The Medical Implants market is anticipated to grow with a CAGR of 7.2%, during the forecast period. The major factors attributing to the growth of the medical implants market are technological advancements in the medical implants and increasing geriatric population as it increases the health issues.
For instance, with the increasing aging population, the demand for tooth loss is set to grow. According to the AAID (American Academy Of Implant Dentistry) currently, about 3 million people in the United States have dental implants, and this number is expected to grow by 500,000 annually. Also, there are few factors which are playing pivotal roles in accelerating the medical implants market which includes the hike in disposable income among the people, technological advancements in the implants, and availability of better medical facilities, along with a growing number of cases with damaged limbs or organs caused by different accidents. However, the high cost of medical implants and stringent regulatory policies are expected to restrain the medical implants market for the forecasted period.
Key Market Trends
Orthopedic Implants Segment is Expected to Hold the Largest Market Share in the Medical Implants Market
Orthopedic devices are used to replace missing joints or bone or to give support to the damaged bone. The devices are fabricated by using titanium alloys and stainless steel for strength, and plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopedics, which involves the implementation of implants, in order to repair the damaged bone.
The number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to increase, due to an increase in the aging population. The rise in the osteoporosis-related fractures and musculoskeletal diagnoses are driving the demand for orthopedic implants among the population aged 65 years or older.
According to the Arthritis Research, UK report on “The State of Musculoskeletal Health 2018”, it is estimated that 17.8 million people live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population. The statistics show that the number of orthopedic surgeries is increasing, which leads to an increase in the demand for orthopedic implants.
North America is Expected to Dominate the Medical Implants Market
North America currently dominates the global medical implants market and is expected to follow the same trend throughout the forecast period. This is due to factors such as the rising incidence of chronic diseases like arthritis in the country, well-established insurance policies, and the availability of advanced healthcare infrastructure.
In the North America region, the United States holds the largest market share due to factors such as an increasing number of geriatric populations, which is anticipated to stimulate the demand in this region.
The medical implants market is moderate to highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements in the Medical Implants
4.2.2 Increasing Geriatric Population as it Increases the Health Issues
4.3 Market Restraints
4.3.1 Stringent Regulatory Reforms
4.3.2 High Cost of these Medical Implants
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Orthopedic Implants
188.8.131.52 Hip Orthopedic Device
184.108.40.206 Joint Reconstruction
220.127.116.11 Knee Orthopedic Devices
18.104.22.168 Spine Orthopedic Devices
5.1.2 Cardiovascular Implants
22.214.171.124 Pacing devices
126.96.36.199 Structural Cardiac Implants
188.8.131.52 Deep brain stimulators
184.108.40.206 Spinal cord stimulators
220.127.116.11 Vagus nerve stimulators
18.104.22.168 Gastric Electrical Stimulation
22.214.171.124 Other Neurostimulators
5.1.4 Ophthalmic implants
126.96.36.199 Intraocular lens
188.8.131.52 Glaucoma Implants
5.1.5 Dental Implants
5.1.6 Facial Implants
5.1.7 Breast Implants
5.2 By Type of Material
5.2.1 Metallic Biomaterial
5.2.2 Polymers Biomaterial
5.2.3 Natural Biomaterial
5.2.4 Ceramic Biomaterial
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Biotronik SE & Co. KG
6.1.3 Boston Scientific Corporation
6.1.4 Cardinal Health, Inc.
6.1.5 Conmed Corporation
6.1.6 Globus Medical, Inc.
6.1.7 Integra Lifesciences Holdings Corporation
6.1.8 Johnson & Johnson
6.1.9 Smith & Nephew PLC
6.1.10 Stryker Corporation
6.1.11 Zimmer Biomet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.