What is considered a medical implant?
Medical implants are devices or tissues that are placed inside or on the surface of the body. Many implants are prosthetics, intended to replace missing body parts. Other implants deliver medication, monitor body functions, or provide support to organs and tissues.
“The global medical implants market size accounted for $85,389 million in 2019, and is expected to reach $147,464 million by 2027, registering a CAGR of 7.2% from 2020 to 2027.”
Expansion in commonness of persistent illnesses, steady drives from clinical health care coverage organizations for basic issues, and flood in mindfulness in regards to various sorts of inserts expand the development of the worldwide clinical embed market. Then again, significant expense of treatment and rigid endorsement process obstruct the market development. In addition, mechanical headways in inserts expects to set out a variety of open doors for the market players.
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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.
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.
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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
Based on region, the market is analyzed across Asia-Pacific, Europe, LAMEA, and North America. The market across North America held lion’s share in 2019, with more than two-fifths of the global medical implant market. Furthermore, the region would lead the trail throughout the forecast period. At the same time, Asia-Pacific is expected to register the fastest CAGR of 8.8% from 2020 to 2027.
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Important Questions Being Answered by the Market Report
- What is the Medical Implant Market size and growth?
- What are the prominent and latest trends impacting the market?
- Which regions will observe growth on new occasions?
- Which players are adopting a functioning and planned framework to obtain customer loyalty?
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