Medical Implant Market Insights
Medical implants, with their ability to replace or support a damaged organ or body part, have a wide range of applications in a rapidly growing market that was estimated to value USD 112.83 billion in 2016. Market Research Future’s (MRFR) report on the global medical implants market predicts a significant increase in value and CAGR during the forecast period 2017 to 2023.
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Rising incidences of chronic diseases, the increased success rate of surgical procedures, a globally growing geriatric population and the growing adoption of advanced medical devices are some key drivers of market growth. Ongoing development of medical technology and the broad scope for innovative medical implant solutions are expected to be significant growth facilitators.
Market leaders have adopted the strategy to merge, acquire or collaborate with startups to advance better implant options. This is due to the dedicated efforts that startups put into developing unique, patented products and procedures, thus furthering market growth.
High costs associated with medical implants and inefficient regulatory framework is likely to pose challenges for the global medical implant market. However, with growing development of technology and the strong demand for affordable medical implants is expected to create new avenues for growth.
Key Players for the Global Medical Implants Market
Some of the key players in this market are Boston Scientific Corporation (US), Medtronic (Ireland), Johnson & Johnson Services, Inc. (US), 3M (US), Institut Straumann AG (Switzerland), Stryker Corporation (US), Zimmer Biomet Holdings, Inc. (the US), Smith & Nephew (UK), and Dentsply Sirona (US).
Medical Implants Market Segmentation
Global Medical Implants, by Types
- Orthopedic Implants
- Cardiac Implants
- Spinal Implants
- Dental Implants
- Ophthalmic Implants
- Cosmetic Implants
Global Medical Implants, by Type of Material
- Metallic Material
- Ceramic Material
- Polymers Material
Global Medical Implants, by End Users
- Hospitals & Clinics
- Research Laboratories
Medical Implants Market Regional Analysis
The global medical implants market consists of four regions—the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
America dominates the global medical implants market owing to the increasing prevalence of chronic diseases. Additionally, high health care spending, well-developed technology, and increasing geriatric population are likely to fuel the growth of the market. On the other hand, a saturation of the market, the high cost of the devices, and changing reimbursement policies may slow the market growth over the review period.
The Americas market for medical implants is divided into North America and South America. North America holds a significant share of the market, whereas; South America shows the fastest growth across the globe owing to the presence of an opportunity for the development of the market.
The European medical implants market comprises of Eastern Europe and Western Europe. Western Europe consists of countries such as Germany, the UK, France, Italy, and Spain. Europe accounts for the second-largest global medical implants market owing to increasing support from the government, the presence of huge geriatric population, and high health care spending.
On the other hand, the Middle East & Africa holds the least share, but it is likely to proliferate during the forecast period. However, due to the presence of poor and slow developing countries, especially in the African region, the market may hold the least market share.
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