Medical Implants Market Overview
The global medical implants market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 7.07% during the forecast period (2017-2023).
Medical implants can be referred to as tissues or medical devices that are surgically transplanted inside the patient’s body to provide support to any damaged organs. It helps to detect errors and enhance body organ functions. Medical implants can be either placed temporarily or permanently in the human body and can also be removed when not required. Implants are generally made of tissue, bone, metals, ceramics, plastics, and other natural materials.
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Market Potential and Pitfalls
Increased incidences of chronic diseases, acceptance of advanced medical implants equipment by patients, improvements made in surgical outcomes, and growing geriatric population are some of the primary growth stimulants of the medical implants market. Companies involved in medical implants are indulging themselves into mergers, collaboration, and acquisition activities to offer improved treatment procedure. This is likely to propel the market growth in the coming years. The rising awareness regarding repairs and preventive care of the human body has further accelerated the market’s growth across the globe.
On the contrary, the high surgery cost and ambiguous regulatory frameworks are considered to restrict the market growth in the foreseeable future.
Medical Implants Market Competitive Dashboard
The top players operating in the medical implants market include Medtronic (Ireland), Boston Scientific Corporation (U.S.), 3M (U.S.), Johnson & Johnson Services, Inc. (U.S.), Stryker Corporation (U.S.), Institut Straumann AG (Switzerland), Smith & Nephew (U.K), Zimmer Biomet Holdings, Inc. (U.S.), and Dentsply Sirona (U.S.).
Global Medical Implants Market: Segmental Analysis
The medical implants market has been segmented on the basis of types, type of material, and end user.
By type, the medical implants market is segmented into cardiac implants, orthopedic implants, dental implants, spinal implants, cosmetic implants, ophthalmic implants, and others. Of these, the cardiac implants segment is likely to register a high CAGR in the coming years.
By type of material, the medical implants market is segmented into ceramic material, metallic material, polymers material, and others.
By end user, the market is segmented into research laboratories, hospitals & clinics, and others. Of these, the hospitals & clinics segment is considered to gain prominence due to favorable reimbursement policies.
Medical Implants Market Regional Frontiers
Geographically, the medical implants market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America is likely to dominate the medical implants market due to the increasing number of patients suffering from damaged body organs. The presence of strong economic conditions, improvements in surgical outcomes, and increased focus of research institutions on updating technology for advanced medical plant devices are some of the major factors propelling the regional market’s growth. Europe bags the second spot in the market due to rising support from the government, high healthcare expenditure, and the existence of huge geriatric population in the region.
The Asia Pacific is considered to expand at the fastest rate due to the presence of developing countries in the region, for instance, China and India. The increasing rate of geriatric population, rising awareness regarding therapeutic applications of medical implants, and growing incidences of chronic diseases are likely to foster the market in the APAC.
Industry Updates
August 2019: WishBone Medical has recently declared that the company has inked private label distribution agreement with Bone Solutions, Inc. for global rights within pediatric orthopedics so that they can license and sell OsteoCrete in the orthopedic marketplace.
Intended Audience
- Pharmaceutical companies
- Medical devices companies
- Research and development (R&D) companies
- Market research and consulting service providers
- Potential investors
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