Neurostimulators and orthopaedic implants are the potential target areas for investment for the key players in the Medical Implants Market. These implants are used to replace or support any damaged body organs to enhance function of any body organ or to detect errors in normal body functioning.
The major factors boosting the market growth include technological advancements [such as bioabsorbable stents], rising incidence of chronic diseases, and increasing geriatric population worldwide. Improved patient awareness and rise in disposable incomes in the developing countries would further increase the adoption of medical implants. Huge market opportunities in the emerging nations and rise in development of minimally invasive and non-surgical procedures are expected to foster the demand for medical implants. Alternatively, high cost of medical implants and limited insurance coverage are the key factors impeding the market growth.
These devices are further categorized into reconstructive joint replacements, orthobiologics, and trauma & craniomaxillofacial, among which reconstructive joint replacements had the highest market share in 2015.
Neurostimulators has emerged as the fastest growing segment, registering a CAGR of 12.7% during the forecast period. The major factors contributing to this segments growth are increasing prevalence of neurological disorders, high adoption rate in developed economies, and increasing number of clinical trials. The metallic segment was the leading biomaterial, due to its increasing usage as load bearing implants in joint reconstruction surgeries and dental implants, in 2015.
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The medical implants market in Germany is growing at a steady pace which is attributed to factors such as the rising incidence of chronic diseases in the country. Germany has one of the highest rates of death due to heart disease, higher even than the United States or the United Kingdom, owing to lifestyle factors such as increasing rate of smoking (average nearly 24.5% of the German population above 15 years of age are smokers, in the age group 18- to 25-year 35.2% are smokers) and rising obesity.
Key findings of Medical Implants Market:
- Orthopaedic implant generated the highest revenue in 2015, and is projected to grow at a CAGR of 7.2% during the forecast period.
- The neurostimulators segment is expected to grow at a remarkable CAGR of 12.7% during the analysis period.
- U.S. is the major shareholder accounting for 70.7% share of the overall North American medical implants market.
- Dental implants market is projected to grow at a CAGR of 8.2%.
- Germany accounted for around one-fourth share of the European medical implants market in 2015.
- Japan medical implants market is expected to continue to be the highest revenue-generating market in Asia-Pacific.