Medical Implant Market - Neurostimulators and Orthopaedic Implants Are the Potential Target Areas for Investment for the Key Players in the Market
Key factors driving market growth include technological advances such as bioabsorbable stents, an increase in the incidence of chronic diseases, and an increase in the elderly population worldwide. Improving patient awareness and increasing disposable income in developing countries will further increase the adoption of medical implants. Demand for medical implants is expected to increase due to the emergence of emerging market market opportunities and minimally invasive surgical procedures. Alternatively, high-cost medical implants and limited coverage are key factors that impede market growth.
Key strategies adopted in key markets include new product launches and approvals and cooperation. In March 2016, Zimmer Biomet introduced hip replacement products and a knee implant system. Companys helped to improve the implant and musculoskeletal treatment product portfolio and strengthen the existing product portfolio.
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The major companies profiled in this report include
• Stryker Corporation
• Boston Scientific Corporation
• Johnson & Johnson
• Integra Lifesciences Holdings Corporation
• Medtronic Plc.
• Smith & Nephew Plc.
• St. Jude Medical Inc.
• Zimmer Biomet Holdings Inc.
• C.R. Bard Inc.
• LivaNova Plc.
• Straumann AG.
These devices are further categorized into reconstructive joint replacements, orthobiologics, and trauma & craniomaxillofacial, among which reconstructive joint replacements had the highest market share in 2015.
Neurostimulators has emerged as the fastest growing segment, registering a CAGR of 12.7% during the forecast period. The major factors contributing to this segments growth are increasing prevalence of neurological disorders, high adoption rate in developed economies, and increasing number of clinical trials. The metallic segment was the leading biomaterial, due to its increasing usage as load bearing implants in joint reconstruction surgeries and dental implants, in 2015.
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Key findings of Medical Implants Market:
• Orthopaedic implant generated the highest revenue in 2015, and is projected to grow at a CAGR of 7.2% during the forecast period.
• The neurostimulators segment is expected to grow at a remarkable CAGR of 12.7% during the analysis period.
• U.S. is the major shareholder accounting for 70.7% share of the overall North American medical implants market.
• Dental implants market is projected to grow at a CAGR of 8.2%.
• Germany accounted for around one-fourth share of the European medical implants market in 2015.
• Japan medical implants market is expected to continue to be the highest revenue-generating market in Asia-Pacific.
Geographically, the North American region accounted for the majority of the share in the medical implant market in 2015, and is expected to maintain its lead throughout the forecast period. This is attributed to the high awareness and the advance healthcare infrastructure in this region. However, Asia-Pacific is projected to be the fastest growing region due to the increasing incidence of chronic disorders (such as heart disease, cancer, and diabetes), growing geriatric population, and improving health care infrastructure.
The medical implants market in Germany is growing at a steady pace, attributed to the rising incidence of chronic diseases. Germany has one of the highest death rates due to heart diseases (even higher than the U.S. or U.K.), lifestyle factors such as increase in rate of smoking (In Germany, for group of more than 15 years of age population, on an average nearly 24.5% are smokers, in the age group 18 to 25 years 35.2% are smokers) and rise in obesity are the major factors behind the health diseases. The country spends more on dental services compared to any other European country apart from Switzerland, which makes it an attractive market for the dental implants industry.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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