurosurgeons. These attributes help medical professionals successfully provide treatments to patients with increased success rates and comparatively less time requirements for the treatment process. Key players operating the global cranial implants market are developing patient-specific and technological advanced products with value-added features. Market players are attaining government approvals and launching new and advanced products. The products offer efficacy, swiftness, and fewer complications. Key players are also actively participating in acquisitions and mergers, thereby enhancing their product line. Companies are also strengthening their research and developmental capabilities and are emphasizing on technological advancements, thereby offering value-added features in cranial implants.
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Customized Cranial Implants Projected to be Highly Lucrative Type
Cranial defects have traditionally been repaired with metal plates or bone cement and were sometimes enforced with stainless steel grids. The demerit of the conventional method is that a perfect fit and curvature can be difficult to attain in large reconstructions, specifically when the defect involves the craniofacial junction . Customized cranial implants provides ease of implantation process, better functionality, reduced risk of complications and infections, and significantly reducing operator time, These implants are also available in different composite materials and can be generated through technologically advanced methods such as computer aided design and 3-D printing. These customized cranial implants reconstruct the cranium perfectly by fitting exactly in the defect and provide a perfect reconstruction. Oxford Performance Materials (OPM) is a recognized leader in 3-D printing and high-performance additive manufacturing (HPAM). In February 2013, it received first the FDA clearance for its OsteoFab Patient-Specific Cranial Device, followed by its OsteoFab Patient-Specific Facial Device in July 2014.
Key Trend of Increasing Product Approvals by Government Bodies and Rising Technological Advancements
The report also provides profiles of leading players operating in the global cranial implants market. Zimmer Biomet, Stryker, Kelyniam Global Inc, Medartis, B. Braun Melsungen AG, DePuy Synthes, KLS Martin Group, Xilloc Medical B.V., Ortho Baltic, Medtronic are leading players operating in the global cranial implants market. These players accounted for a significant share of the market. These companies are focused on strengthening their geographic presence through strategic acquisitions and collaborations with other key players operating in the cranial implants market players in their respective domains and geography. Strong progressive research and development activities and efficient and technologically advanced products are major factors boosting the share of key players in the global cranial implants market.
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