Medical Implants Market Size to Worth Around US$ 145.6 Billion by 2030

London, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The global medical implants market size was estimated at US$ 90.5 billion in 2021. The global medical implants market is primarily driven by the rising need for replacement or support of the bones, joints or other body tissues, owing to the rising prevalence of chronic diseases, rising cases of accidents & trauma, and growing geriatric population globally. According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 and this number is expected 2.1 billion by 2050.

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The old age people are prone to various chronic diseases such as cardiovascular diseases, endovascular diseases, orthopedic disorders, and dental disorders, which can foster the demand for the medical implants across the globe.The technological advancements in the healthcare industry has allowed the people to improve their looks and enhance their beauty by implanting medical devices such as dental implants, breast implants, pectoral implants, deltoid implants, and cochlear implants.

Report Scope of the Medical Implants Market

Report Highlights

• Based on product type, the orthopedic segment dominated the market in 2020. The rising cases of road accidents and the growing geriatric population are the major causes that fuel the demand for the orthopedic surgeries and medical implants. Developing nations has a crucial role to play in the market growth in the future. According to the WHO, around 93% road accidents occur in low and middle income countries. Further, as per the UN, 80% of the global old age population will be staying in the low and middle income countries. These are the major market drivers.
  
  
• Based on the biomaterial, the metallic segment dominated the market in 2020. The increasing demand for the minimally invasive surgeries and increased awareness regarding the metallic medical implants has significantly boosted the demand for the metal implants across the globe. The metallic implants are extensively used as the support for the broken joints and damaged bones owing to its compatibility and strength.
  
  

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Regional Snapshot

North America dominated the global medical implants market in 2020. The increased prevalence of various chronic diseases and increasing geriatric population in the region is a significant driver of the medical implants market. Further, the developed healthcare infrastructure in the region and rising popularity of the minimally invasive surgeries is anticipated to boost the market growth. Further, the increased awareness regarding the various implants has positively contributed towards the growth of the market in North America. According to the CDC, approximately 64% of the US population of age between 18 years to 64 years, visited clinics related to their medical health in 2017. Hence, the rising number of clinical visits in US is another driving force may contribute towards the market growth.

Asia Pacific is estimated to be the fastest-growing market during the forecast period. The rising government expenditure in region for the development of advanced healthcare infrastructure in fueling the market growth. Moreover rising number of road accidents may drive the demand for medical implants. According to the WHO, around 93% of the road traffic accident cases are recorded in the low and middle income countries. Moreover, the growing geriatric population in the region is another significant factor that is expected to drive the market growth in the upcoming future.According to the United Nations, around 80% of the global geriatric population is expected to be living in the low and middle income nations.

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Market Dynamics

Driver

Rising demand for the minimally invasive surgeries

Minimally invasive surgeries are being performed for numerous health conditions such as degenerative spinal disorders, fractures, knee trauma, herniated discs, stenosis, and others. These type of surgeries may foster the usage of medical implants and expected to drive the market growth in the forthcoming years.

Restraints

Lack of skilled surgeons

There is an acute shortage of skilled and experienced surgeon in the low and middle income countries. As per the data published by the Lancet Commission on Global Surgery, more than 2 million surgeons are require in the middle and low income nation every year. Therefore, the lack of the skilled surgeons may restrict the adoption of the medical implants and may hinder the market growth.

Opportunities

Rising number of surgical centers and hospitals across the globe

The growing investments by the corporate sector and the government in the development of the hospitals especially in the developing and underdeveloped regions is expected to offer lucrative growth opportunities to the market players. The rising number of hospitals and surgical centers across the globe is expected to drive the adoption of the medical implants in the foreseeable future.

Challenges

Lack of awareness among the people

There is a lack of awareness among the population regarding the availability of technologically advanced medical implants. Spreading awareness among the people in the developing and underdeveloped countries is anticipated to be amajor challenge for the market players.

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