As per research conducted by Allied Market Research, the global medical implants industry garnered $85.38 billion in 2019, and is projected to generate $147.46 billion by 2027, witnessing a CAGR of 7.2% from 2020 to 2027. The report offers an extensive analysis of changing market trends, top segments, major investment pockets, regional scenarios, value chain, and competitive landscape.
Medical Implant Market By Product Type (Orthopedic Implants, Cardiovascular Implants, Spinal Implant, Neurostimulators, Ophthalmic Implants, Dental Implants, Facial Implants, and Breast Implants) and Biomaterial Type (Metallic Biomaterials, Ceramic Biomaterials, Polymers Biomaterials, and Natural Biomaterials): Global Opportunity Analysis and Industry Forecast, 2020–2027
Increase in prevalence of chronic diseases, supportive initiatives from medical health insurance companies for critical issues, and surge in awareness regarding different types of implants augment the growth of the global medical implant market. On the other hand, high cost of treatment and stringent approval process impede the market growth. Moreover, technological advancements in implants anticipates to create an array of opportunities for the market players.
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Ascend in predominance of persistent illnesses, steady drives from clinical health care coverage organizations for basic issues, and expansion in mindfulness in regards to various kinds of inserts drive the development of the worldwide clinical embed market. Notwithstanding, significant expense of treatment and rigid endorsement process limit the market development. Conversely, mechanical progressions in inserts present new open doors before long.
The metallic biomaterials segment to maintain its lead position by 2027
In light of biomaterial type, the metallic biomaterials fragment added to the most noteworthy offer in 2019, representing almost 66% of the worldwide clinical embed market, and is projected to keep up with its lead position by 2027. This is ascribed to ascend in maturing populace, expansion in innovative work ventures, flood in utilizations of biomaterials, interest for plastic medical procedure, and repayments gave by Center to Federal health care and Medicaid Administrations. Nonetheless, the polymers biomaterials fragment is supposed to depict the most noteworthy CAGR of 9.4% during the conjecture time frame. This is because of pervasiveness of constant sicknesses across the globe and interest for cardiovascular recovery.
- The covid-19 outbreak impacted the medical implant market negatively. The American College of Surgeons (ACS) has recently issued guidelines for triage of vascular surgery patients, suggesting to postpone non-emergency vascular procedures.
- According to new government directives and hospital guidelines, vascular procedures have been restricted for life or limb salvaging cases only. The staff have been reallocated to Covid wards.
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Based on product type, the market is segmented into orthopedic implants, cardiovascular implants, spinal implant, neurostimulators, ophthalmic implants, dental implants, facial implants, and breast implants. The orthopedic implants segment accounted for largest market share, with nearly two-fifths of the global market in 2019, and is expected to maintain the dominance throughout the forecast period. In addition, the segment is also expected to manifest the fastest CAGR of 7.3% from 2020 to 2027.
North America to maintain its leadership status in terms of revenue by 2027
Based on region, North America held the highest share in 2019, contributing to more than two-fifths of the global medical implant market, and will maintain its leadership status in terms of revenue by 2027. This is attributed to increase in number of cardiovascular diseases and surge in aging population in the region. However, Asia-Pacific is estimated to manifest the fastest CAGR of 8.8% from 2020 to 2027, owing to untapped opportunities such as expanding healthcare budgets and rise in disposable income.
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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Leading market players
- Medtronic Plc.
- Johnson and Johnson
- Boston Scientific Corporation
- LivaNova PLC
- Globus Medical, Inc.
- NuVasive, Inc.
- Integra LifeSciences Holding Corporation
- Institut Straumann AG
- Conmed Corporation
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