Medical Implants Market Synopsis:
Market Research Future (MRFR)’s latest report projects that the medical implant market is projected to register a CAGR of 7.60% from 2020 to 2027. The medical implant market size is expected to reach approximately USD 279,418.06 million by 2027. The widening range of application of medical implants in the healthcare sector is anticipated to fuel demand in the market over the next couple of years.
The key drivers of the medical implants market accelerating the revenue creation for market participants include the adoption of implants by patients, rising prevalence of chronic diseases, increasing aging population, etc. The rising investments in the development of medical implants are expected to favour the growth of the medical implants market in the forthcoming years.
The increasing awareness about repairs and preventive care of the human body has catalysed the growth of the medical implants market. The trend is anticipated to perpetuate in the foreseeable future. Additionally, the global increase in healthcare expenditure is likely to have a positive impact on the medical implants market proliferation. However, ambiguous regulatory frameworks coupled with high costs associated with surgeries are projected to hold the market growth through the projection period.
Market Segmentation:
By type, the global medical implants market is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, and others. The cardiac implants segment is prognosticated to register a relatively higher CAGR of 7.63% over the forecast period.
By type of material, the medical implants market has been segmented into metallic material, ceramic material, polymers material, and others.
By end-users, the global medical implants market is segmented into hospitals & clinics, research laboratories, and others.
Regional Insights:
By region, the global medical implants market outlook has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is the largest market for medical implants and is expected to flourish in the forthcoming years. The factors responsible for favouring the growth of the market in the region are increasing patient pool, accelerated investments in research, developed healthcare, advanced technologies, etc.
Europe holds the second spot in the global medical implants market due to exponential geriatric population, rising healthcare expenditure, increasing government support, etc. Asia Pacific is projected to be the fastest growing regional market over the assessment period. The presence of countries such as China and India are likely to favour the growth of the medical implants market in the region. Meanwhile, the Middle East & Africa region is poised to hold a comparatively lesser share of the global market owing to limited development in the healthcare sector. However, economically strong countries such as Qatar and Kuwait are poised to aid market expansion in the foreseeable future.
Competitive Dashboard:
The global medical implants market players are Johnson & Johnson Services, Inc. (U.S.), 3M (U.S.), Institut Straumann AG (Switzerland), Stryker Corporation (U.S.), Boston Scientific Corporation (U.S.), Medtronic (Ireland), Zimmer Biomet Holdings, Inc. (U.S.), Smith & Nephew (U.K), Dentsply Sirona (U.S.).
Industry Developments:
In September 2018, Southern Implants, North America, received FDA approval for Provata, internal hex dental implant system.
In September 2018, Johnson & Johnson Medical, U.K. based medical device company, acquired Emerging Implant Technologies (EIT) for an undisclosed sum.
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