Medical Implants Market Structure to Broaden between 2020 and 2030
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The global medical implants market is categorized based on types, origin, materials, and end users. Based on types, the report covers cardiovascular implants, spinal implants, orthopedics and trauma, dental implants, ophthalmic implants, neurostimulators implants, and others. Cardiovascular implants include pacing devices, stents and related implants and structural cardiac implants. Orthopedics and trauma implants comprise reconstructive joint replacements, orthobiologics, trauma implants, and sports medicine. Major dental implants include plate-form dental implants and root-form dental implants. Ophthalmic implants comprise intraocular lens and glaucoma implants. Neurostimulators implants are further categorized into deep brain stimulators, sacral nerve stimulators, spinal cord stimulators, vagus nerve stimulators, and others. Other implants include gynecological devices, drug implants, otolaryngeal implants, cosmetic implants, gastroenterological implants, urological implants, and skin and wound care implants. Based on origin, the market covers synthetic and biological implants. Based on materials, the market covers polymers, alloys, and ceramics. Based on end users, the market covers medical device manufacturing companies, pharmaceutical companies, research institutes, and academic institutes.
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North America occupies the largest market for medical implants, followed by Europe. This is due to advancements in medical technologies, growing elderly population, increasing prevalence of chronic diseases, rise in health care expenditure, and improved health care infrastructure in the region. The medical implants market in Asia is also expected to grow at a high rate in the next few years. This is attributed to the increasing aging population, growing awareness about therapeutic applications of medical implants, increasing prevalence of chronic diseases, increasing disposable income, and developing health care infrastructure in the region. In addition, rising demographics and economies in developing countries, such as India and China, is expected to lead to the growth in the medical implants market in Asia.
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Increasing prevalence of chronic diseases and growing aging population are some of the major driving factors for the global medical implants market. Moreover, advancements in medical implants and rising awareness about artificial implants are also supporting the growth of the global medical implants market. However, high cost of implantation, inadequate reimbursement policies, and lack of skilled health care professionals are some of the factors inhibiting the growth of the market.
Increasing number of mergers and acquisitions and rapid product launches are some of the latest trends that have been observed in global medical implants market. Some of the major companies operating in the global medical implants market are Johnson & Johnson Limited, Abbott Laboratories, Edwards Life-sciences Corporation, Orthofix International N.V., Novartis International AG, Sorin S.p.A, Boston Scientific Corporation, Smith & Nephew plc, Tornier N.V., and StrykerCorporation.
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