Vancouver, British Columbia, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The global next generation implants (NGI) market size was USD 3.43 Billion in 2020 and is expected to reach a market size of USD 4.45 Billion in 2028 and register a steady CAGR of 3.2%, over the forecast period, according to latest analysis by Emergen Research. Major factor boosting growth of the market include major R&D initiatives in the field, rising focus on procedures and treatments to increase life expectancy of patients, growing global aging population, and technological advancements in the global medical industry. Next-generation implants are device or medically designed tissues that are used to replace a missing body part or as support to generate new tissue or bone structure.
Technological advancements have been resulting in development and introduction of medical implants that are more simplified than earlier available products. Advanced implantable devices come with microfluidic sensors or photonics similar to conventional electronic chips, which allow such devices to sense biological changes, and can be wirelessly connected with smartphones or computers. The wireless feature enables doctors to monitor operating status and access data generated by the device. Various companies are currently offering more advanced implants such as bioabsorbable stents, cardioverter-defibrillators, personalized joint replacements, and leadless pacemakers, which offer improved operation, extended battery life, and allows patients to continue normal activities after implantation. These innovative features of next generation implants are expected to continue to drive demand and in turn support overall market growth.
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Further Key Findings in the Report:
- In July 2018, SCHOTT acquired Primoceler Oy, by which SCHOTT expanded its hermetic packaging portfolio by adding innovative new glass micro bonding technology for electronic implantable device development.
- The hospital segment is expected to register a CAGR of 3.5% in the global market throughout the forecast period. Rising prevalence of degenerative diseases globally is a major factor driving revenue growth of the global market.
- North America is projected to account for a steady CAGR during the forecast period. This can be attributed to robust presence of major medical technology companies and growing investment in research and development activities in countries in the region.
- Key players operating in the market are Abbott Laboratories, Smith & Nephew plc, Johnson & Johnson, Boston Scientific Corporation, C.R. Bard, Inc., Medtronic Public Limited Company, Wright Medical Group N.V, Stryker Corporation, Globus Medical Inc, DENTSPLY SIRONA Inc., and Zimmer Biomet Holdings Inc.
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For the purpose of this report, Emergen Research has segmented the next generation implants market based on application, material, end-use, and region as follows:
- Application Outlook (Revenue: USD Billion; 2020–-2028)
- Orthopedic Implants
- Cardiovascular Implants
- Ocular Implants
- Dental Implants
- Others
- Material Outlook (Revenue: USD Billion; 2020–-2028)
- Metals and Metal Alloys
- Ceramics
- Polymers
- Biologics
- Others
- End-Use Outlook (Revenue: USD Billion; 2020–-2028)
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Orthopedic Clinics
- Academic and Research Institutes
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- Regional Outlook (Revenue: USD Billion; 2020–-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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About Emergen Research
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