The medical implants are specific types of artificial devices, which are mainly used to exchange the damaged biological structures or enhance an existing body parts. The medical implants are generally utilized in several areas for example cardiovascular, orthopedic, neurological, and dental ailments. There are various implants that are made up of skin, bone, or other body tissues, whereas some are further made up of metal, plastic, or ceramic materials. Medical implants are often permanent or temporary and may be removed once they are not any longer required. Some of risks and complications related to medical implantation are infection, surgical failure, and implant failure.
As per analysis, “Medical Implant Market: Current Analysis and Forecast (2021-2027)” the key companies operating in the global medical implant market include Edwards Life-Sciences Corporation, Orthofix International N.V., SORIN S.P.A, Boston Scientific Corporation, Novartis International AG, Stryker Corporation, Johnson & Johnson Limited, Abbott Laboratories, Smith & Nephew Plc and among others. Few of the key strategies followed by renowned players operating are FDA approvals, acquisitions, expansions, joint ventures, collaborations and among others.
In terms of type, medical implant market can be segmented as cosmetic implants, spinal implants, cardiovascular implants, dental implants, orthopedic implants and others. Orthopedic implants segment dominates the global market owing to growth in prevalence of osteoporosis among aging population coupled with increase in physical illness for instance obesity. In terms of materials, market can be segmented as polymers, ceramic, metallic and others. In addition, in terms of end-user, market can be segmented as physicians, hospitals and specialty centers. Hospital segment is predicted to witness higher growth rate due to increase in number of surgeries in the hospitals & clinics during the forecast period.
The medical implant market is driven by improvement of healthcare infrastructure in developing countries, followed by rise in demand for cosmetic dentistry, increase in research & development investments, growth in technological advancements in the field of medical implant, rise in number of FDA approvals to perform the clinical trial, increase in applications of biomaterials, surge in acceptance of medical implant and rise in prevalence of chronic diseases. Apart from this, stringent approval process as these are highly specialized devices and high cost of treatment associated with medical implant may impact the market. Moreover, rise in awareness amongst patients & increase in preference for better quality of life and growth in development of minimally invasive & non-surgical procedures are leading opportunities for market.
Based on regional analysis, the North-America is a leading region in global medical implant market owing to rise in incidence of chronic diseases like arthritis, availability of advanced healthcare infrastructure and well-established insurance policies across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to increase in awareness among consumers about these devices, growth in population, increase in number of patients undergoing knee & hip replacement surgeries and rise in availability of trained healthcare professionals over the forecast period. It is predicted that future of the global medical implant market will be bright as a result of growth in healthcare expenditure and improvement in the healthcare infrastructure during the forecast period.
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Ankur Gupta, Head Marketing & Communications