A growing geriatric population, increasing prevalence of chronic diseases and consumer preference for minimally invasive surgery are stimulating product advances, as medical device players rethink their application and market segment strategies.
According to a report by San Antonio, Texas-based research firm Frost & Sullivan, the adoption of device implants is gaining momentum among patient populations globally and is driving implant device technology, including new biomaterials. Innovation and testing (in vivo and in vitro) of biodegradable materials used in medical implants can limit the need for further surgery, support faster recovery and prolong quality of life for patients.
“Medical implants based on polymer and biologics such as poly ether ether ketone (PEEK), polytetrafluoroethylene (PTFE), polyester, polyethylene and polypropylene for better strength, flexibility and biocompatibility are trends delivering tremendous growth opportunities across this sector,” said Frost & Sullivan analyst Arun Ramesh.
The report, “Analysis of Biomedical Textiles Market in U.S.,” discusses how strong growth is occurring across all segments because of:
- Device manufacturers differentiating themselves through new product launches and product enhancements,
- Market participants investing in patients’ needs through broader product portfolios, minimally invasive surgical procedures and technology that helps patients recover faster, and
- Market leaders acquiring peer companies to gain access to technology and geographic expansion
Boston Scientific, C.R. Bard, Smith & Nephew, Medtronic and Edwards LifeSciences are among participants in the market that have grown by organic and inorganic means, Ramesh says.