Medical Implant Market Overview:
global medical implants market report value is registered as USD 85,389 million and is expected to reach a significant CAGR of 7.60% with the medical implants market size of USD 279,418.06 million during the forecast period (2022-2027).
COVID-19 has initially impacted the medical implants market growth due to supply chain restrictions and reduced hospital visits by the patients. Furthermore, according to the study published in Patient Safety, titled 'The Impact of COVID-19 on Medical Device Reporting and Investigation' in September 2021, constraints on person-to-person contact limited the treatment patients may receive during a pandemic researching medical implants more challenging. The rise in challenges in investigating medical implants has impacted the market growth during the pandemic.
The major factors contributing to the growth of the medical implants market are:
- An increase in the geriatric population.
- The rising burden of chronic diseases.
- Increased demand for cosmetic dentistry.
- Development of technological advancements in medical implants.
By 2050, 80% of the world's elderly will live in low- and middle-income countries. This increase in the number of older adults is found to augment the number of disorders, which subsequently help boost the demand for medical implants across the industry.
Medical Implant Market Top Companies:
The Prominent Players in the Global Medical Implant Market are Boston Scientific Corporation (US), Johnson & Johnson (US), Stryker Corporation (US), 3M (US), and Zimmer Biomet (US).
Medical Implant Market Segmental Analysis:
Global Medical Implant Market is segmented based on Type, Type of Material and End User.
The global medical implant market based on the type has been segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, others.
The global medical implant market, by type of material, has been segmented into metallic material, ceramic material, polymers material, others.
In 2019, the metallic materials sector had the most market share. Implants are commonly made of metallic materials such as cobalt chrome steels, stainless steel, and titanium alloys. The market is growing due to an increase in the number of implant surgeries performed around the world.
Hospitals & clinics, research laboratories, and others are the end-user segments of the worldwide medical implant market. The market was controlled by hospitals and clinics. Medical implants are in high demand because to the growing number of surgeries performed in hospitals and clinics, which is fueling the market expansion of this segment.
Medical Implant Market Regional Overview:
Global Medical Implant Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are separated into two regions: North America and Latin America, with North America further divided into the United States and Canada. The Americas led the market in 2019 and are expected to continue to do so during the evaluation period. The high prevalence of chronic diseases, product launches, and technological advancement in the Americas are all factors. The regional market is predicted to increase because to the high demand for biological implants and the appropriate supply of skilled specialists in the region.
The growing patient pool in hospitals, as well as the availability of products in the region, are driving up demand for medical implants in Europe. Furthermore, the regional market is expected to develop due to an increase in the number of patients receiving knee and hip replacement surgery. Implant availability has expanded, particularly since major implant firms like Straumann (Pure and Snow) and Nobel Biocare (Nobel Pearl) have included zirconia implants to their product lines. These elements are also playing a significant part in the market's expansion.
Because the number of people aged 65 and up is predicted to expand throughout the projection period, Asia-Pacific is expected to have the biggest market growth potential. Many adults in the area are likely to suffer from a variety of orthopaedic and heart problems. Furthermore, when middle-class families' per capita disposable income rises, individuals spend more on health, which accounts for a big portion of Asia's population. During the study period, this was one of the reasons driving the regional medical implant market's rise.
The medical implant market in the Middle East and Africa is divided into two parts: Middle East and Africa. The rising incidence of cardiac and orthopaedic illnesses, as well as private and government funding.
Industry News
The rise in aesthetic surgeries is also expected to drive the growth of the medical implants market over the forecast period. For instance, according to the report published by the International Society of Aesthetic Plastic Surgery in 2020, Breast Augmentation is among the top aesthetic surgical procedures in 2020, with 1,624,281 surgeries. Moreover, according to a March 2020 update by the World Health Organization (WHO), it is estimated that oral diseases affect nearly 3.5 billion people worldwide and severe periodontal (gum) disease, which may result in tooth loss, is also very common, with almost 10% of the global population affected.
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