Global Medical Implants Market Growth, Business Scope and Global Outlook 2027
The global medical implants market is expected to rise at a stable CAGR of 7.07% over the forecast period from 2017 to 2023, according to the latest market research report from Market Research Future (MRFR). The global medical implants market is mainly driven by the growing awareness about medical implants among patients and the growing healthcare expenditure in developed countries.
Medical implants are among the cutting-edge technologies currently used in the healthcare sector and are used to replace lost body parts with synthetic alternatives. Advances in materials and implantation technologies have led to the development of safe and effective implants that can take the place of body parts with ease. This is likely to be the major driver for the global medical implants market over the forecast period, as gaining an edge in terms of technological innovation is likely to remain a major strategy for market players in the global medical implants market over the forecast period.
On the other hand, risks such infection due to the insertion of foreign bodies and inadequate safety protocols for medical implants are likely to hinder the market’s growth over the forecast period. The low disposable income of consumers in developing regions is also a major restraint on the global medical implants market in the short term, as acquiring medical implants remains a relatively expensive medical procedure and thus limited mainly to developed markets.
Leading players in the global medical implants market include Boston Scientific Corporation, Johnson & Johnson Services Inc., Institut Straumann AG, Zimmer Biomet Holdings, Dentsply Sirona, Smith & Nephew, Stryker Corporation, 3M, and Medtronic.
In March 2019, researchers at Stevens Institute of Technology developed a microgel that can be applied to the surface of medical implants and allows for protection of the same against pathogens, reducing the chances of infection post-implant. This eliminates one of the most persistent problems encountered with medical implants, as the operation and insertion of the implant raises the risk of microbial infection around the site. The new technology involves coating medical implants with the microgel, which contains flecks of antibiotics that are released when the electrical activity caused by pathogens is sensed in the area. Research projects aimed at making medical implants more effective and safer are likely to remain a popular draw in the global medical implants market over the forecast period.
The global medical implants market is segmented on the basis of type, type of material, end user, and region.
On the basis of type, the global medical implants market is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, and others. Orthopedic implants hold a dominant 31% share in the global medical implants market and are likely to remain the dominant segment over the forecast period in spite of the cardiac implants segment exhibiting growth at the highest CAGR of 7.63% over the forecast period.
On the basis of type of material, the medical implants market is segmented into metallic materials, ceramic materials, polymers, and others.
On the basis of end use, the global medical implants market is segmented into hospitals & clinics, research laboratories, and others.
The global medical implants market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas dominates the global medical implants market and is likely to remain the major regional players over the forecast period due to the high disposable income of consumers in the region and the presence of several leading medical implant manufacturers in the region, which has driven the medical implants market in the region at a handsome rate over the historical review period. The Americas market for medical implants is expected to rise to a valuation of USD 77,770 million by 2023.
Asia Pacific is expected to exhibit rapid growth in the global medical implants market due to the growing awareness among consumers about medical implants and the growing financial capacity of consumers in Asia Pacific, which has led to growing demand for medical implants in the region. The Asia Pacific market for medical implants is expected to exhibit a robust growth rate of 7.55% over the forecast period.