Advancements in Technology and Aging Population Drive Growth in the Medical Implant Market

The medical implant market refers to the industry involved in creating and selling devices that are implanted inside the human body to treat medical conditions. These devices can be artificial joints, such as hip and knee replacements, pacemakers, defibrillators, stents for arteries, and dental implants, among others.

The medical implant market is growing due to advancements in technology and an aging population that requires more medical interventions. Additionally, the rise in chronic diseases, such as diabetes and cardiovascular diseases, has increased the demand for medical implants.

The market is highly regulated by governments and industry organizations to ensure patient safety and efficacy of the devices. Companies that produce medical implants must undergo rigorous testing and clinical trials to receive approval before they can be marketed and sold to patients.

The global medical implants market size accounted for $85,389 million in 2019, and is expected to reach $147,464 million by 2027, registering a CAGR of 7.2% from 2020 to 2027.

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Covid-19 Scenario:

New guidelines regarding medical implantation have been released by governing authorities. The American College of Surgeons (ACS) released guidelines for triage of vascular surgery patients.
These guidelines outlined that non-emergency peripheral vascular procedures such as endovascular therapy for claudication and others should be postponed.

The implant surgeries are restricted to life or limb salvaging cases only and the staff has been reallocated to take care of patients infected with coronavirus. Moreover, this step has been taken to avoid possibility of cross-contamination.

The medical implant market can be segmented based on various factors, including the type of implant, material used, application, end-user, and geography.

Types of implants can include orthopedic implants (such as hip and knee replacements), cardiovascular implants (such as pacemakers and stents), dental implants, and others.

Materials used in medical implants can range from metals, such as titanium and stainless steel, to polymers and ceramics.

Applications of medical implants can include joint replacements, dental restoration, cardiac rhythm management, neurostimulation, and others.

End-users of medical implants can include hospitals, ambulatory surgical centers, and specialized clinics.

Geographically, the medical implant market can be segmented into regions such as North America, Europe, Asia-Pacific, and Rest of the World.

Here are the top 10 companies in the medical implant market, based on revenue:

Johnson & Johnson
Medtronic
Zimmer Biomet Holdings
Stryker Corporation
Boston Scientific Corporation
Smith & Nephew plc
Abbott Laboratories
Becton, Dickinson and Company
Danaher Corporation
Terumo Corporation

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North America to maintain its leadership status in terms of revenue by 2027

Based on region, North America held the highest share in 2019, contributing to more than two-fifths of the global medical implant market, and will maintain its leadership status in terms of revenue by 2027. This is attributed to increase in number of cardiovascular diseases and surge in aging population in the region. However, Asia-Pacific is estimated to manifest the fastest CAGR of 8.8% from 2020 to 2027, owing to untapped opportunities such as expanding healthcare budgets and rise in disposable income.

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