Medical Implant – Brief Insights
A medical implant is a man-made device. It is normally used to replace or augment an organ or a missing biological structure. In a surgical transplant the implant is made of biomedical tissue. On the other hand a medical implant is made up of metal, polymer or ceramic. Some of these devices also contain electronic elements. Lately, owing to advancements in health sector the medical implant market is gaining momentum.
The main purpose of these devices is to substitute for a diseased or damaged body part. It can also be employed to enhance a particular organ. It also has the ability to detect what hampers the normal functioning of these.
Medical implants can be placed on a permanent or temporary basis in the body. If a recipient likes, he or she can get it removed after the purpose has been served. The medical implant market is poised to grow at steady rate in the coming years.
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In 2015, the worldwide medical implant market was valued at around USD 94.3 billion. The market is all set to grow at an impressive CAGR of above 7.4% during the forecast period of 2018-2022. If reports are to be trusted, this market will earn up to USD 170.8 billion by 2022.
There are many factors that boost the growth of this market. High rate of geriatric population is one of the most important drivers for this industry. The National Institutes of Health Report noted that the ratio of people above the age of 65 was 524 million in 2015. This number is expected to grow to 1.5 billion by 2050. The elderly are prone to getting various disorders like cardiovascular diseases, neuropathic disorders, age-related traumas and osteoarthritis.
Other driving factors include rising expenditure on healthcare sector, technological advancements, ever-growing number of chronic disease sufferers & increasing affordability. Although, the growth of this market may be hindered by certain aspects. Some of them are expensiveness of medical implants & improper reimbursement policies.
The medical implant market is segmented into types, types of materials, end users & geographies.
On account of types the market is divided into orthopedic implants, dental implants, cardiac implants & cosmetic implants. Amongst these, orthopedic implants held the largest market share in 2015. It can be primarily attributed to the rise in bone fractures & osteoporosis. Betterment of healthcare infrastructure in the developing countries can be termed as a secondary driver. Another reason for its success is the rising numbers of sports & osteoarthritis injuries.
On the basis of type of material, the market is fragmented into metal & metal alloys, ceramic and polymer. Amongst these polymers claim the biggest market share. It is because medical implants made out of polymer are much more affordable & light-weight.
Hospitals, ambulatory care centers & research centers form the end users segment.
Regionally, the worldwide medical implant market is distributed across North America, Europe, Asia Pacific & Rest of the World. In the year 2016 North America grabbed the largest shares geography wise. In the forecast period i.e. 2018 to 2022 the Asia Pacific market is expected to grow at a tremendous rate.
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The medical implant market has witnessed a lot of discoveries lately. Amongst these pacing devices, neurostimulators & drug implants have received the highest recognition. The implant devices in future will be made of electro conductive polymer material. They will be safe to use & completely non-metallic implantable devices.
Key Players & Strategies
Some of the big names of this industry are Stryker, Medtronic, Zimmer Inc., Smith & Nephew and Globus Medical Inc. Mergers & acquisitions are two of the major strategies adopted by these players to earn greater revenue.
Table of Content
- 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
4. Market Dynamics
4.4 Mega Trends
4.5 Macroeconomic Indicators
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LIST OF TABLES
TABLE 1 MEDICAL IMPLANT MARKET BY TYPE
TABLE 2 MEDICAL IMPLANT MARKET BY TYPE OF MATERIAL
TABLE 3 MEDICAL IMPLANT MARKET BY END USER
TABLE 4 MEDICAL IMPLANT MARKET BY REGION
LIST OF FIGURES
FIGURE 1 RESEARCH PROCESS
FIGURE 2 PORTERS FIVE FORCES MODEL
FIGURE 3 MEDICAL IMPLANT MARKET BY TYPE
FIGURE 4 MEDICAL IMPLANT MARKET BY TYPE OF MATERIAL
FIGURE 5 MEDICAL IMPLANT MARKET BY END USER
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