A report on “Medical Implants Market Report” published by Allied Market Research states that the global medical implants market is expected to accrue a sum of $116 billion by 2022. Orthopedic implant is likely to contribute to a high market share throughout the forecast period. North America captured the highest market share in 2015 and is expected to remain dominant throughout the study period.
The growth of the medical implants market is driven by factors such as technological advancements, growing incidence of chronic diseases, the burgeoning geriatric population across the globe, improved patient awareness, and rise in disposable incomes in the developing countries. However, the high cost of treatment associated with medical implants as well as limited insurance coverage are acting as impediments for the market growth. The other hand, huge market opportunities in the developing countries, increasing consumer preference for a better quality of life, and increased development of minimally invasive and non-surgical procedures are likely to present immense growth opportunities for the market.
By type, the market is divided into orthopedic implants, cardiac implants, stents, spinal implants, neurostimulators, dental implants, breast implants, and facial implants. The orthopedic implants segment is divided into reconstructive joint replacements, orthobiologics, and trauma & craniomaxillofacial. The reconstructive joint replacements captured the largest market share in 2015. Neurostimulators is expected to be the fastest growing segment, growing at a CAGR of 12.7% during the study period. This is due to the growing prevalence of neurological disorders, high adoption rate in developed economies, and rise in the number of clinical trials. In 2015, the most adopted biomaterial was metal, owing to its greater usage as load bearing implants in joint reconstruction surgeries and dental implants.
Geographically, the market for medical implants is divided into North America, Europe, Asia-Pacific, and LAMEA. In 2015, North America was the highest revenue generating region and is expected to dominate the market through the study period. This is due to the growing awareness of medical implants and advanced healthcare infrastructure in the region. Nevertheless, Asia-Pacific is likely to grow at the fastest CAGR, owing to rise in prevalence of chronic disorders (such as heart disease, cancer, and diabetes), growing geriatric population, and enhanced healthcare infrastructure.
In Germany, the market for medical implants is growing at a steady rate due to the growing prevalence of chronic diseases. The expenditure on dental services is more than any other European country apart from Switzerland, which makes it an attractive market for the dental implants industry.
The major players operating in the medical implants market are Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Integra Lifesciences Holdings Corporation, Medtronic Plc., Smith & Nephew Plc., St. Jude Medical, Inc., Zimmer Biomet Holdings, Inc., C.R. Bard Inc., LivaNova Plc., and Straumann AG. They implement strategies such as new product launches collaborations to grab a bigger market share and expand their reach glob.
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