Global Medical Implants Market Is Expected To Foresee Significant Growth During The Forecast Period. North America To Witness The Highest Growth Rate.
The global Medical Implants Market is expected to grow at a CAGR of 6.8% from 2021-2027 to reach US$ 145 billion by 2027. Medical implant devices provide substantial benefits. Artificial hips can help people recover functions whereas cardiac pacemakers can save lives. However, the cost of these implantable devices is high. Implantable medical devices (IMDs) need to face numerous barriers to enter the market like high R&D costs and getting regulatory approvals, winning patents, and convincing hospitals to purchase their products. Thus, IMDs have relatively few competitors. Only 3 companies account for 90% of the pacemakers’ sales and 4 companies for 95% of knee and hip implant sales. Thus, making these companies oligopolies, where there is a low number of sellers, and each company has some control over what they charge for the products. The degree of competition among the companies is also limited. All company items need a different skillset to function, like one company knee transplant may fix differently from others. Due to this, hospitals do not easily switch suppliers and thus, reducing the competition.
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Various factors driving the global medical implants market include the increasing cases of covid-19 infection over the world paired with rising prevalence of chronic illness. The increasing awareness among people about medical implants is boosting the market growth. Furthermore, health insurance companies are supporting medical implants to increase their popularity. Governments around the world are also supporting medical implants. However, the high cost of medical implants is acting as the major hindering factor for the market growth.
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With the increase in ageing population and the prevalence of chronic diseases, the requirement of implantable devices has grown significantly in the past few decades. According to the United Nations World Population Ageing 2019, there were 703 million people aged 65 years or above and the number is expected to double to 1.5 billion in 2050. Between 1990 to 2019, the percentage of elderly population (i.e., 65 years or above) worldwide has increased from 6% to 9%.
Medical implants can range from sensors, cardiac and gastric pacemakers, deep brain, nerve, and bone stimulators to cardioverter defibrillators. Engineering challenges with these implants includes stable performance and low energy consumption.
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Due to the ongoing lockdowns during Covid-19 pandemic many hospitals and clinics have temporarily closed their operation. Another reason for this was the rising cases of Covid-19 among healthcare professionals. With increasing cases globally and hospitals burdened with Covid cases, the medical implants market was brought to a halt. Non-life-threatening implants are the last thing in people’s mind and the shutdown of clinic has not helped the business. Government has also given orders to limit medical surgeries to only life-threatening ones. This means until it is a life-threatening limb implant, the implants market was in a shutdown during the covid surge, impacting sales in the market.
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Based on types, the medical implants market is segmented into orthopedic implants, cardiovascular implants, spinal implants, dental implants, cosmetic implants, and others. Sometimes neurological and cardiovascular illnesses cannot just be cured by medication and may need implantable device to help in the treatment process. These implants can be permanent or temporary. For example, hip and knee implants are permanent whereas chemotherapy ports, screws etc. that are used to repair broken bons can be removed once the bones are repaired. Based on material, the market is segmented to Metallic, Ceramic, Polymers, Others. Metals are most widely used for load bearing implants. Based on End-users the report segments the market into Hospitals/ Physicians, Clinics, Biopharmaceutical Companies, Others. The Hospitals/ Physicians end-user segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
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Additionally, the report provides detailed initiatives that are being taken in the field of global medical implants market. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated maximum revenue in 2020 owing to the increasing geriatric population and chronic illnesses. Some of the major players operating in the market include Abbott Laboratories, Novartis International AG, Orthofix International N.V., Johnson & Johnson Limited, Tornier N.V., Sorin S.p.A, Edwards Life-sciences Corporation, Smith & Nephew plc, Stryker Corporation, Boston Scientific Corporation. Several M&As along with partnerships have been undertaken by these players to develop global medical implants market.
Global Medical Implants Market Segmentation
Market Insight, by Type
- Dental Implants
- Orthopedic Implants
- Cardiovascular Implants
- Spinal Implants
- Cosmetic Implants
Market Insight, by Material
Market Insight, by End-User
- Hospital and Clinics
- Specialty Centers
Market Insight, by Region
- North America Medical Implant Market
- United States
- Rest of North America
- Europe Medical Implant Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Medical Implant Market
- Rest of Asia-Pacific
- Rest of World Medical Implant Market
Top Company Profiles
- Abbott Laboratories,
- Novartis International AG
- Orthofix International N.V.
- Johnson & Johnson Limited
- Tornier N.V.
- Sorin S.p.A
- Edwards Life-sciences Corporation
- Smith & Nephew plc
- Stryker Corporation
- Boston Scientific Corporation