Medical Implants Market Insights
Medical implants, with their ability to replace or support a damaged organ or body part, have a wide range of applications in a rapidly growing market that was estimated to value USD 112.83 billion in 2016. Market Research Future's (MRFR) report on the global medical implants market predicts a significant increase in value and CAGR during the forecast period 2017 to 2023.
Rising incidences of chronic diseases, the increased success rate of surgical procedures, a globally growing geriatric population and the growing adoption of advanced medical devices are some key drivers of market growth. Ongoing development of medical technology and the broad scope for innovative medical implant solutions are expected to be significant growth facilitators.
Market leaders have adopted the strategy to merge, acquire or collaborate with startups to advance better implant options. This is due to the dedicated efforts that startups put into developing unique, patented products and procedures, thus furthering market growth.
High costs associated with medical implants and inefficient regulatory framework is likely to pose challenges for the global Medical Implant Market. However, with growing development of technology and the strong demand for affordable medical implants is expected to create new avenues for growth.
Market Segmentation
The global medical implants market has been segmented by type, type of material, end-user, and region.
By type, the market has been segmented into orthopedic implant, cardiac implant, spinal implant, dental implant, ophthalmic implant, cosmetic implants and others. Presently, the orthopedic implant segment possesses nearly one-third of the total market share. However, the cardiac implant segment is expected to grow at an impressive CAGR of 7.63 during the forecast period of 2017 to 2023.
By type of material, the market has been segmented into metallic material, ceramic material, polymers material and others.
By end user, the market has been segmented into hospitals & clinics, research laboratories, and others.
By region, the global market has been segmented into the Americas, Europe, the Asia-Pacific, and the Middle East & Africa.
Regional Analysis
The Americas presently hold the most significant global market share and are estimated to value approximately USD 77.7 billion by 2023. The increasing demand driven by the large patient population, high surgical success rates and the presence of a well-developed healthcare sector in developed countries of the region are significant drivers of market growth. The existence of key market players and ongoing research and development into the advancement of medical implants are expected to assist market growth.
The second largest global market share belongs to Europe due to supportive government regulations, the presence of a huge geriatric population and considerable investments in healthcare in the region. Investments in research are expected to unveil new opportunities in the coming years.
The Asia-Pacific is the fastest growing region with a remarkable CAGR of 7.55% during the forecast period of 2017 to 2023. Emerging economies that belong to this region such as, India and China are increasing healthcare expenditure. Growing awareness and changing lifestyles have led to a surge in demand for effective medical implants.
Meanwhile, the Middle East & Africa is expected to experience limited growth due to the unavailability of appropriate medical facilities and the slow development of the healthcare sector in Africa. Middle Eastern countries such as Qatar which have emerging economies are expected to witness growth, albeit limited.
Key Players
Some prominent market players that have been profiled in MRFR's competitive analysis include Medtronic, Smith & Nephew, Dentsply Sirona, Boston Scientific Corporation, Johnson & Johnson Services Inc., 3M Company, Stryker Corporation, Zimmer Biomet Holdings Inc., and Institut Straumann AG.
Latest Industry News
Leading life sciences investment firm from Australia, BioScience Managers, has recently invested in the Canary Health Implantable Reporting Processor (CHIRP), CHIRP uses a highly innovative sensor and communication technology in medical devices to enable patient monitoring remotely. Belonging to a new class of implants, "Smart" medical implants automatically report everything from patient activity and treatment to recovery and treatment failure.
Additive Orthopaedics has received FDA approval for its 3D-printer bone segments. Patient-specific 3D-printed bone segments are a revolutionary advancement in orthopedic implants that allow implant revision.
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