Medical Implants Market

SKU: DMMD1907 | Last Updated On: Oct 07 2022 | Available Formats

> Medical Implants Market Expected to reach at a high CAGR of 8.5% by 2029: DataM Intelligence

Medical Implants Market is segmented by Implant Type (Orthopedic Implant, Cardiac Implant, Spinal Implants, Dental Implants, Ophthalmic Implants, Cosmetic Implants, others), By Material Type (Ceramic, Polymer, Metallic), By End User (Hospitals, ASCs, Dental Hospitals, Orthopedic Centers, Research Organizations, others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Medical Implants Market size was valued US$ 97,920.4 million in 2021 and is estimated to reach US$ 183,724.6 million by 2029, growing at a CAGR of 8.5% during the forecast period (2022-2029).

Medical Implants Market

Metrics

Details

Market CAGR

8.5%

Segments Covered

By Implant Type, By Material Type, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The medical industry has made use of metal instruments for centuries, from the first scalpels and forceps to modern implants and scopes. As medical science has improved, the applications of implants have expanded and changed. Manufacturing techniques have also advanced, increasing the design possibilities for medical implants. Specifically, technological and medical advancements have made medical implants an essential part of modern medical device manufacturing.

Implants are devices or tissues that are inserted inside or on the surface of the body. A few implants are manufactured from the skin, bone, or other body tissues whereas some are made from metal, plastic, ceramic, or other materials. The most frequently used implants fall into the categories of cardiovascular, neuroprosthetic, and orthopedic implants.

Market Dynamics

The global medical implants market is growing due to several factors such as, growing research and development activities, increasing incidence of chronic diseases, and advancement in product by manufacturers.

Increasing prevalence of chronic disease and rising R&D activities are expected to drive the market growth.

An increasing number of chronic diseases is primarily driving the global medical implants market in recent years and is expected to remain the same over the forecast period. For instance, according to the Journal of Clinical and Diagnostic Research, more than 20,000 pacemakers are implanted each year in India and the numbers are growing annually.

 According to Ohio State University 2020, more than 600,000 knee replacement surgeries are performed in the United States every year which is nearly double the surgeries performed during 2011, technological advancements are improving the accuracy and reducing the surgery time and recovery time.

Increasing research and developments in medical technology, surging geriatric population are increasing the demand for global implants over the forecast period. For instance, in Jan 2021, Medtronic announced that DiamondTemp ablation system got approved by U.S.FDA for treatment of patients that have recurrent, paroxysmal atrial fibrillation. It is the 1st FDA approved irrigated radiofrequency ablation system that is temperature controlled.

High cost of medical implants is expected to hamper the market growth.

High cost associated with these devices is the major factor that is restraining the growth of market. Reimburse issue and stringent regulations are the also the factors of concern that can restrict the growth of market.

Industry Analysis

The global medical implants market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis and pricing analysis.

Segment Analysis

Orthopedic implants segment is expected to hold the largest market share in global medical implants market

Based on application global medical implants market is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, and others. Orthopedic implants dominate the global medical implants market and are anticipated to remain the same over the forecast period.

 Orthopedic implants hold the highest market share and are expected to remain the same over the forecast period due to the increasing number of orthopedic implant-related injuries. According to American Academy of Orthopedic Surgeons, in United States, there is an increase in knee and hip replacement injuries by 101%, and is expected to increase further.

Cardiac implants hold the second largest market share due to the increasing prevalence of cardiac implant-related disorders. For instance, according to the Journal of Clinical and Diagnostic Research in 2019, currently, worldwide there are more than 3 million people with a pacemaker or other cardiac rhythm management device and each year 700,000 new pacemakers are implanted.
Based on material type, the global medical implants market is categorized into metallic, ceramic, and polymers. The ceramic segment holds a significant share as they are distinct from metallic and polymers. These are used in the repair and reconstruction of diseased or damaged parts of the musculoskeletal system and are useful as joint or tissue replacements.

Geographical Analysis

North America region holds the largest market share in the global medical implants market

The global medical implants market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. 

North America dominates the global medical implants due to technological advancements and an increasing number of implant-related surgeries. For instance, according to American Academy of Orthopedic Surgeons in 2019, in United States, 860,080 hip and knee replacement procedures were performed by 4,755 surgeons at 654 institutions, which is expected to increase by 1.2X times over the forecast period.

Europe holds the second largest market share as the usage of implants is increasing. According to The Bone and Joint Organization, 3.1 million hip and 2.5 million knee replacements are registered in Europe since 1975. Asia Pacific is registering the fastest CAGR due to the increasing number of manufacturers and key players, technological advancements, various novel product launches, increasing population, rising awareness about these products in countries such as India, China, and Japan.

For instance, in Mar 2022, Abbott announced that Japanese Ministry of Health, Labour and Welfare approved the reimbursement coverage expansion for FreeStyle Libre System. These kind of initiatives will lead to fastest growth of medical implant in this region.

Competitive Landscape

The medical implants market is highly competitive with presence of large number of players. Some of the major players in the global Medical Implants market are: Boston Scientific Corporation, Medtronic, Johnson & Johnson Services, Inc, 3M, Institut Straumann AG, Stryker Corporation, Zimmer Biomet Holdings, Inc, Smith & Nephew, Dentsply Sirona, Tornier N.V.

The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the Medical Implants market globally. For instance,

  • In Feb 2022, Medtronic announced U.S. FDA approved Freezor and Freezor Xtra cardiac cryoablation focal catheters. These are the first ablation catheters approved by FDA for the treatment of pediatric atrioventricular nodal reentrant tachycardia.
  • In Apr, 2022, Abbott announced the approval of Aveir by U.S. Food and Drug Administration. Aveir is a single chamber leadless pacemaker for treating slow heart rhythms patients.
  • IN Oct 2021, Boston Scientific announced its definitive agreement for acquisition of Baylis Medical Company. This will lead to expansion of its electrophysiology and heart product portfolios.
  • For instance, In Jan 2021, Medtronic announced that DiamondTemp ablation system got approved by U.S.FDA for treatment of patients that have recurrent, paroxysmal atrial fibrillation.

 Key Companies to Watch

Boston Scientific Corporation:

Overview: Boston is a multinational biomedical engineering company. It manufactures medical devices that includes interventional cardiology, neurovascular intervention, cardiac surgery, oncology, vascular surgery etc. it also offers minimally invasive implantable cardiovascular defibrillator. It was founded in 1979 and is headquartered in Massachusetts, United States.  

Product Portfolio:

ADVANTIO pacemaker: It is battery powered, small device that has a tiny computer. It is implanted in the body to observe and treat abnormal heart rhythms. This delivers electrical signals that makes heart beat normally whenever it detects slow heart rhythms.

Key Developments: In Jan 2021, Boston Scientific Corp. announced its agreement of acquisition of Preventice Solutions Inc., a private company that provides products of mobile cardiac health solutions and services.

The global medical implants market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.

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