The global medical implants market size was worth $ 4315 million in2018 and is forecasted to reach $ 7034 million by 2026, at a CAGR of 6.3% during the forecast period.
The medical industry has made use of metal instruments for centuries, from the first scalpels and forceps to modern implants and scopes. As medical science has improved, the applications of implants have expanded and changed.
Manufacturing techniques have also advanced, increasing the design possibilities for medical implants. Specifically, technological and medical advancements have made medical implants an essential part of modern medical device manufacturing.
Implants are devices or tissues that are inserted inside or on the surface of the body. A few implants are manufactured from skin, bone or other body tissues where as some are made from metal, plastic, ceramic or other materials. The most frequently used implants fall into the categories of cardiovascular, neuroprosthetic and orthopedic implants.
Market Dynamics: Drivers, Restraints, Opportunities Challenges:
Increasing number of chronic diseases is primarily driving the global medical implants market in recent years and expected to remain same over the forecast period. For instance, according to Journal of Clinical and Diagnostic Research, in 2018, more than 20,000 pacemakers are implanted each year in India and the numbers are growing annually.
According to Ohio State University, more than 600,000 knee replacement surgeries are performed in the United States every year which is nearly double the surgeries performed during 2011, technological advancements are improving the accuracy and reducing the surgery time and recovery time.
Increasing research and developments in medical technology, surging geriatric population are increasing the demand for global implants over the forecast period.
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However high cost of these devices is hampering the global medical implants market.
Medical Implants Market, By Application
• Orthopedic Implants
• Cardiac implants
• Spinal implants
• Dental implants
• Ophthalmic implants
Orthopedic implants dominate the global medical implants market and anticipated to remain same over the forecast period. Orthopedic implants hold the highest market share and expected to remain same over the forecast period due to increasing number of orthopedic implant related injuries. According to American Academy of Orthopedic Surgeons in 2018, in United States, there is an increase in knee and hip replacement injuries by 101% and expected to increase further.
Cardiac implants hold the second largest market share due to increasing prevalence of cardiac implant related disorders. For instance, according to Journal of Clinical and Diagnostic Research in 2018, currently, worldwide there are more than 3 million people with a pacemaker or other cardiac rhythm management device and each year 700,000 new pacemakers are implanted.
Medical Implants Market, By Material
Ceramic segment holds the significant share as they are distinct from metallic and polymers. These are used in the repair and reconstruction of diseased or damaged parts of the musculo-skeletal system and useful as joint or tissue replacements.
The global medical implants market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
North America dominates the global medical implants due to technological advancements and increasing number of implant related surgeries. For instance, according to American Academy of Orthopedic Surgeons in 2017, in United States, 860,080 hip and knee replacement procedures were performed by 4,755 surgeons at 654 institutions, which is expected to increase by 1.2X times over the forecast period.
Europe holds the second largest market share as the usage of implants is increasing. According to The Bone and Joint Organization, 3.1 million hip and 2.5 million knee replacements are registered in Europe since 1975.
Asia Pacific is registering fastest CAGR due to increasing number of manufacturers and technological advancements in countries such as India, China and Japan.
Companies are focusing on key strategies such as collaboration, acquisitions, and product launches which are boosting the growth of the market globally.
The key players in medical implants market are Boston Scientific Corporation, Medtronic, Johnson & Johnson Services, Inc, 3M, Institut Straumann AG, Stryker Corporation, Zimmer Biomet Holdings, Inc, Smith & Nephew, Dentsply Sirona, Tornier N.V.
On October 11, 2018, Catalyst OrthoScience introduced its three-peg glenoid implant for its Catalyst CSR Total Shoulder System, designed for shoulder arthroplasty, at the American Shoulder and Elbow Surgeons Annual Meeting in Chicago.
On December 19, 2017, Abbott launched first smartphone compatible insertable cardiac monitor to detect arrhythmias.
On January 28, 2016, Promimic announced that the company’s strategic partner Sistema de Implante Nacional (SIN) has initiated the launch of the first dental implant coated with Promimic’s implant surface.
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