Market Overview:
The medical implants market is estimated to expand by exhibiting a CAGR of 7.50% during the forecast period. This is growth of the market can be attributable to the increasing need for medical implants due to a surge in the prevalence of diseases such as epilepsy, Parkinson’s diseases, cardiac disorders. Additionally, the rising geriatric population, coupled with several regulatory approvals for newer devices, is fueling growth of the global medical implants market.
The launch of newer products and an increasing number of approvals from the Food and Drugs Administration (FDA) are estimated to benefit market growth. Along with this, the market is likely to get benefit from the increasing incidences of cardiovascular diseases (CVDs) including congestive heart failure, cardiac arrest, stroke, and coronary artery diseases. Treatment of these diseases require implants such as defibrillators and pacemakers. According to the World Health Organization (WHO), CVDs are one of the leading reasons for deaths globally in 2015 by accounting for 31.0% share. This may skyrocket the demand for medical implants, which is estimated to drive the market.
However, the risk of exposing the human body to the electromagnetic effects and reduced transmission through wireless RF suffers is restraining growth of the global medical implants market. Nonetheless, increasing the adoption of electromagnetic simulation software is estimated to offer several growth opportunities for growth of the global medical implants market during the estimated time frame. Additionally, the governments are increasingly trying to change their policies and regulations to make it safeguard the patients by improving the safety and quality of the implants. For instance, in 2019, India’s Drugs Technical Advisory Board recommended that the government strengthen its system for tracking the devices and report in case of adverse events.
Competitive Analysis:
Some of the major companies in the global medical implants market include Medtronic, Boston Scientific Corporation, 3M, Johnson & Johnson Services, Inc., Institute Straumann AG, Zimmer Biomet Holdings, Inc., and Stryker Corporation, Dentsply Sirona, and Smith & Nephew.
Segmentation:
The medical implants market is segmented on type, type of material, end user, and region.
On the basis of type, the medical implants market report is segmented into orthopedic implants, spinal implants, cardiac implants, dental implants, ophthalmic implants, cosmetic implants, and others.
On the basis of the type of material, the market report is segmented into ceramic material, metallic material, polymers material, and others.
On the basis of end users, the medical implants market is segmented into research laboratories, hospitals & clinics, and others.
Regional Analysis:
Regionally, the largest implants in the world is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America accounted for 49.18% in 2017 and is estimated to remain dominant in the global medical implants market in the coming period. This is attributable to the presence of several government policies coupled with FDA approvals for the various products in the U.S. Additionally, a high incidence of cardiovascular diseases in the region is fueling growth of the overall market.
However, the Asia Pacific region is estimated to expand with the fastest CAGR owing to presence of the largest population as well as untapped potential of the market in the region. In addition to this, improving healthcare facilities and increasing geriatric population are driving growth of the global medical implants market. Increasing investment in healthcare for the adoption of advanced healthcare facilities in the region is likely to propel the growth of the global medical implants market. Further, increase in medical tourism in the region coupled with the increasing affordability of medical facilities in the region and especially in India and China.
Industry News:
In October 2019, Garwood Medical Devices has received a breakthrough from the Food and Drugs Administration (FDA) for it’s a device – BioPrax device.
In October 2019, the FDA has cleared imaging devices for Viseon, Inc. for its device that integrates minimally invasive surgical procedures. Launch of such devices and medical implants are likely to drive the market in the coming years.
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