Medical Implants Market – Scenario
The Global Medical Implants Market is expected to grow at a CAGR of 7.07% during the forecast period 2018-2023. Medical implants is the process of replacing missing or damaged biological structure of the body. These are the manmade devices or tissues that placed over or inside the surface of the body. There are range of application where these implants are used for the treatment and help to repair the damaged part of the body. Rising prevalence of chronic disease, improvement of surgical outcomes, acceptance of advanced medical implants devices by patients, and increasing ageing population around the world are the key drivers of the global medical implant market.
According to the registry of the International Society for Heart and Lung Transplantation, approximately 500-600 pediatric heart transplantation procedures are performed globally every year, which represents around 12% of the total number of heart transplants performed. And in 2014, a total number of children heart transplants executed globally were 586.
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Moreover, companies are more into mergers, acquisition, and collaboration activity in order to provide better treatment procedure. In this regards, Johnson & Johnson Services, Inc. in September 2016, acquired Abbott Medical Optics for developing the product line of intraocular lenses implanted into cataract patients following surgery, and a variety of eye drops and cleaning solutions that will complement J&J’s extensive line-up of contact lenses. Also, in May 2016, Knifeless Tech Systems was acquired by 3M. The business acquired is an installation tool used to cut self-adhesive films applied to vehicle wraps 3M.
Furthermore, increasing consumer awareness about various repairs and preventive cares associated with body and rapidly increasing population worldwide have consistently added to the growth of the medical implants market globally. Furthermore, increasing spending in the healthcare domain fuelling the growth of the medical implants market. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending increased by 5.8% reaching USD 3.2 trillion. In 2016, the healthcare spending in North America had increased to some extent.
However, high cost of the devices and ambiguous regulatory framework may affect the growth of the global medical implants market, negatively.
Medical Implants Market – Segmentation
The global medical implants market is segmented on the basis of types, type of material, and end user.
On the basis the types, it is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, and others.
On the basis of the type of material, it is segmented into metallic material, ceramic material, polymers material, and others.
On the basis of the end users, it is segmented into hospitals & clinics, research laboratories, and others.
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Boston Scientific Corporation
Institut Straumann AG
Johnson & Johnson Services
Medical Implants Market – Regional Analysis:
America dominates the global medical implants market owing to the increasing prevalence of chronic diseases. Additionally, high health care spending, well-developed technology, and increasing geriatric population are likely to fuel the growth of the market. On the other hand, saturation of the market, the high cost of the devices, and changing reimbursement policies may slow the market growth over the review period.
The Americas market for medical implants is divided into North America and South America. North America holds the major share of the market whereas, South America shows the fastest growth across the globe owing to the presence of an opportunity for the development of the market.
The European medical implants market comprises of Eastern Europe and Western Europe. Western Europe comprises of countries such as Germany, the U.K, France, Italy, and Spain. Europe accounts for the second largest global medical implants market owing to increasing support from the government, the presence of huge geriatric population, and high health care spending. Additionally, many European countries are trying to encourage the manufacturers for research & development for the introduction of advanced devices. In addition to this, increasing awareness and developed healthcare infrastructure has provided a push to the growth of the market. However, strict regulatory rules may hinder the progress.
On the other hand, The Middle East & Africa holds the least share, but it is likely to grow rapidly during the forecast period. However, due to the presence of poor and slow developing countries, especially, in the African region, the market may hold least market share.
Major TOC of Medical Implants Market Research Report – Global Forecast to 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Medical Implant Market, by Type
7 Global Medical Implant Market, by Type of Material
8 Global Medical Implant Market, by End User
9 Global Medical Implant Market by Region
10 Competitive Landscape
11 Company Profile
13 List of Tables
14 List of Figures
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