Medical Implants Market Overview
Market Research Future (MRFR) reveals that the medical implants market would procure a CAGR of 7.60% from 2020 to 2027. The medical implants market size is likely to reach USD 279,418.06 Million by the analysis period’s end.
Rapidly mushrooming aging populace paired with the surging cases of chronic diseases will enhance the medical implants market size in the coming years. Advanced age gives way to various chronic ailments such as cardiovascular diseases, orthopedic disorders, endovascular diseases, and dental disorders. This raises the need for innovative medical implants for smoother movement. Technical advances coupled with the improving surgical outcomes are a few other growth rendering factors in the global medical implants industry.
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Financial Aid by Government to be a Huge Growth Booster
Healthcare professionals today are highly skilled and knowledgeable about the latest medical implants available in the market. This helps facilitate immense market growth. Additionally, initiatives by several medical health insurance firms supporting critical health challenges, in line with government financial assistance bolsters the market share as well. Strong government support by way of insurance coverage for financially unsound patients further enhances the demand for medical implants.
Medical Implants Market Opportunities
Smart Medical Implants to Gain Popularity
The fast-growing medical smart implants market size is viewed as a lucrative opportunity by the renowned firms. Medical smart implants have been witnessing robust demand owing to the escalating use of smartphones, soaring preference for smartphone-compatible and wireless medical devices and the significant focus on fitness and health. High preference for home healthcare has also been opportune for the medical smart implants market.
Medical Implants Market Segmentation
Medical implants market segments, with respect to type, include cardiac implants, orthopedic implants, dental implants, spinal implants, cosmetic implants, ophthalmic implants, and others. The orthopedic implants segment has the biggest share in the global industry and can continue doing so over the coming years owing to the surging cases of osteoporosis among elderly people and the rise in physical ailments including obesity.
The types of material studied in the MRFR report include polymers material, ceramic material, metallic material, and others. Advantages of using metallic materials are high biocompatibility, rigidity, strength, more corrosion-resistance and greater strain-bearing capacity compared to other type of materials. Also, metallic medical implants are non-allergic, and non-radio-opaque, and are therefore witnessing robust demand in the global market.
Top end users in the global medical implants market are research laboratories, hospitals & clinics, and others. Hospitals and clinics segment is in the lead since their number has been growing at a dramatic pace all over the world and therefore, in view of the availability of various medical services and facilities, hospital admissions and surgeries have also increased.
Medical Implants Market Regional Analysis
The Americas shall remain the most lucrative medical implants market in the coming years, thanks to the soaring burden of various chronic ailments. Substantial spending on the healthcare sector, extensive deployment of modern medical technologies, and the blossoming aging population will further add to the market value. Significant financial condition in the region, high number of sophisticated medical facilities, surging incidences of damaged limbs or organs in line with escalating number of accidents will raise the use of medical implants over the years to come.
Europe is the second major gainer in the global market for medical implants, on account of the blossoming elderly patient base as well as the presence of a well-developed healthcare industry. The mounting number of surgeries, soaring need to curb healthcare costs and the growing availability of large-scale funding for researches as well as product development also benefit the European market. Escalating cases of orthopedic disorders like osteoporosis, arthritis, fractures and soft-tissue injuries, especially among the geriatric populace has bolstered the use of orthopedic implants in Europe.
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Medical Implants Market Key Companies
Medtronic (Ireland), Johnson & Johnson Services Inc. (US), 3M (US), Institut Straumann AG (Switzerland), Boston Scientific Corporation (US), Zimmer Biomet Holdings Inc. (the US), Smith & Nephew (UK), Dentsply Sirona (US), Stryker Corporation (US), are some of the top medical implant manufacturers listed in the MRFR review report.
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