New York, USA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Medical Implants Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Implants Market Information By Type, Type of Material, End User, and Region - Forecast till 2027", the market is slated to reach a notable CAGR of 7.6%, acquiring revenue of USD 279.41 Billion over the review period (2021-2027).
Medical Implants Market Scope:
Artificial objects that are inserted into or on the patient's body are known as medical implants. These tools are utilized to improve biological structures that already exist as well as to replace damaged biological structures. These medical implants are helping with orthopedic, cardiovascular, neurological, and dental conditions, among other conditions. There are several implant kinds. A handful of them are composed of metal, plastic, or ceramic materials, while others are constructed of bone, skin, or other biological tissues. These medical implants can be used either permanently or temporarily, depending on the situation.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 279.41 billion |
| CAGR | 7.6% |
| Base Year | 2018 |
| Forecast Period | 2020-2027 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Type of Material and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of chronic diseases are the key factors |
| Rise in awareness of the benefits of medical implants among patients and doctors |
Medical Implants Market Competitive Dynamics:
The prominent key players in the medical implants global market outlook are the following:
- Boston Scientific Corporation
- Medtronic PLC
- Johnson & Johnson Services, Inc.
- 3M
- Institut Straumann AG
- Stryker
- Zimmer Biomet Holdings Inc.
- Smith & Nephew
- Dentsply Sirona
- Braun Melsungen AG
Medical Implants Market Dynamics:
Market Drivers:
The aging population and the increasing prevalence of chronic diseases are two of the primary factors driving the development of the medical implants market. Patients with advanced chronic diseases, such as heart, vascular, musculoskeletal, and dental conditions, are more vulnerable to the spread of infection, which is one of the primary reasons medical implants are so popular. The increased patient and physician understanding of the advantages of medical implants might boost the expansion of the global market. Health insurance coverage for low-income persons is boosting demand for medical implants because of the government's support for this program.
Compared to open operations, minimally invasive surgical methods are safer, less stressful, and have reduced mortality and complication rates. The worldwide medical implants market is poised for expansion due to a variety of reasons, including advances in implant technology, improved medical facilities, rising disposable income, and a rise in the number of people suffering from organ or limb injury as a result of accidents.
Market Restrictions:
The high cost of treatment and the lengthy approval process are stifling the growth of the medical implants industry. The dangers and issues associated with medical implantation include infection and surgical failure as well as implant failure.
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Medical Implants Market COVID-19 Analysis:
Most markets are seeing a slowdown in growth as a result of the COVID-19 epidemic. The coronavirus expanded over the globe and had an impact on people's physical, psychological, and economic well-being. The governments of the developing nations implemented lockdowns, transit restrictions, the shutdown of manufacturing enterprises, and many other measures to stop the virus' spread. The lockdown causes several problems for the manufacturing sectors, including a scarcity of raw materials, a manpower shortage, and supply chain interruptions that cause output to halt.
The COVID-19 has a significant negative influence on the market for medical implants. The manufacture of medical implants is also hampered by a scarcity of personnel and raw materials. Due to recent government instructions or hospital rules, vascular treatments are now only performed in severe COVID-19 impacted regions when it is necessary to save lives or save limbs. During the evaluation stage, they might have an influence on the market for medical implants. In this sense, the coronavirus pandemic has had a significant impact on the market for medical implants.
Medical Implants Market Segmentation:
Based on Type
With a market share of 30.9 percent in 2017, orthopedic implants accounted for the majority of medical implants worldwide.
Based on Type of Material
The market share held by the section of metallic materials, which includes materials like titanium alloys, cobalt chrome steels, and stainless steel, is 49.6 percent. The global market for medical implants is expanding as a result of the rising number of implant procedures.
Based on End-user
Due to the increasing number of operations performed in hospitals and clinics, which in turn increases the need for medical implants, the hospitals & clinics sector has the biggest market share (71.5%) and is driving the expansion of the medical implants industry.
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Medical Implants Market Regional Analysis:
Asia-Pacific, Europe, America, and the Middle East & Africa are the four primary geographical regions that make up the worldwide market for medical implant firms. Out of them, America now holds the biggest market share and is expected to maintain its dominance over the next years. Due to the growing frequency of chronic diseases, technological advancements, and new product launches in this sector, the United States is the market leader. US official statistics claim that the country has the world's biggest market for medical devices.
Medical implants are becoming more popular in Europe due to an increase in hospital patients and the availability of medical supplies. Additionally, it is anticipated that the market for medical implants for the knee would expand at a faster rate due to the increasing number of patients having knee and hip replacement surgery.
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The market for medical implants is predicted to increase significantly in Asia-Pacific over the next 50 years due to the region's growing elderly population. The majority of the growth is caused by elements like the development of the healthcare system in these areas, rising per capita income, raising public awareness of health issues, and the sharp rise in the number of trauma and accident cases. In addition, the majority of individuals have different orthopedic and heart conditions, and middle-class families in this area are spending more per capita on health care thanks to rising disposable income. As a result, the market for medical implants expands more quickly.
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