New York, United States , March 21, 2024 (GLOBE NEWSWIRE) -- The Global Medical Implant Market Size is to Grow from USD 110.25 Billion in 2023 to USD 214.76 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.90% during projected period.
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Medical implants are artificial tissues or devices that are implanted into or applied to the body. Certain organs, such as those involved in neurological, orthopedic, cardiovascular, and oral conditions, are replaced with medical implants. Medical implants can be composed of various materials such as ceramic, metal, or plastic, or they might be formed of biological tissue like skin or bone. Often composed of biocompatible materials, these medical implants are intended to remain inside the body for a considerable amount of time. Medical implants are made to help people with a variety of conditions regain their function, reduce their pain, and improve their quality of life and overall well-being. Medical implants may be permanent or temporary, and they can be taken out when no longer required. The increasing number of elderly people, the prevalence of chronic diseases, the need for cosmetic dentistry, and the development of medical implants through technology are driving the global medical implant market growth. The availability of advanced healthcare infrastructure, increasing consumer spending on healthcare, rising disposable income, and rising patient knowledge of the availability of medical implants are the primary drivers driving the acceptance of medical implants among patients. However, the high cost of treatment related to medical implants and the stringent approval process hampered the growth of the global medical implant market over the period.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Medical Implant Market Size, Share, and COVID-19 Impact Analysis, By Type (Orthopedic Implants, Cardiac Implants, Spinal Implants, Dental Implants, Ophthalmic Implants, Cosmetic Implants), By Type of Material (Metallic Material, Ceramic Material, Polymers Material), By End User (Hospitals & Clinics, Research Laboratories), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The Orthopedic segment is anticipated to hold the greatest share of the global medical implant market during the projected timeframe.
On the basis of type, the global medical implant market is divided into Orthopedic implants, cardiac implants, ophthalmic implants, spinal implants, dental implants, and cosmetic implants. Among these, the orthopedic segment is anticipated to hold the greatest share of the global medical implant market during the projected timeframe. The growth can be attributed to the growing incidence of physical ailments like obesity and osteoporosis in the elderly population.
The metallic material segment is anticipated to grow at the fastest pace in the global medical implant market during the projected timeframe.
On the basis of type of material, the global medical implant market is divided into metallic material, ceramic material, and polymers material. Among these, the metallic material segment is anticipated to grow at the fastest pace in the global medical implant market during the projected timeframe. The segmental growth can be attributed to metallic biomaterials are man-made systems that offer internal support to biological tissues.
The hospitals & clinics segment is predicted to grow at the highest pace in the global medical implant market during the estimated period.
On the basis of end user, the global medical implant market is divided into hospitals & clinics, and research laboratories. Among these, the hospitals & clinics segment is predicted to grow at the highest pace in the global medical implant market during the estimated period. Most income generated through the hospital and clinics & have great reimbursement policies.
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North America is expected to hold the largest share of the global medical implant market over the forecast period.
North America is expected to hold the largest share of the global medical implant market over the forecast period. The nation is facing a rise in the prevalence of conditions such as arthritis and a rise in the use of cosmetic dentistry operations as a result of tooth loss. The region's well-established insurance policies and sophisticated healthcare infrastructure are anticipated to propel market expansion. Rising consumer spending on healthcare and the growing adoption of minimally invasive surgery are the main factors anticipated to propel the growth of the medical implants market in the area.
Asia-Pacific is predicted to grow at the fastest pace in the global medical implant market during the projected timeframe. Growing public and private expenditures in the region's cutting-edge healthcare infrastructure are expected to hasten market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global medical implant market include Medtronic Plc., Biotronik, Inc., Institut Straumann AG, NUVASIVE, INC., Globus Medical INC., Abbott Laboratories, 3M Company, Straumann Group, Dentsply Sirona, Integra Life Sciences Holdings Corporation, CONMED Corporation, Stryker Corporation, LivaNova PLC., Johnson & Johnson, Boston Scientific Corporation, Others.
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Recent Developments
- In March 2023, A distribution handle was signed by veteran's health medical supply (VHMS) and Miach orthopaedics, Inc. The bridge enhanced ACL restoration (BEAR) implant is made available to patients in 236 department of defence (DOD) and department of veteran’s affairs (VA) healthcare facilities through the ECAT federal contract.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global medical implant market based on the below-mentioned segments:
Global Medical Implant Market, By Type
- Orthopedic Implants
- Cardiac Implants
- Spinal Implants
- Dental Implants
- Ophthalmic Implants
- Cosmetic Implants
Global Medical Implant Market, By Type of Material
- Metallic Material
- Ceramic Material
- Polymers Material
Global Medical Implant Market, By End User
- Hospitals & Clinics
- Research Laboratories
Global Medical Implant Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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