Global Medical Implant Market is expected to register a CAGR of 7.60% during the assessment period of 2020 to 2027, to reach USD 279,418.06 Million by 2027.
Market Dynamics
Quality treatments reduce the re-investment cost for patients as the market players are focused on introducing the best quality products and treatments to beat the competition. Moreover, improvement in technology leads to the success rate of implantation surgery around the globe. The presence of big players plays an important role in the market by introducing quality products. These quality products and treatments also help these players sustain their presence in the global market. For instance, long-acting reversible contraceptive implant methods are 20 times more effective than oral contraceptive pills and easy to use, safe, and long-lasting compared to contraceptive pills. This technology helps in family planning. According to a report published by the FPA Sexual Health Charity in 2017, long-acting reversible contraceptive implants have the best outcome. According to a report published by the American Joint Replacement Registry, in 2017, there was a 50% reduction in revision rates of hip and knee implants, owing to registry initiation and identification of best practices. However, according to the FDA approval study, the successful implantation rate is 95.6%, which is the highest success rate reported in the US in 2016. The success rate is one of the major factors, which boosts the demand for medical implants. Thus, the improvement in surgical outcomes is expected to drive the growth of the global medical implant market during the forecast period.
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Segmentation
Global Medical Implant Market is segmented based on Type, Type of Material and End User.
The global medical implant market based on the type has been segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, others. The global medical implant market, by type of material, has been segmented into metallic material, ceramic material, polymers material, others. The metallic material segment held the largest market share in 2019. Metallic materials, such as cobalt chrome steels, stainless steel, and titanium alloys, are widely used in implants. The increasing number of implant surgeries all over the world is fueling the market growth. The global medical implant market, by end-user, has been segmented into hospitals & clinics, research laboratories, and others. The hospitals & clinics segment dominated the market. The increasing number of surgeries in the hospitals & clinics also raises the demand for medical implants, which is propelling the market growth of this segment.
Regional Analysis
Global Medical Implant Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The Americas spearheaded the market in 2019 and is likely to continue to command during the assessment period. Americas is owing to the high prevalence of chronic diseases, product launch, and technological advancement in this region. The high demand for medical implants and the adequate availability of skilled professionals in the region are expected to fuel the regional market’s growth. According to a USA.gov publication, the US has the largest medical device market in the world.
The European medical implant market has been divided into Western Europe and Eastern Europe. The Western Europe medical implant market has further been classified into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The increasing patient pool in the hospitals and the availability of products in the region are also contributing to the demand for medical implants. Moreover, an increase in the number of patients undergoing knee and hip replacement surgeries is anticipated to boost the regional market growth. The availability of implants in the market has increased, especially since established implant companies such as Straumann (Pure and Snow) and Nobel Biocare (Nobel Pearl) have added zirconia implants to their product portfolios. These factors are also playing an important role in the growth of this market.
The medical implant market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is expected to witness the highest market growth potential over the forecast period due to the population of age 65 and above is expected to grow dramatically over the next 50 years. In this region, the population in this age group will increase by 314%, from 207 million in 2000 to 857 million by 2050. Many adults residing in the region are expected to suffer from various orthopedic and cardiac disorders. Moreover, the increasing per capita disposable income of middle-class families, which accounts for a large population in Asia, results in individuals spending more on health. This is one of the factors driving the growth of the regional medical implant market during the study period.
The Middle East & Africa medical implant market is segmented into the Middle East and Africa. The increasing prevalence of cardiac and orthopedics disorders and funding by private players and government bodies. As per a report by the International Trade Administration, the Saudi health care sector is the largest in the Near East. Saudi Arabia’s health and social affairs budget for 2019 outlines an 8% increase to USD 46 billion compared to USD 42.4 billion in 2018.
Key Players
The Prominent Players in the Global Medical Implant Market are Boston Scientific Corporation (US), Johnson & Johnson (US), Stryker Corporation (US), 3M (US), and Zimmer Biomet (US).
Some of the key strategies followed by market players operating were FDA approvals, joint ventures, acquisitions, expansions, and collaborations, among others.
- In May 2020, Smith & Nephew announced the launch of its JOURNEY II Unicompartmental Knee (UK) system. This system is paired with the increased range in implant sizes and a lateral specific base plate, making it easy to perform well-balanced medial and lateral unicompartmental arthroplasties.
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