Market Research Future (MRFR) Has Thoroughly Studied the Trends and Patterns in the Global Medical Implants Market. The Report offers insights into the Leading Market Players and Presents an Assessment of their Current Market Position.
Market Research Future (MRFR)’s latest report projects that the Global Medical Implants Market is set to register a CAGR of 7.07% during the forecast period 2017 to 2023. The widening range of application of medical implants in the healthcare sector is anticipated to fuel demand in the market over the next couple of years.
The key drivers of the medical implants market accelerating the revenue creation for market participants include the adoption of implants by patients, rising prevalence of chronic diseases, increasing aging population, etc. The rising investments in the development of medical implants are expected to favor the growth of the medical implants market in the forthcoming years.
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The increasing awareness about repairs and preventive care of the human body has catalysed the growth of the medical implants market. The trend is anticipated to perpetuate in the foreseeable future. Additionally, the global increase in healthcare expenditure is likely to have a positive impact on the medical implants market proliferation. However, ambiguous regulatory frameworks coupled with high costs associated with surgeries are projected to hold the market growth through the projection period.
Some of the key players profiled in the report are Boston Scientific Corporation (U.S.), Johnson & Johnson Services, Inc. (U.S.), Medtronic (Ireland), Institute Straumann AG (Switzerland), Zimmer Biomet Holdings, Inc. (U.S.), 3M (U.S.), Smith & Nephew (U.K), Stryker Corporation (U.S.), and Dentsply Sirona (U.S.).
In September 2018, North America-based Southern Implants has received approval for an internal hex dental implant system, Provata, by the FDA.
In September 2018, U.K. based medical device company, Johnson & Johnson Medical, has announced the acquisition of Emerging Implant Technologies (EIT), an established manufacturer of 3D-printed titanium interbody implants.
In December 2018, Medtronic, a global leader in medical technology, services, and solutions, has completed the acquisition of an Israeli Medical Device Company, Mazor Robotics, for USD 1.7 Bn.
In January 2019, Swedish-based Episurf Medical’s Episealer which has been personalized for knee implants has been approved by the Food & Drug Administration (FDA).
By type, the global medical implants market is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, and others. The cardiac implants segment is prognosticated to register a relatively higher CAGR of 7.63% over the forecast period.
By type of material, the medical implants market has been segmented into metallic material, ceramic material, polymers material, and others.
By end-users, the global medical implants market is segmented into hospitals & clinics, research laboratories, and others.
By region, the global medical implants market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is the largest market for medical implants and is expected to flourish in the forthcoming years. The factors responsible for favoring the growth of the market in the region are increasing patient pool, accelerated investments in researches, developed healthcare, advanced technologies, etc.
Europe holds the second spot in the global medical implants market due to exponential geriatric population, rising healthcare expenditure, increasing government support, etc. Asia Pacific is projected to be the fastest growing regional market over the assessment period. The presence of countries such as China and India are likely to favor the growth of the medical implants market in the region. Meanwhile, the Middle East & Africa region is poised to hold a comparatively lesser share of the global market owing to limited development in the healthcare sector. However, economically strong countries such as Qatar and Kuwait are poised to aid market expansion in the foreseeable future.
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