Medical Implants Market Size
Medical Implants market size was USD 94.05 billion in 2021 and projected to grow from USD 115.9 billion in 2023 to USD 204.4 billion by 2032, increasing at a CAGR of 7.3% during the forecast period, 2022-2032.
Medical implant is an artificial device or a tissue, used to restore a damaged biological structure. Medical implants have applications in several areas like neurological, cardiovascular, orthopaedic, dental ailments etc. The materials used for preparing implants are metal, plastic, ceramic or even made from skin, bone, or body tissues. Medical implants are either temporary or permanent and can be withdrawn when required. There might be risks associated with the medical implantation like infections, surgical failure or implant failure. Medical implants are helpful in enhancing the existing biological structure.
Market Highlights
Medical Implants Market is expected to project a CAGR of 7.3% during the forecast period, 2022-2032
Medical Implants market is expected to reach USD 204.4 billion, growing at a CAGR of 7.3% during the forecast period owing to the increasing geriatric population and their illnesses leading to the rising medical implantation market. The increasing awareness in people about medical implants and medical insurance policies is expected to boost the medical implant market.
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Medical Implants Market Segmentation:
Orthopaedic Implants segment is expected to dominate in the forecast period
Medical Implants Market is classified based on the Product Type into Orthopaedic Implants, Cardiovascular Implants, Spinal Implant, Neurostimulators, Stents, Stents related Implants, Ophthalmic Implants, Dental Implants, Facial Implants, and Breast Implants, Others. Orthopaedic Implants Test segment is expected to dominate market during the forecast period owing to the increasing prevalence of osteoporosis due to the rising geriatric patients and growing physical illness like obesity which require necessity of medical implants thereby, increasing the market growth.
Metallic Biomaterials segment is expected to dominate in the forecast period
Medical Implants Market is classified based on the Biomaterial Type into Metallic Biomaterials, Ceramic Biomaterials, Polymers Biomaterials, and Natural Biomaterials. Metallic Biomaterials segment is expected to dominate the market in the forecast period owing to the increasing investments in research and developments, rising applications of biomaterials, increasing demand for surgeries which is expected to boost the growth of the market.
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Market Dynamics:
Growth Drivers
Increasing Geriatric Population is Expected to Boost the Growth of the Market
The increasing occurrence of chronic diseases due to the rising geriatric population are creating demand for the medical implants market. As the aged people are frequently prone to diseases like cardiovascular, orthopaedic, endovascular and dental disorders, the necessity of medical implants is growing. The growth of the global medical implants market is driven by several advancements in the technology of medical implants and increased disposable incomes which is expected to boost the market growth. The increasing availability of better medical facilities and increasing emergency cases nay create the growth opportunity for the medical implants market.
Rising Awareness Regarding Medical Implants May Boost the Market Growth
The awareness of public towards the use of medical implants is increasing and might boosts the medical implant market growth. Several initiatives from government and health insurance companies aid in optimising the health issues by covering the medical insurance to implants and thereby, assisting to the growth of the market.
Restraint
High Treatment Cost of Medical Implants May Restrain the Market Growth
The treatment cost and investment of medical implantation is high and reimbursement policies to cover medical implants are inadequate which may hamper the market growth. The strict regulatory norms applied to the medical procedure may resyrainthe market growth.
Recent Developments:
- In August 2021, Orthopaedic Implant Company introduced DRPx System, its wrist fracture plating technology, which received FDA approval to enable ambulatory surgical centres (ASCs).
- In October 2020, Medtronic in USA launched navigated titanium spine implant with Titan nanoLOCK surface technology, Adaptix Interbody System.
Medical Implants Market_Key Players Covered:
- Medtronic Plc.
- Johnson and Johnson
- 3M
- Stryker corporation
- Biotronik
- Institut Straumann AG
- LivaNova PLC
- Smith & Nephew plc
- NuVasive, Inc.
- Integra LifeSciences Holding Corporation
- Sorin S.p.A
- Globus Medical, Inc.
- Boston Scientific Corporation
- Conmed Corporation
- Zimmer Biomet
- Other Prominent Players
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Medical Implants Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region dominated the Medical Implants Market in 2021 and is also expected to dominate over the forecast period due to the presence of growth opportunities for key players of medical implant market and the rising geriatric population which is expected to boost the market growth. The rising awareness on medical implants, availability of trained healthcare professionals is expected to drive medical implants market growth.
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Impact of Covid-19 on Medical Implants Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control coronavirus spread. Covid-19 has affected several industries and even led to shutdown of many business activities including the medical implants market. COVID-19 impacted vascular procedures by reducing implanting procedures due to reduced emergency cases of medical implants and it had negative impact on the growth of the market.
Medical Implants Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Medical Implants Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 7.3% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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Biomaterial Type |
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End User |
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By Region |
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Frequently Asked Questions (FAQ):
Medical Implants Market size was estimated at USD 94.05 billion in 2021 and is expected to reach USD 204.4 billion in 2032.
Medical implant is an artificial device or a tissue, used to restore a damaged biological structure. Medical implants have applications in several areas like neurological, cardiovascular, orthopaedic, dental ailments etc. The materials used for preparing implants are metal, plastic, ceramic or even made from skin, bone, or body tissues.
Orthopaedic Implants and Metallic Biomaterials segment accounted for the largest Medical Implants market share.
Key players: Medtronic Plc., Johnson and Johnson, 3M, Stryker corporation, Biotronik, Institut Straumann AG, LivaNova PLC, Smith & Nephew plc, NuVasive, Inc., Integra LifeSciences Holding Corporation, Sorin S.p.A, Globus Medical, Inc., Boston Scientific Corporation, Conmed Corporation, Zimmer Biomet, and Other Prominent Players are the key players in the Medical Implants Market
Increasing Geriatric Population and Rising Awareness Regarding Medical Implants are the factors driving the Medical Implants market.
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