by The Medical Implants Market is estimated to be valued at US$ 109.9 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical implants refer to medical devices or artificial devices that are placed inside the human body to replace or support damaged tissues or organs. Major devices included are orthopedic implants, cardiac implants, spinal implants, and implants used in reconstructive surgeries. Growing geriatric population that is more prone to conditions like arthritis, increasing prevalence of lifestyle diseases and trauma injuries, and technological advancements are driving growth of the market.
Market Dynamics:
Rising number of trauma injuries and accidents globally is a key driver for the medical implants market. For instance, according to the World Health Organization (WHO), road accidents account for around 1.35 million annual deaths globally. Implantation of devices is a preferred line of treatment in case of fracture or trauma for faster recovery. Additionally, increasing cases of degenerative joint diseases among geriatric population is also surging demand for orthopedic implants. With rapid technological advancements, medical implants are becoming more durable, customized, and compatible with the human body which is further fueling adoption. However, high costs associated with implantation surgeries and extended product approval timelines by regulatory authorities remains a challenge for market growth.
Segment Analysis
The medical implants market is segmented on the basis of type of product, which includes orthopedic implants, spinal implants, ophthalmic implants, cardiovascular implants, dental implants and others. Among these, orthopedic implants dominate the market with the highest share, accounting for over 30% of the total market. This is because orthopedic implants find highest applications in knee reconstruction, hip reconstruction and trauma fixation procedures where implantable devices are used to address musculoskeletal disorders.
PEST Analysis
Political: Regulations in the medical devices industry are stringent to ensure patient safety. However, government initiatives to improve access to healthcare are driving growth of this market.
Economic: Rising healthcare expenditures and growing economy in developing nations are increasing patients’ ability to spend on medical procedures involving implants.
Social: Rising geriatric population worldwide and growing awareness about availability of implants are key social factors augmenting demand.
Technological: Advancements in biomaterials, miniaturization and digitization are allowing development of improved and novel implant designs for better clinical outcomes.
Key Takeaways
The Global Medical Implants Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 109.9 Bn. North America dominates the market currently due to high healthcare spending and early availability of new implant technologies. However, Asia Pacific is expected to witness fastest growth due to rising medical tourism and improving access to healthcare in countries like China and India.
Key players operating in the medical implants market include Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. Regional analysis shows that North America currently dominates due to high healthcare spending and presence of major players. However, Asia Pacific is expected to witness fastest growth during the forecast period due to rising medical tourism and improving access to healthcare in countries like China and India.
Key players operating in the medical implants market include Biotronik, Inc., which offers implantable medical devices for cardiac rhythm management; Livanova Plc, a medical technology companyoffering neuromodulation, cardiovascular and advanced surgery offerings; NuVasive, Inc., which provides spine surgery solutions; and Institut Straumann AG, among others, known for dental implants and related products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
