Medical Implant Market: Information By Type (Orthopedic Implants, Cardiac Implants, Spinal Implants, Dental Implants, Ophthalmic Implants, Cosmetic Implants), By Type of Material (Metallic Material, Ceramic Material, Polymers Material), By End User (Hospitals & Clinics, Research Laboratories) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Global Forecast till 2027
Market Highlights
Global Medical Implant Market is expected to have a market value of USD 279,418.06 Million by 2027.
Medical implants are devices that are placed inside or on the surface of the patient body. Many implants are prosthetics envisioned to replace missing body parts. Other implants deliver medication, provide support to organs and tissues or monitor body functions. Due to the improvement in surgical outcomes, the increasing prevalence of chronic disease has boosted the demand for medical implants, thereby accelerating market growth. The Increasing geriatric population is anticipated to drive the demand for medical implants further.
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Key Players
MRFR recognizes the following companies as the Key Players in the Global Medical Implant Market— Boston Scientific Corporation (US), Johnson & Johnson (US), Stryker Corporation (US), 3M (US), and Zimmer Biomet (US).
Segment Analysis
Global Medical Implant Market has been segmented into Type, Type of Material, and End User. The global medical implant market, by type, has been segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, others. On the basis of type of material, the market is bifurcated into metallic material, ceramic material, polymers material, others. On the basis of end user, the market is categorized into hospitals & clinics, research laboratories, and others.
Regional Analysis:
Global Medical Implant Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. Americas accounted for the largest market share in 2019. This can be attributed to the high prevalence of chronic diseases, product launches, and technological advancement in this region. The high demand for medical implants and the adequate availability of skilled professionals in the region are expected to fuel the regional market growth. According to a SelectUSA.gov publication, the US has the largest medical device market in the world. Additionally, the growing elderly population is also helping in the growth of the medical implant market in the Americas. As per the Administration for Community Living, in the Americas, over the last ten years, the population aged 65 and over grew from 37.2 million in 2006 to 49.2 million in 2016.
The European medical implant market has been divided into Western Europe and Eastern Europe. The Western Europe medical implant market has further been classified into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. Europe is estimated to hold the second position in the medical implants market in 2019. A large patient pool, an increasing number of orthopedic surgeries, and availability of advanced products in the region are some of the key factors attributing to the market growth. In 2017, Switzerland, Finland, Luxembourg, Germany, Austria, and Belgium were the countries with the highest number of hip and knee replacements in the region. The OECD averages are 135 per 100,000 for knee replacements and 182 per 100,000 population for hip replacements. Since 2000, the hip and knee replacement procedures have increased rapidly in most OECD countries.
The medical implant market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is expected to register the highest market growth potential over the forecast period due to the booming geriatric population. According to the United Nations, the number of people aged 65 and above is expected to grow dramatically over the next 50 years across Asia. The population in this age group will increase by 314%, from 207 million in 2000 to 857 million in 2050. Moreover, increasing per capita disposable income of middle-class families, which accounts for a large population in Asia, results in individuals spending more on health. This is one of the factors driving the growth of the regional medical implant market during the study period.
The Middle East & Africa medical implant market is segmented into the Middle East and Africa. The key factors propelling the growth of the regional market are increasing in the number of rises in the prevalence of cardiac and orthopedics disorders and funding by private players and government bodies. As per a report by the International Trade Administration, the Saudi health care sector is the largest in the Near East. Saudi Arabia's health and social affairs budget for 2019 outlines an 8% increase to USD 46 billion compared to USD 42.4 Billion in 2018.
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