Rise in prevalence of chronic diseases, supportive initiatives from medical health insurance companies for critical issues, and increase in awareness regarding different types of implants drive the growth of the global medical implant market. However, high cost of treatment and stringent approval process restrain the market growth. Contrarily, technological advancements in implants present new opportunities in the coming years.
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The medical implants market accounted for $85.38 billion in 2019, and is expected to reach $147.46 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.
Medical implant is a medical device used to replace a missing biological structure, support a damaged biological structure, or enhance an existing biological structure. The medical implant market has gained prominence in the recent years, owing to increase in geriatric population, rapid technological advancements, alarming rise in incidence of chronic diseases, increase in adoption of advanced medical implant, and surge in awareness about the benefits & availability of these devices. Alternatively, high cost of medical implant and limited insurance coverage are the key factors impeding the market growth.
The growth of the global medical implants market is attributed to increase in geriatric population, surge in awareness about therapeutic applications of medical implants, and alarming increase in prevalence of chronic diseases. Furthermore, innovation and technological advancements in medical implants notably contribute toward the growth of the global medical implant market.
Onkar Sumant
The metallic biomaterials segment to maintain its lead position by 2027
Based on biomaterial type, the metallic biomaterials segment contributed to the highest share in 2019, accounting for nearly two-thirds of the global medical implant market, and is projected to maintain its lead position by 2027. This is attributed to rise in aging population, increase in research and development investments, surge in applications of biomaterials, demand for plastic surgery, and reimbursements provided by Center for Medicare and Medicaid Services. However, the polymers biomaterials segment is expected to portray the highest CAGR of 9.4% during the forecast period. This is due to prevalence of chronic diseases across the globe and demand for cardiac regeneration.
Covid-19 Scenario
- 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.
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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Leading market players
- Medtronic Plc.
- Johnson and Johnson
- Boston Scientific Corporation
- Biotronik
- LivaNova PLC
- Globus Medical, Inc.
- NuVasive, Inc.
- Integra LifeSciences Holding Corporation
- Institut Straumann AG
- Conmed Corporation
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