Medical Implant Market-Overview
Medical implants are synthetic-material devices implanted into the human body for medical purposes, usually for a long time. They can be used to replace body parts like hips and knees, dispense medication like pain relievers, monitor and regulate bodily functions like heart rate, and support tissues and organs. Surgical meshes and stents are examples of inert implants that are used to give structural support. The other implant types are active in that they engage actively with the body, for example: by sending out electric impulses in response to changes in heart function.
Furthermore, advances in technology have increased the success rate of implantation surgery all across the world. The presence of large competitors in the industry does indeed have a significant impact on the market by offering high-quality items. These high-quality products and treatments also assist various companies in maintaining their position in the global medical implant market. Long-acting reversible contraceptive implant methods, for example, are 20 times more effective than oral contraceptive tablets and are also easier to use, safer, and last longer. One of the key elements driving demand for medical implants is the success rate. Studies have shown that the average success rate of implant surgeries in the USA is around 95.6%. As a result, the medical implant market will likely rise throughout the forecast period as surgical results improve. During the forecast period of 2020 to 2027, the Medical Implant Market is estimated to grow at a CAGR of 7.6%, reaching USD 279,418.06 million.
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Medical Implant Market Segmental Analysis
The segmentation in the medical implants market is done by type, type of material, and end-user. By type, further segmentation is done by orthopedic, spinal, cardiac, ophthalmic, dental, cosmetic, and others. The market is segmented into ceramic material, metallic material, polymers, and others by type of materials. By end-user, the market is segmented into research laboratories, hospitals and clinics, and others.
Medical Implant Market Regional Analysis
The global medical implant market is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world. The Americas led the market in 2019 and are expected to continue to do so during the evaluation period. The high prevalence of chronic diseases, product launches, and technological advancement in the North American region are all factors driving the market. The North American regional market is anticipated to rise due to the high demand for medical implants and the appropriate supply of skilled specialists in the overall regional segment.
The demand for implants is being fueled by the growing patient pool in hospitals and the availability of products in the region. Furthermore, the regional implant market is expected to develop due to an increase in the number of patients undergoing knee and hip replacement surgeries. Implant availability has expanded, particularly since major implant makers have included zirconia implants in their product lineups. These factors are therefore contributing to the advancement of the medical implant industry. Due to the population of people aged 65 and up is predicted to expand rapidly over the next 50 years, Asia-Pacific is expected to have the biggest medical implant market growth potential throughout the projection period.
The medical implant market in the Middle East and Africa is divided into the Middle East and Africa. The rising prevalence of cardiac and orthopedic ailments and support from both commercial and public entities. Saudi Arabia has the largest healthcare sector in the Middle East.
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Medical Implant Market Competitive Analysis
Some of the key companies involved in the medical implant market are Boston Scientific Corporation (US), Stryker Corporation (US), Johnson & Johnson (US), and Zimmer Biomet (US).
Medical Implant Industry Updates
In August 2021, Swedish researchers devised a method for attaching insoluble antibiotics to graphene coatings which could help prevent biofilm formation on medical devices. They claim that their approach of binding active compounds to graphene is straightforward and could be easily integrated into manufacturing processes instead of previous long-winded ways for loading antibiotics onto implant surfaces.
In July 2021, MiRus, a company led by Jay Yadav, a medical entrepreneur in Atlanta raised USD 65 Million for medical implants. This move is estimated to lead to the fortification of the product portfolio in the coming period.
Table of Content
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY 16
2.2 RESEARCH OBJECTIVE 16
2.3 LIST OF ASSUMPTIONS & LIMITATIONS 17
3 RESEARCH METHODOLOGY
3.1 OVERVIEW 19
3.2 DATA MINING 19
3.3 SECONDARY RESEARCH 20
3.4 PRIMARY RESEARCH 21
3.4.1 PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS 21
3.4.2 BREAKDOWN OF PRIMARY RESPONDENTS 22
3.5 FORECASTING TECHNIQUES 23
3.6 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION 24
3.6.1 BOTTOM-UP APPROACH 24
3.6.2 TOP-DOWN APPROACH 25
3.7 DATA TRIANGULATION 26
3.8 VALIDATION 26
4 MARKET DYNAMICS
4.1 OVERVIEW 27
4.2 DRIVERS 28
4.2.1 IMPROVEMENT IN SURGICAL OUTCOMES 28
4.2.2 INCREASING PREVALENCE OF CHRONIC DISEASES 28
4.2.3 GROWING GERIATRIC POPULATION 29
4.3 RESTRAINTS 30
4.3.1 AMBIGUOUS REGULATORY FRAMEWORK 30
4.3.2 RISK OF INFECTIONS DUE TO MEDICAL IMPLANTS 30
4.4 OPPORTUNITY 31
4.4.1 TECHNOLOGICAL ADVANCEMENTS IN MEDICAL IMPLANTS 31
5 MARKET FACTOR ANALYSIS
5.1 SUPPLY CHAIN ANALYSIS 33
5.1.1 R&D AND DESIGNING 34
5.1.2 MANUFACTURING 34
5.1.3 DISTRIBUTION 34
5.1.4 MARKETING & SALES 34
5.2 PORTER’S FIVE FORCES MODEL 35
5.2.1 THREAT OF NEW ENTRANTS 36
5.2.2 BARGAINING POWER OF SUPPLIERS 36
5.2.3 THREAT OF SUBSTITUTES 36
5.2.4 BARGAINING POWER OF BUYERS 36
5.2.5 INTENSITY OF RIVALRY 36
5.3 IMPACT OF COVID-19 37
5.3.1 IMPACT ON DEMAND 37
5.3.2 IMPACT ON SUPPLY 37
5.3.3 IMPACT ON MARKET PLAYER 37
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