New York, NY -- (SBWire) -- 02/25/2016 --Persistence Market Research (PMR) announces the release of a new report, titled "Global Market Study on Cranio Maxillofacial Implants: Asia to Witness Highest Growth by 2020". The 107-page report presents insights into the factors driving and inhibiting the global market for cranio maxillofacial implants.
Cranio maxillofacial surgery is performed to treat severe injuries to the facial and cranial bones. When surgically treating injured facial or cranial bones, several internal fixators are required, such as flap bone graft substitutes, screw and plate fixation systems, fixation devices, and others, which also constitute the various segments of the market in terms of product type. Around the world, the demand for cranio maxillofacial implants has increased significantly, mainly due to the rising occurrence of facial fractures and the development of new procedural techniques. Since these therapeutic approaches offer positive clinical outcomes, their demand is expected to rise significantly over the next few years, states the report. The market is also gaining traction from increased healthcare funding and lack of substitutes available in the global market.
Despite exhibiting positive growth, high cost of cranio maxillofacial surgery and inadequate awareness is inhibiting the market's growth to an extent. Additionally, the chances of double surgery and absence of proper health insurance, especially across emerging nations, also pose a challenge to the expansion of the cranio maxillofacial market. Nevertheless, according to the report published by PMR, the global market for cranio maxillofacial implants, which stood at just more than US$1 bn in 2014, is anticipated to reach US$1.5 bn by the end of 2020. If the market values hold true, the global market for cranio maxillofacial implants will exhibit a CAGR of 6.20% during the 2014-2020 period.
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North America at present leads the global cranio maxillofacial implants market, with the U.S. as the largest market for cranio maxillofacial implant in the region. However, the report cites Asia as the most lucrative market for cranio maxillofacial implants, since the region is anticipated to exhibit growth at the fastest pace. The nations within the Asia cranio maxillofacial market exhibiting lucrative prospects include Japan, China, Eastern Mediterranean countries, and several other countries located in Southeast Asia. According to the report, the North America market for cranio maxillofacial implants was valued at US$586.1 mn in 2014. By 2020, the market is likely to teach US$839.6 mn, exhibiting a 6.20% CAGR between 2014 and 2020.
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As per the report, DePuy Synthes, which is a Johnson & Johnson-owned company, dominated the market in 2013, accounting for 47.5% of the global maxillofacial implants market in the given year. Other major players in the market include Zimmer Holdings, Inc. and Stryker Corporation. The report profiles these companies to present a comprehensive overview of the global market for cranio maxillofacial implants.
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Global Cranio Maxillofacial Implants Market Poised to Exhibit Exponential Growth, Driven by High Incidence of Maxillofacial Injuries Worldwide by PMR
Cranio maxillofacial surgery refers to a procedure for treatment of a severe injury to the cranial and facial bones.