The new report by Expert Market Research titled, ‘Global Medical Implant Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global medical implant market, assessing the market based on its segments like product, biomaterial and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast Historical Market Size (2021): USD 98.1 billion
- Forecast CAGR (2023-2028): 7.1%
- Forecast Market Size (2027): USD 148.2 billion
The technological advancements in medical implants, the availability of better medical facilities, the rise in disposable income, and the increase in the number of cases involving damaged organs or limbs as a result of a variety of accidents are the primary factors that create the opportunity for the medical implants global market to expand. In addition, an increase in government support to give medical insurance coverage to challenged members of society for their better health fuels the market for medical implants. However, the high cost of therapy associated with medical implants and the rigorous approval procedure hinder the market’s growth.
Industry Definition and Major Segments
A medical implant is an artificial device or tissue that is used to replace or augment organic structures that have been destroyed. Implants are utilized for cardiovascular, orthopedic, neurological, and oral conditions. Some implants are formed of skin, bone, or other bodily tissues, while others are made of metal, plastic, or ceramic. Permanent or temporary medical implants can be removed when they are no longer required. Infection, surgical failure, and implant failure are the risks and problems of medical implantation.
Based on product, the market is divided into:
• Orthopaedic Implants
o Reconstructive Joint Replacements
o Trauma and Craniomaxillofacial
• Cardiovascular Implants
o Pacing Devices
Cardiac Resynchronization Therapy Devices (CRTs)
Implantable Cardioverter Defibrillators (ICDs)
Implantable Cardiac Pacemakers (ICPs)
o Structural Cardiac Implants
Mechanical Heart Valves
Implantable Ventricular-Assist Devices
• Spinal Implants
o Spinal Fusion Implants
o Spinal Bone Stimulators
o Vertebral Compression Fracture (VCF) Devices
o Motion Preservation Devices/Non-Fusion Devices
o Deep Brain Stimulation (DBS)
o Sacral Nerve Stimulation (SNS)
o Vagus Nerve Stimulation (VNS)
o Spinal Cord Stimulation (SCS)
• Ophthalmic Implants
o Intraocular Lens
o Glaucoma Implants
• Dental Implants
o Plate Form Dental Implants
o Root Form Dental Implants
• Facial Implants
• Breast Implants
On the basis of biomaterials, the market is bifurcated into:
• Metallic Biomaterials
• Ceramic Biomaterials
• Polymer Biomaterials
• Natural Biomaterials
By region, the industry is categorized into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
Due to the high frequency of chronic diseases, modern technologies, and product releases in this region, the United States holds the largest share. The increasing demand for medical implants and the availability of qualified specialists are driving market expansion in this area. Due to the increasing number of hospitalized patients and the availability of products, the need for medical implants in Europe has increased. In addition, an increase in the number of patients undergoing knee and hip replacement procedures is anticipated to propel the market for medical implants knee. The market for medical implants in Asia-Pacific is anticipated to have significant growth over the next 50 years due to the region’s rapidly aging population. By 2050, the age group population will have increased by 314 percent, from 207 million in 2000 to 857 million. In addition, the majority of people suffer from various orthopedic and heart problems, and the rising disposable income per capita of middle-class families causes them to spend more on health care in this region. This contributes to the expansion of the market for medical implants. In addition, an increase in healthcare professionals’ awareness of the many types of medical implants contributes to the expansion of the medical implant industry. There has been a transition from conventional surgical techniques to current fastening and prosthetic systems for orthopedic implants. Due to the increase in the aging population, which raises the risk of osteoporosis, osteoarthritis, and other musculoskeletal problems, orthopedic implant demand has increased dramatically. This segment’s growth is anticipated to be driven by an increase in orthopedic surgeries throughout the forecast period. In addition, activities by medical health insurance firms to address major health issues contribute to the global expansion of the market.
Key Market Players
The major players in the market are Boston Scientific Corporation, Globus Medical, Inc., Institut Straumann AG, Johnson & Johnson Services, Inc., NuVasive, Inc., among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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