Craniomaxillofacial Devices Market Will Grow At 6.8% Cagr To Surpass $1.9bn By 2023
OCEAN VIEW, Del., Nov. 6, 2017 /PRNewswire-iReach/ -- The Industry growth report " Craniomaxillofacial Devices Market By Product [Cranial Flap Fixation, CMF Distraction, Temporomandibular Joint Replacement, Thorasic Fixation, Bone Graft Substitute, MF Plate and Screw Fixation], By Material [Metal, Bioabsorbable Material, Ceramic], By Application [Neurosurgery & ENT, Orthognathic and Dental Surgery, Plastic Surgery], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany UK, China, Japan, India, Mexico, Brazil, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023" by Global Market Insights, Inc. forecast Craniomaxillofacial Devices Market share is anticipated to exceed $1.9 billion by 2024.
Rising global geriatric population numbers, technological advancements in CMF devices, and high awareness regarding aesthetics among the female population is likely to drive craniomaxillofacial devices market size.
Temporomandibular joint replacement products, estimated to grow at a healthy 11.2% CAGR, from 2016 to 2023, will continue to offer strong growth potential to industry participants. Increasing road accident incidence rate, driven by urbanization & industrialization along with strong effective reconstructive surgery needs will stimulate positive craniomaxillofacial devices industry trends.
Technological innovation such as CMF surgery where a robotic arm assists in the procedure, introduction of bioabsorbable implants, and virtual plating technology for cranial fixation, which should further contribute to growth.
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Incorporation of superior 3D-printed implants, increasingly being used for cranial reconstructive surgery, target increasing CMF device adoption with titanium mesh and antimicrobial surface will drive industry innovation, opening up new avenues for companies.
Bioabsorbable material usage for implants minimizes second surgery probabilities, owing to the ease with which they assimilate in the body. These materials could see sales grow from USD 280 million in 2015 at 7.5% CAGR.
APAC, with target revenue set to cross USD 270 million, by 2023 will remain a most attractive regional industry. Latin America is also expected to offer strong demand potential in the coming years, due to significant unmet medical needs and a dynamic healthcare infrastructure.
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Global craniomaxillofacial devices market size estimates were USD 1.14 billion in 2015, with industry growth anticipation of 6.8% CAGR.
U.S. craniomaxillofacial devices market share dominated North America, with country revenue being more than 88% of overall regional sales in 2015. Europe craniomaxillofacial devices market size is forecast to see moderate growth from sales revenue of USD 227 million in 2015, with Germany and UK being key counteries.
Metal Fixation (MF) plates and screw fixation dominated the global craniomaxillofacial devices market share in 2015, with more than USD 830 million in sales. The introduction of titanium cranial fixation system and increasing efficacy of the devices will drive cranial flap fixation segment growth.
CMF distraction system consists of footplates, screws, extension arms and distractor body, however, demand will be predominantly driven by its extensive use as a bone stabilizer. This has been further segmented on the basis of region which is decided for the reconstruction into mandibular, alveolar and midface distractor, with overall revenue expansion pegged at 8.8% CAGR.
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Industry competitive rivalry is likely to remain moderately high, due to presence of global multinationals. These companies are incessantly involved in introducing technologically advanced products, with frequent collaborations & research alliances to further widen product portfolio.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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