Rising prevalence of bone related issues, growing global geriatric population, and technological advancements in healthcare industry are some key factors expected to drive market growth
According to Emergen Research, the global next generation implants (NGI) market size was USD 3.43 Billion in 2020 and is expected to reach USD 4.45 Billion in 2028 and register a revenue CAGR of 3.2% during the forecast period, 2021-2028.
Market Dynamics:
Next-generation implants are medical devices or tissues designed to replace a missing body part or to provide support for the growth of bone structures. Some implants are permanent and remain in the patient’s body for the rest of their lives, while others are only temporary such as screws. Pacemakers, stents, and cardiac valves are examples of permanent implantation. These devices are largely used in healthcare industries as it allows patients to recover quickly from severe injuries and continue their regular activities. Increasing awareness regarding benefits of next-generation implant is a major factor expected to drive market revenue growth during the forecast period. Major players in the market are focusing on the development of cardiac devices, retinal implants, blood pressure sensors, and other next-generation medical implants, that can improve patients’ lives and allow them to continue their daily activities with minimal discomfort.
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In addition, technological advancements in small sized medical devices, advancements in machine learning algorithms in implants for better performance, and increasing government R&D expenditure in healthcare industry are some factors expected to contribute market revenue growth over the forecast period. Smaller devices are more lightweight, use less energy, and provide a higher level of patient comfort. However, high cost of technology and risk associated with medical implants are some factors expected to restrain market growth over the forecast period. The common risks of medical implants include infection, surgical risks during removal or placement, swelling and redness, bruising at the surgical site, pain, and implant failure. Some people are even allergic to the materials used in implant surgery and this can potentially restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Orthopedic Implants Segment Revenue to Expand at a Rapid CAGR:
Orthopedic implants segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing number of patients suffering from bone related diseases or osteoarthritis, increase in global geriatric population and rising incidence of sports-related injuries.
Hospital Segment to Register Significant Revenue Growth:
Hospital segment is expected to register significant revenue growth over the forecast period due to increasing prevalence of orthopedic injuries, rising government investments in healthcare (especially during Covid 19), advances in modern diagnostic techniques for better patient outcomes, and growing focus on and awareness about regular health checkups.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to rising disposable income among individuals, well-developed healthcare infrastructure, and government favorable policies on orthopedic treatments. In addition, presence of key players in the region and increasing investment in medical research are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Abbott Laboratories
- Smith & Nephew plc
- Johnson & Johnson
- Boston Scientific Corporation, C.R. Bard, Inc.
- Medtronic Public Limited Company
- Wright Medical Group N.V
- Stryker Corporation
- Globus Medical Inc.
- DENTSPLY SIRONA Inc.
- Zimmer Biomet Holdings Inc.
For the purpose of this report, Emergen Research has segmented the global next generation implants (NGI) market based on application, material, end-use, and region:
Application Outlook (Revenue, USD Billion; 2018–2028)
- Orthopedic Implants
- Cardiovascular Implants
- Ocular Implants
- Dental Implants
- Others
Material Outlook (Revenue, USD Billion; 2018–2028)
- Metals and Metal Alloys
- Ceramics
- Polymers
- Biologics
- Others
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Orthopedic Clinics
- Academic and Research Institutes
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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