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Global Medical Implants Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Type of Material & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 12380
Pages: 190
Formats: report pdf report excel report power bi report ppt

Global Medical Implants Market Size (2022 to 2027)

The size of the global medical implants market was worth USD 90340 million in 2021 and is estimated to be growing at a CAGR of 6.42% from 2022 to 2027. The market size is predicted to grow USD  1,31,225.92 million by 2027 from USD 96,139.83 million in 2022.

A medical implant is an artificial device or tissue used to repair or augment biological features that have been damaged. Skin, bone, and other bodily tissues are used in certain implants, while metal, plastic, and ceramic materials are used in others. Medical implants can be left in place indefinitely or removed when no longer required. Infections, surgical risks, and implant failure are all risks and problems connected with medical implantation. Chronic ailments such as cardiovascular disease, orthopedic disorders, endovascular diseases, and dental disorders are more common in the elderly. Consequently, they are the primary consumers of medical implants such as kidney and hearing implants.

Impact of COVID-19 on the global medical implants market:

The outbreak of COVID-19 has slowed the growth rate of most markets, including the medical implants market. Furthermore, the American College of Surgeons has published guidelines for vascular surgery patient triage, suggesting that non-emergency peripheral vascular treatments like endovascular therapy for claudication be postponed. Furthermore, due to new government regulations or hospital rules, vascular surgeries in areas severely afflicted by COVID-19 have been reduced to life or limb-saving instances. All of these factors are expected to have a future impact on the global medical implants market. In addition, many countries have been put under lockdown due to the escalating number of COVID-19 cases, and trade with other countries has been halted. They've also imposed travel restrictions, resulting in a reduction in medical services.

The number of people visiting hospitals and clinics for medical reasons has declined, resulting in a drop in the need for surgeries and, as a result, medical implants. In addition, as compared to growth rates over the previous decade, manufacturers have suffered a considerable drop in revenue. Furthermore, as the COVID-19 pandemic has put a strain on the healthcare system, the number of orthopedic procedures conducted has decreased, limiting the market for medical implants. During the forecast period, however, demand is expected to rise following the pandemic.

MARKET DRIVERS:

Rising elderly and obese populations, an increase in the number of road accidents and trauma cases, a growing demand for minimally invasive surgical techniques, and an increase in chronic diseases are primarily driving the global medical implants market.

Furthermore, innovations in medical implants and increased knowledge regarding artificial implants are driving the global medical implants market forward. In addition, medical implant technical improvements are also propelling the global medical implants market forward. Furthermore, an increase in disposable income, the availability of superior medical facilities, and an increase in the number of instances involving injured limbs or organs as a result of various reasons are all factors that contribute to the medical implants market's rapid rise.

The global medical implants market is further expected to rise as healthcare professionals become more aware of various medical implants. Furthermore, medical health insurance companies' initiatives to address vital health issues assist the market's global growth in the coming years. Some of the most recent developments in the global medical implants market include increased mergers and acquisitions and quick product introductions.

MARKET RESTRAINTS:

However, the market's growth is restricted by the high cost of therapy connected with medical implants and the lengthy approval process. Furthermore, infections, surgical risks, and implant failure are all risks and problems connected with medical implantation. The key challenges to the market growth are the lack of product specifications guidelines from the national regulatory body, the scarcity of institutionalized healthcare payers, and the lack of transparency and formalized Health Technology Assessment in coverage decision-making. In addition, lack of proper infrastructure and logistics and concentrated supply chains are among the significant obstacles healthcare corporations identified when producing medical devices in some areas.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Type of Material & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global medical implants market has been segmented and sub-segmented based on product, type of material & region.

Medical Implants Market – By Product:

  • Orthopedic Implants
  • Cardiovascular Implants
  • Ophthalmic implants
  • Dental Implants
  • Facial Implants
  • Breast Implants
  • Other Implants

In the global medical implants market, the orthopedic Implants Segment is expected to hold the largest share during the forecast period. Orthopedic implants are medical implants that are used to replace missing joints or bones and provide support for damaged bones. For strength, these devices are made of titanium alloys and stainless steel, with a plastic coating that works as artificial cartilage. Internal fixation is a type of orthopedic surgery that involves the placement of implants to heal a broken bone. In addition, these implants are also used to correct abnormalities, improve posture, and restore skeletal function.

In 2020, the global cardiovascular implants market was worth USD 21.8 billion and is projected to be growing at a CAGR of 13.4% from 2021 to 2026.

The dental implants segment was gaining traction in the past few years and is forecasted to register a CAGR of 10.2% during the forecast period.

The global market for facial implants was worth USD 2.2 billion in 2020 and is estimated to grow at a CAGR of 8.6% from 2021 to 2026.

On the other hand, the global breast implants market is expected to do well in the near future and grow at a CAGR of 6.02% from 2021 to 2026.

Medical Implants Market – By Material:

  • Metallic Biomaterial
  • Polymers Biomaterial
  • Natural Biomaterial
  • Ceramic Biomaterial

The metallic biomaterials segment contributed the most to the worldwide medical implants market in 2020, accounting for over two-thirds of the total, and is expected to maintain its dominance by 2026. The rise in the aging population increased research and development investments, the boom in biomaterials applications, demand for plastic surgery, and payments offered by the Center for Medicare and Medicaid Services are all contributing factors.

Medical Implants Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

The North American region is currently dominating the global medical implants market, and this trend is likely to continue throughout the forecast period. This is attributable to several variables, including the country's increased prevalence of chronic diseases like arthritis, well-established insurance policies, and modern healthcare infrastructure.

In the coming years, the medical implants market in Asia-Pacific is also predicted to rise rapidly. This is due to the country's aging population, growing awareness of medical implants' therapeutic applications, rising prevalence of chronic diseases, rising disposable income, and strengthening healthcare infrastructure. Furthermore, rising healthcare expenditures and improved healthcare infrastructure are likely to boost the region's medical implants market forward. In addition, expanding populations and economies in developing nations such as India and China are expected to drive the medical implants market in Asia forward.

TOP COMPANIES IN THIS MARKET:

Companies playing a promising role in the global medical implants market profiled in this report are Medtronic PLC, Johnson & Johnson, Stryker Corp., Zimmer Biomet Holding Inc., St. Jude Medical Inc., Boston Scientific Corp., Edwards Lifesciences Corp., Straumann Holding AG, Osstem Implants Co. ltd., Abbott Laboratories, Smith & Nephew and Neuropace Inc.

RECENT MARKET DEVELOPMENTS:

  • CancelleX porous titanium lumbar interbodies, the first injection-molded titanium foam spinal implants pre-attached to disposable, composite polymer instruments, will be available in July 2020, according to XencoMedical.
  • Medtronic will offer the Adaptix Interbody System in the United States in October 2020, a guided titanium implant with Titan nanoLOCK surface technology, a blend of macro, micro, and nano surface textures.
  • In January 2019, Ametek Specialty Metal Products enhanced its implanted medical device product offering by releasing two additional Titanium strip grades – grades 9 and 23 to strengthen its product line for implanted medical devices.

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