Medical Implant Market at a CAGR of 7.6% % to hit USD 279,418.06 Million by 2027

Medical implants are synthetic-material devices implanted into the human body for medical purposes, usually for a long time. They can be used to replace body parts like hips and knees, dispense medication like pain relievers, monitor and regulate bodily functions like heart rate, and support tissues and organs. Surgical meshes and stents are examples of inert implants that are used to give structural support. The other implant types are active in that they engage actively with the body, for example: by sending out electric impulses in response to changes in heart function.

Furthermore, advances in technology have increased the success rate of implantation surgery all across the world. The presence of large competitors in the industry does indeed have a significant impact on the market by offering high-quality items. These high-quality products and treatments also assist various companies in maintaining their position in the global medical implant market. Long-acting reversible contraceptive implant methods, for example, are 20 times more effective than oral contraceptive tablets and are also easier to use, safer, and last longer. One of the key elements driving demand for medical implants is the success rate. Studies have shown that the average success rate of implant surgeries in the USA is around 95.6%. As a result, the medical implant market will likely rise throughout the forecast period as surgical results improve. During the forecast period of 2020 to 2027, the Medical Implant Market is estimated to grow at a CAGR of 7.6%, reaching USD 279,418.06 million.

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Segmental Analysis

The segmentation in the medical implants market is done by type, type of material, and end-user. By type, further segmentation is done by orthopedic, spinal, cardiac, ophthalmic, dental, cosmetic, and others. The market is segmented into ceramic material, metallic material, polymers, and others by type of materials. By end-user, the market is segmented into research laboratories, hospitals and clinics, and others.

Detailed Regional Analysis

The global medical implant market is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world. The Americas led the market in 2019 and are expected to continue to do so during the evaluation period. The high prevalence of chronic diseases, product launches, and technological advancement in the North American region are all factors driving the market. The North American regional market is anticipated to rise due to the high demand for medical implants and the appropriate supply of skilled specialists in the overall regional segment.

The demand for implants is being fueled by the growing patient pool in hospitals and the availability of products in the region. Furthermore, the regional implant market is expected to develop due to an increase in the number of patients undergoing knee and hip replacement surgeries. Implant availability has expanded, particularly since major implant makers have included zirconia implants in their product lineups. These factors are therefore contributing to the advancement of the medical implant industry. Due to the population of people aged 65 and up is predicted to expand rapidly over the next 50 years, Asia-Pacific is expected to have the biggest medical implant market growth potential throughout the projection period.

The medical implant market in the Middle East and Africa is divided into the Middle East and Africa. The rising prevalence of cardiac and orthopedic ailments and support from both commercial and public entities. Saudi Arabia has the largest healthcare sector in the Middle East.

Competitive Analysis

Some of the key companies involved in the medical implant market are Boston Scientific Corporation (US), Stryker Corporation (US), Johnson & Johnson (US), and Zimmer Biomet (US).

Industry Updates

In August 2021, Swedish researchers devised a method for attaching insoluble antibiotics to graphene coatings which could help prevent biofilm formation on medical devices. They claim that their approach of binding active compounds to graphene is straightforward and could be easily integrated into manufacturing processes instead of previous long-winded ways for loading antibiotics onto implant surfaces.

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