Market Overview
By 2027, the Medical Implant Market is expected to increase at a 7.60% CAGR to USD 279,418.06 million.
Medical implants are man-made devices that are implanted into or on the surface of a patient’s body. These devices are utilized to repair or replace damaged biological structures as well as to improve existing biological structures. These medical implants are beneficial in a variety of areas, including orthopedic, cardiovascular, neurological, and dental diseases. There are various types of implants.
Manufacturers in the medical implants market are focused on creating high-quality products and services that reduce re-investment costs for patients. According to a 2017 FPA Sexual Health Charity report, long-acting reversible contraception implants produce superior results. These reversible contraceptive implants are 20 times more effective than oral contraceptive pills and are simple, safe, and long-lasting to use.
COVID-19 has also had a significant impact on the medical implant sector. The medical implants sector has also encountered production challenges such as a scarcity of raw materials and manpower. Vascular treatments are reduced to life or limb-saving cases in places badly affected by COVID-19 as a result of new government instructions or hospital recommendations. During the assessment period, these may have an impact on the medical implants market. As a result, the coronavirus pandemic has had a significant impact on the medical implant business.
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Market Segmentation
The global medical implants market is divided into several categories, including orthopedic implants, cardiac implants, dental implants, spinal implants, ophthalmic implants, aesthetic implants, and others. Orthopedic implants have the greatest global market share of medical implants, accounting for 30.9 percent in 2017.
Ceramic material, metallic material, polymeric material, and others dominate the worldwide medical implant material market. The metallic materials sector has a 49.6 percent market share due to extensively used materials such as stainless steel, cobalt chrome steels, and titanium alloys. The growing number of implant procedures worldwide is propelling the medical implant industry forward.
The global medical implants market is divided into several end-user segments, including research laboratories, hospitals and clinics, and others. The hospitals & clinics category has the greatest market share of 71.5 percent, owing to the increasing number of surgeries in hospitals & clinics, which leads to an increase in demand for medical implants and hence drives the medical implants market growth.
Regional Classification
Geographically, the microelectronic medical implants market is divided into four major regions: Asia-Pacific, Europe, America, the Middle East, and Africa. America has a substantial share of them because of the high prevalence of chronic diseases, modern technology, and product releases in this region. The increased demand for medical implants, as well as the availability of experienced specialists, are driving market expansion in this region.
According to a US government publication, the US has the world’s largest medical device market. The demand for medical implants in Europe is increasing due to an increase in the number of patients in hospitals and the availability of products.
Competitive Landscape:
Boston Scientific Corporation (US),Johnson & Johnson (US),Stryker Corporation (US),3M (US),Zimmer Biomet (US)
Industry News
The Orthopaedic Implant Company introduced its wrist fracture plating technology, the DRPx System, in August 2021 after receiving FDA approval to help hospitals and ambulatory surgical centers (ASCs) increase their financial viability.
Adaptix Interbody System, a guided titanium spine implant with Titan nanoLOCK surface technology, was introduced by Medtronic in the US in October 2020.
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