Medical Implant market information, by Type (Orthopedic Implant, Dental implant, Cardiac Implant, Cosmetic implants, and others); by Type of Material (Metal and metal alloys, Ceramic, Polymer, and other), by End User (Hospitals, Ambulatory Care Centers, Research centers, and others) – Forecast to 2023
The Global Medical Implant Market is growing with the rapid pace mainly due to the burgeoning Healthcare Industry. According to a recent study report published by the Market Research Future, The global market of Medical Implant is booming and expected to gain prominence over the forecast period. The global Medical Implant market is estimated to expand enormously up to USD 171.5 Billion with a whooping CAGR of 7.7 % between 2016 and 2023. In 2015, Global medical Implant market valued around US$ 94.5 billion.
Medical implants are devices or tissue that placed inside or outside the body to cure certain medical conditions. Medical implants are replacement of missing or damaged body part which supports or enhance an existing biological structure. These are mostly made up of metal, polymer and ceramic but some of them also contain electronics such as artificial pacemaker. Increasing number of orthopaedic patients and patient with heart diseases are driving the growth for the market. Number of dental treatment are leading the growth for Medical Implant while increasing cosmetic surgery is driving the growth for cosmetic implants. Increasing aging population, growing healthcare sector and technological advancement are the major drivers for the market.
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Manufacturers have been used to produce medical devices for more than a decade and the number of companies taking advantage of the technology for producing custom parts is on the rise. The technology allows implants to be produced out of high value materials like titanium, at a much lower cost than using traditional methods due to its additive nature. The medical technology industry is a natural fit implant manufacturers as it moves towards customisation, looks to improve efficiency and streamline production and delivery.
As well as allowing custom parts to be produced cost effectively, businesses can use technology to reduce time to market. What used to take weeks to manufacture or prototype using traditional methods can now be done in several hours. Advances in available software further reduces this by offering quick, easy to navigate design tools that companies or surgeons can use to generate device designs efficiently.
To take advantage of the benefits offered to implant manufacturers, companies must consider a variety of factors including; the regulation surrounding medical devices, material choice, software and machine optimisation.
Knee or Hip Caps/ joints require a homogeneous, smooth, highly polished surface for all contact areas. Hence researchers/engineers developed a dry process for drag finishing where work pieces are clamped in holders and dragged through the right grinding and polishing media in stages.
Bone screws and Medical Implant are made of stainless steel or titanium alloys and require unrounded, burr-free edges with a smooth, polished surface for easy insertion/removal. The smooth surface simplifies disinfection before insertion.
Medical Implant Global Market – Competitive Analysis
Characterized by the presence of well-established players; Medical Implant market appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. Vendors are focusing on improving their market performance and are expanding by acquiring promising companies in the fast-growing markets. Marketers employ a continuous improvement strategy to analyze and update the software, implementing improvements and launching new technologies to meet the changing needs of consumer. These manufactures develop a well-established infrastructure that allows seamless implementation of advanced technologies. They strive to develop unravel design and adept technology Heavy investments are transpired in R&D sector from the major players which is in turn helping the market to grow.
In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new players to enter the market. However, those new entrants find it challenging to survive in the market with the introduction of new technologies.
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Medical Implant Global Market – Segments
The Medical Implant Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type : Comprises Orthopaedic Implant, Dental implant, Cardiac Implant, Cosmetic implants, and other.
Segmentation By Type of Material : Comprises Metal and metal alloys, Ceramic, Polymer, and other.
Segmentation By End User : Comprises Hospitals, Ambulatory Care Centres, Research centres and other.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Segment Orthopaedic Implants accounted for the largest as in 34% of market share. Segment Medical Implant accounted for the second largest as in 23% of market share.
Medical Implant Global Market – Regional Analysis
Considering the global scenario of the market, North America is believed to be the largest market for Medical Implant. Moreover the European medical implant market is also growing and second largest market. On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the Medical Implant during the forecasted period. Rest of the World is likely to have a limited but steady growth in the market.
Table Of Content
1. Report Prologue
2.2 Scope Of The Study
2.2.1 Research Objective
2.3 Market Structure
2.4. Market Segmentation
3. Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
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