Medical Implants Market report covers the market landscape and its growth prospects over the coming years. Global Medical Implants Market by Type, Type of Material, Enduser and Regional Forecast to 2023
Medical Implants 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.
Medical Implants Analyzed By Top Key Players
Some prominent market players that have been profiled in MRFR’s competitive analysis include Medtronic, Smith & Nephew, Dentsply Sirona, Boston Scientific Corporation, Johnson & Johnson Services Inc., 3M Company, Stryker Corporation, Zimmer Biomet Holdings Inc., and Institut Straumann AG.
Medical Implants Market Segmentation
The global medical implants market has been segmented on the basis of the end user, types, and type of material. End-users are segmented into hospitals & clinics, research laboratories, and others. By types, the market is segmented into cardiac implants, cosmetic implants, dental implants, ophthalmic implants, orthopedic implants, spinal implants, and others. Segmentation on the basis of the type of material covers, ceramic material, metallic material, polymers material, and others.
Medical Implants Market Regional Analysis
The Americas presently hold the most significant global market share and are estimated to value approximately USD 77.7 billion by 2023. The increasing demand driven by the large patient population, high surgical success rates and the presence of a well-developed healthcare sector in developed countries of the region are significant drivers of market growth. The existence of key market players and ongoing research and development into the advancement of medical implants are expected to assist market growth.
The second largest global market share belongs to Europe due to supportive government regulations, the presence of a huge geriatric population and considerable investments in healthcare in the region. Investments in research are expected to unveil new opportunities in the coming years.
The Asia-Pacific is the fastest growing region with a remarkable CAGR of 7.55% during the forecast period of 2017 to 2023. Emerging economies that belong to this region such as, India and China are increasing healthcare expenditure. Growing awareness and changing lifestyles have led to a surge in demand for effective medical implants.
Meanwhile, the Middle East & Africa is expected to experience limited growth due to the unavailability of appropriate medical facilities and the slow development of the healthcare sector in Africa. Middle Eastern countries such as Qatar which have emerging economies are expected to witness growth, albeit limited.
Latest Industry News
Leading life sciences investment firm from Australia, BioScience Managers, has recently invested in the Canary Health Implantable Reporting Processor (CHIRP), CHIRP uses a highly innovative sensor and communication technology in medical devices to enable patient monitoring remotely. Belonging to a new class of implants, “Smart” medical implants automatically report everything from patient activity and treatment to recovery and treatment failure.
Additive Orthopaedics has received FDA approval for its 3D-printer bone segments. Patient-specific 3D-printed bone segments are a revolutionary advancement in orthopedic implants that allow implant revision.
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