Pune, India, Sept. 12, 2018 (GLOBE NEWSWIRE) -- The Global Medical Implants Market continues to draw ample commercial interest as the number of medical implant procedures increases across the globe. The latest data released by Market Research Future (MRFR) reveals that the global medical implants market will witness a compound annual growth rate of 7.07% between 2017 and 2023. Implants are viewed as a revolutionary medical product having tremendous application potentials. They are being increasingly used as artificial replacements for several internal parts of the human body.
Implant procedures are also gaining a quick acceptance owing to the introduction of safer and minimally invasive surgical procedures. The broad spectrum of advanced surgical tools and technologies that is currently available makes a radical difference between how surgeries are performed today and in the past. The focus remains on further improvement in the outcome of implant procedures, which continues to induce R&D efforts. At the same time, collaboration projects and partnership programs are being initiated by market players to drive innovation and develop new products.
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Increased level of awareness among consumers is one of the major reason behind the growing demand for medical implants. In this regard, emerging markets are playing an important role as countries such as China and India are being pursued by global healthcare companies for growth. A massive patient pool along with a rapidly improving healthcare system in these countries is expected to favour the prospects of the market in the forthcoming years. Nonetheless, high-cost of procedures and the fragmented regulatory structure is undermining the market potentials.
Medical Implants Market Segmentation: Insights
MRFR’s data include a descriptive segmental analysis of the global medical implants market on the basis of types, type of material, and end user. Based on type, the market has been segmented into cardiac implants, dental implants, cosmetic implants, orthopaedic implants, ophthalmic implants, spinal implants and others. The cardiac implant segment is likely to remain highly attractive in the coming years. The segment is projected to surge at a healthy CAGR of 7.63% during the assessment period (2017-2023). Based on type of material, the market has been segmented into polymers material, ceramic material, metallic material and others. Based on end users, the market has been segmented into research laboratories, hospitals & clinics and others.
Industry News
- 3D printing technology expert - Optomec is set to introduce its latest version of LENS 860 Hybrid Controlled Atmosphere (CA) System, which is a laser deposition system with finishing machining operations. The machine is used for making dissolvable metal component for medical applications.
- Prominent Italy-based orthopedics and traumatology specialist LimaCorporate has reportedly acquired TechMah Medical, a medical device software developer. The acquisition will help LimaCorporate to gain a greater foothold in digital orthopedics. LimaCorporate is known for developing advanced 3D printed orthopedic implants, which include primary implants and joint revision. Techmah’s acquisition will allow the company to develop smart instrument and software that integrated with its implants.
Global Medical Implants Market: Competition Tracking
Medtronic (Ireland), 3M (U.S.), Stryker Corporation (U.S.), Smith & Nephew (U.K), Boston Scientific Corporation (U.S.), Institut Straumann AG (Switzerland), Johnson & Johnson Services, Inc. (U.S.), Dentsply Sirona (U.S.) and Zimmer Biomet Holdings, Inc. (U.S.) are listed as top market players in MRFR’s data sheet.
Americas to Spearhead the Medical Implants Market Over 2023
The medical implant market in Americas currently accounts for a significant market share and is projected to witness a healthy growth during the forecast period. North America, in particular, presents lucrative opportunities for market players. Availability of a highly advanced healthcare infrastructure in the region acts a positive element for the region’s market. Moreover, factors such as high healthcare expenditure and presence of leading market players as also supporting the growth of the medical implants market in North America. As per Centers for Medicare & Medicaid Services, healthcare spending in the US reached to USD 3.2 trillion in 2015.
By the year 2023, the Americas Medical Implant Market is estimated to surpass a valuation of USS 77,700 Mn. Meanwhile, Europe is the second largest market for medical implants, counties such as Germany, France and the UK accounts for considerable shares of medical implant market in Europe. Asia Pacific (APAC) is third in the pecking order, the market in the region is expected to witness a relatively higher CAGR during the forecast period. This can be attributed to the ongoing economic boom in countries such as China and India. In the Middle East & Africa, the market is currently growing at a moderate pace but is expected pick up steam in the near future owing to several policy reforms in the healthcare sector and increasing efforts towards economic diversification.
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