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.
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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.
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.
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.
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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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