The new report by Expert Market Research titled, ‘Global Medical Implant Market Size, 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 als 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 t expand. In addition, an increase in government support t give medical insurance coverage t 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 t 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 n longer required. Infection, surgical failure, and implant failure are the risks and problems of medical implantation.
Based on product, the market is divided into:
Reconstructive Joint Replacements
Trauma and Craniomaxillofacial
Cardiac Resynchronization Therapy Devices (CRTs)
Implantable Cardioverter Defibrillators (ICDs)
Implantable Cardiac Pacemakers (ICPs)
Structural Cardiac Implants
Mechanical Heart Valves
Implantable Ventricular-Assist Devices
Spinal Fusion Implants
Spinal Bone Stimulators
Vertebral Compression Fracture (VCF) Devices
Motion Preservation Devices/Non-Fusion Devices
Deep Brain Stimulation (DBS)
Sacral Nerve Stimulation (SNS)
Vagus Nerve Stimulation (VNS)
Spinal Cord Stimulation (SCS)
Plate Form Dental Implants
Root Form Dental Implants
On the basis of biomaterials, the market is bifurcated into:
By region, the industry is categorized into:
The Asia Pacific
The Middle East and Africa
Due t 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 t 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 t propel the market for medical implants knee.
The market for medical implants in Asia-Pacific is anticipated t have significant growth over the next 50 years due t the region’s rapidly aging population. By 2050, the age group population will have increased by 314 percent, from 207 million in 2000 t 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 t spend more on health care in this region. This contributes t the expansion of the market for medical implants. In addition, an increase in healthcare professionals’ awareness of the many types of medical implants contributes t the expansion of the medical implant industry. There has been a transition from conventional surgical techniques t current fastening and prosthetic systems for orthopedic implants.
Due t 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 t be driven by an increase in orthopedic surgeries throughout the forecast period. In addition, activities by medical health insurance firms t address major health issues contribute t 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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