The Global Medical Implants Market is expected to grow at a CAGR of 7.07% during the forecast period 2017-2023.
Medical implant is the process of replacing missing or damaged biological structure of the body. These are the manmade devices or tissues that placed over or inside the surface of the body. There are range of application where these implants are used for the treatment and help to repair the damaged part of the body. Rising prevalence of chronic disease, improvement of surgical outcomes, acceptance of advanced medical implants devices by patients, and increasing ageing population around the world are the key drivers of the global medical implant market. According to the registry of the International Society for Heart and Lung Transplantation, approximately 500-600 pediatric heart transplantation procedures are performed globally every year, which represents around 12% of the total number of heart transplants performed. And in 2014, a total number of children heart transplants executed globally were 586.
Moreover, companies are more into mergers, acquisition, and collaboration activity in order to provide better treatment procedure. In this regards, Johnson & Johnson Services, Inc. in September 2016, acquired Abbott Medical Optics for developing the product line of intraocular lenses implanted into cataract patients following surgery, and a variety of eye drops and cleaning solutions that will complement J&J’s extensive line-up of contact lenses. Also, in May 2016, Knifeless Tech Systems was acquired by 3M. The business acquired is an installation tool used to cut self-adhesive films applied to vehicle wraps 3M.
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Furthermore, increasing consumer awareness about various repairs and preventive cares associated with body and rapidly increasing population worldwide have consistently added to the growth of the medical implants market globally. Furthermore, increasing spending in the healthcare domain fuelling the growth of the medical implants market. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending increased by 5.8% reaching USD 3.2 trillion. In 2016, the healthcare spending in North America had increased to some extent.
However, high cost of the devices and ambiguous regulatory framework may affect the growth of the global medical implants market, negatively.
Some of the key players in this market are Boston Scientific Corporation (U.S.), Medtronic (Ireland), Johnson & Johnson Services, Inc. (U.S.), 3M (U.S.), Institut Straumann AG (Switzerland), Stryker Corporation (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Smith & Nephew (U.K), Dentsply Sirona (U.S.).
The Americas dominates the global medical implants market owing to the increasing prevalence of patients suffering with damaged body organs, improvement in surgical outcomes, presence of strong economic condition, and focus of research institutions on updating technology for new and advanced medical implants devices.
Europe holds the second position in the market owing to increasing support from the government, and the presence of huge geriatric population, and high healthcare spending. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014. France recorded the second highest level of current health care expenditure of EUR 237 billion.
Asia Pacific is the fastest growing market owing to more number of developing nations present in this region, for instance, countries like India and china. These countries are encouraging the growth of the medical implants devices.
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The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and less development in the healthcare domain. However, countries such as Qatar and Kuwait are focusing more on the healthcare and developing medical facilities, which is expected to boost the market of this region.
- The Global Medical Implants Market is estimated at USD 112,083 million in 2016.
- Cardiac implant is the fastest growing segment, which is projected grow at a CAGR of 7.63% during the forecast period 2017-2023.
- The Americas captured the largest market globally and is expected to USD 77,770 million by 2023.
- Asia Pacific is the fastest growing region across the globe and is expected to grow at a CAGR 7.55% during the forecast period.
The report for Medical Implants Market by Market Research Future comprises of extensive primary research along with the detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight of the market and industry performance. The report gives a clear picture of current market scenario which includes past and estimated future market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information and strategies of top key players in the industry. The report also gives a broad study of the different markets segments and regions.
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