Press release
Exploring the Impressive CAGR of the Medical Implant Market
According to the report, the medical implants industry garnered $85.38 billion in 2019, and is projected to generate $147.46 billion by 2027, witnessing a CAGR of 7.2% from 2020 to 2027.
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Key Takeaways:
Growing Demand: The medical implant market has been experiencing steady growth due to factors such as an aging population, increased prevalence of chronic diseases, and advancements in medical technology. Implants are used for a wide range of applications, including orthopedics, cardiovascular, dental, neurological, and more.
Technological Advancements: Advances in materials science, biocompatibility, and manufacturing techniques have led to the development of innovative implant designs and materials. This includes the use of biodegradable materials, 3D printing for personalized implants, and the integration of electronics for "smart" implants.
Orthopedic Implants Dominate: Orthopedic implants, including joint replacements (such as hips and knees) and spinal implants, have traditionally been a significant portion of the medical implant market. As the global population ages, the demand for orthopedic implants has been steadily increasing.
Cardiovascular Implants: Cardiovascular implants like pacemakers, implantable defibrillators, and stents for coronary artery disease have been widely used to treat heart-related conditions. The market for these implants has been driven by the rising incidence of cardiovascular diseases.
Dental Implants: Dental implants have gained popularity as a solution for tooth loss. Advancements in dental implant materials and techniques have led to improved success rates and patient outcomes.
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.
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Market Segmentation:
Product Type:
Orthopedic Implants: Including joint replacements (hips, knees, shoulders), spinal implants, trauma implants, and bone grafts.
Cardiovascular Implants: Such as pacemakers, implantable cardioverter defibrillators (ICDs), stents, heart valves, and vascular grafts.
Dental Implants: Including dental crowns, bridges, and dentures.
Neurological Implants: Such as deep brain stimulation (DBS) devices, cochlear implants, and neurostimulators.
Ophthalmic Implants: Intraocular lenses, glaucoma drainage devices, and corneal implants.
Material Type:
Metals: Stainless steel, titanium, cobalt-chromium alloys.
Polymers: Polyethylene, polyurethane, silicone.
Ceramics: Alumina, zirconia, hydroxyapatite.
Biomaterials: Natural or synthetic materials designed to interact with biological systems.
End User:
Hospitals and Clinics
Ambulatory Surgical Centers
Dental Clinics
Research and Academic Institutes
Application:
Orthopedic Applications: Joint replacement, spine surgery, trauma surgery, bone grafting.
Cardiovascular Applications: Heart rhythm management, vascular intervention.
Dental Applications: Tooth replacement and restoration.
Neurological Applications: Treatment of movement disorders, chronic pain, and sensory impairments.
Ophthalmic Applications: Corrective and therapeutic procedures for eye conditions.
Geography:
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
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Leading market players
Medtronic Plc.
Johnson and Johnson
Boston Scientific Corporation
Biotronik
LivaNova PLC
Globus Medical, Inc.
NuVasive, Inc.
Integra LifeSciences Holding Corporation
Institut Straumann AG
Conmed Corporation
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