February 28, 2024

Medical Devices Segment Is The Largest Segment Driving The Growth Of Medical Implants Market

The Global Medical Implants Market is estimated to be valued at US$ 109.9 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical implants are medical devices manufactured to replace damaged biological structures or enhance an existing biological structure. They include implants such as artificial hip joints, knee implants, dental implants, cardiovascular implants, implantable pacemakers, and lenses. Medical implants offer patients relief from pain and restore mobility.

Market key trends:
The advancement in material science has enabled the development of new medical implant material such as polymeric and ceramics material which provides advantages over conventional metallic implants material. These new generation material offer greater biocompatibility, higher corrosion resistance, lightweight, flexibility and strength. For instance, polymeric material provide flexibility and elastic modulus similar to biological tissue which reduces stress shielding effects. Similarly, bioactive ceramics material like hydroxyapatite forms a chemical bond with surrounding living bone which enhance osseointegration. This development of new material is anticipated to drive the demand of medical implant over the forecast period.

SWOT Analysis
Strength:
Medical implants provide long term treatment solutions. Implants like pacemakers and joints replacement help improve patients’ quality of life.
Weakness: Risk of infections and rejection of foreign bodies by immune system. High costs associated with implantation surgeries and devices.
Opportunity: Growing geriatric population suffering from chronic diseases boosts demand. Emerging economies expanding healthcare sectors create new markets.
Threats: Stringent regulatory approval process delays market entry of new technologies. Ongoing product recalls over safety concerns affect sales.

Key Takeaways

The Global Medical Implants Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of chronic diseases and road accidents worldwide requiring surgical implantation of devices.

North America dominated the medical implants market in 2023 with over 35% revenue share owing to high healthcare spending and rapid adoption of advanced technologies. However, Asia Pacific is anticipated to exhibit highest CAGR during the forecast period supported by rising medical tourism, favorable policy support and expansion of private healthcare sectors in China and India.

Key players operating in the Medical Implants market are Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. The market is fragmented in nature with players competing based on portfolio diversification, innovation and pricing. Strategic partnerships for new product development will likely remain critical for sustaining revenue growth over the long term.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it