Market Research Future Insights:
By 2027, the global medical implants market is projected to be worth USD 279,418.06 million is expected to reach a significant CAGR of 7.60%.
Medical implants are objects inserted inside or on top of a patient’s body. The goal of many implants is to replace missing body parts with a prosthesis. Other implants monitor bodily functions, distribute medication, maintain organs and tissues, and give support. The rising incidence of chronic disease has increased demand for medical implants due to the improvement in surgical results, which is boosting market expansion. The need for medical implants is expected to increase as the elderly population grows.
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Type of Material, and End User are the market segments that make up the global medical implant market. Orthopaedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, aesthetic implants, and other segments make up the global market for medical implants. The market is divided into metallic material, ceramic material, polymer material, and others based on the kind of material. The market is divided into hospitals & clinics, research laboratories, and others based on the end user.
Region-based segmentation of the global medical implant market includes the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas have been separated into two regions: North America and Latin America, with the US and Canada making up the bulk of the North American market. In 2019, the Americas held the greatest market share. This is explained by the region’s high prevalence of chronic diseases, new product introductions, and technological development. According to the Administration for Community Living, the number of people 65 and older increased in the Americas during the past 10 years, rising from 37.2 million in 2006 to 49.2 million in 2016.
Western Europe and Eastern Europe each have their segment of the European medical implant market. Germany, France, the United Kingdom, Italy, Spain, and the rest of Western Europe have all been added to the classification of the Western Europe medical implant market. According to predictions, Europe will come in second on the global market for medical implants in 2019. Switzerland, Finland, Luxembourg, Germany, Austria, and Belgium had the most hip and knee replacement surgeries in the region in 2017. For knee replacements, the OECD average is 135 per 100,000 people, while for hip replacements, it is 182 per 100,000 people. In the majority of OECD nations since 2000, the number of hip and knee replacement surgeries has quickly climbed.
China, India, Japan, South Korea, Australia, and the remaining countries in Asia-Pacific make up the different segments of the region’s medical implant industry. Due to the rapidly growing elderly population, Asia-Pacific is anticipated to have the highest market growth potential throughout the projection period. The United Nations predicts that during the next 50 years, Asia’s population of seniors will increase significantly. By 2050, there will be 857 million people in this age group, up from 207 million in 2000.
The Middle East and Africa make up the two segments of the Middle East and Africa medical implant market. The prevalence of orthopaedic and cardiac illnesses is on the rise, and funding from both government and private entities is one of the main drivers of regional market expansion. The Saudi healthcare industry is the biggest in the Near East, according to a report by the International Trade Administration. In comparison to 2018, Saudi Arabia’s budget for health and social affairs projects an 8% increase to USD 46 billion.
The following businesses are the Key Players in the Global Medical Implant Market: Zimmer Biomet, Johnson & Johnson, Stryker Corporation, and Johnson & Johnson (US).
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