Global Medical Implants Market is set to register a CAGR of 7.07% during the forecast period 2017 to 2023. The widening range of application of medical implants in the healthcare sector is anticipated to fuel demand in the market over the next couple of years.
The key drivers of the medical implants market accelerating the revenue creation for market participants include the adoption of implants by patients, rising prevalence of chronic diseases, increasing aging population, etc. The rising investments in the development of medical implants are expected to favor the growth of the medical implants market in the forthcoming years.
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The increasing awareness about repairs and preventive care of the human body has catalyzed the growth of the medical implants market. The trend is anticipated to perpetuate in the foreseeable future.
Additionally, the global increase in healthcare expenditure is likely to have a positive impact on the medical implants market proliferation. However, ambiguous regulatory frameworks coupled with high costs associated with surgeries are projected to hold the market growth through the projection period.
Some of the key players profiled in the report are Boston Scientific Corporation (U.S.), Johnson & Johnson Services, Inc. (U.S.), Medtronic (Ireland), Institute Straumann AG (Switzerland), Zimmer Biomet Holdings, Inc. (U.S.), 3M (U.S.), Smith & Nephew (U.K), Stryker Corporation (U.S.), and Dentsply Sirona (U.S.).
By type, the global medical implants market is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, and others. The cardiac implants segment is prognosticated to register a relatively higher CAGR of 7.63% over the forecast period.
By type of material, the medical implants market has been segmented into metallic material, ceramic material, polymers material, and others.
By end-users, the global medical implants market is segmented into hospitals & clinics, research laboratories, and others.
In September 2018, North America-based Southern Implants has received approval for an internal hex dental implant system, Provata, by the FDA.
In September 2018, U.K. based medical device company, Johnson & Johnson Medical, has announced the acquisition of Emerging Implant Technologies (EIT), an established manufacturer of 3D-printed titanium interbody implants.
In December 2018, Medtronic, a global leader in medical technology, services, and solutions, has completed the acquisition of an Israeli Medical Device Company, Mazor Robotics, for USD 1.7 Bn.
In January 2019, Swedish-based Episurf Medical’s Episealer which has been personalized for knee implants has been approved by the Food & Drug Administration (FDA).
The global medical implants market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is, at present, the largest market for medical implants and is anticipated to exhibit substantial growth over the assessment period. The factors such as early adoption of advanced technologies, high healthcare expenditures, availability of advanced medical implant devices, etc. are poised to drive the expansion of the medical implants market in the region.
Europe is prognosticated to retain its second position in the marketplace owing to high healthcare expenditure, increasing investments in research & development, etc. Meanwhile, Asia Pacific is anticipated to strike the highest CAGR of 7.55% over the assessment period. The high growth is attributable to the consolidation of fast-developing economies.
The Middle East & Africa is projected to witness sluggish growth due to limited access to developed healthcare facilities. However, the developing healthcare sector of Middle Eastern countries such as Qatar and Kuwait are forecasted to catapult the medical implants market on an upward trajectory.
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