Global Market for Medical Implants- Overview
Medical implants are inserted either for a permanent period or temporary period, as per the demand. Medical implants are the tissues or medical devices inserted into the human body as a replacement, support system or enhancer of the organ’s function. They have a very vast usage in the medical healthcare industry. The global medical implants market is projected to show nearly 45 % annual growth during the survey period. With the increasing aged population and occurrences of chronic diseases are the primary reasons for the fast growth of this market. Rising technological and medical advancements have driven the market towards a successful present and future.
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Fast technological advancements and increasing usage in various departments like, dental, cardiovascular and others have boosted the market to newer levels. Advanced manufacturing & designing methods and medical advancements have increased the success and adoption of these products. The governments are regularly investing in the research & development for newer materials and better working parts, which is directly increasing the global market share.
As far as the usage and application is concerned, medical implants have become an essential part of the healthcare system, but the higher costs of treatments are damaging the market’s growth. Also, some countries have to import medical implants, which have to go under various taxation procedures. As a result, the already expensive products become more expensive. This factor is also somewhere responsible for the limited growth of the market.
Segments of the Medical Implants global market
The global medical implants market is segmented into three parts:
Types of implants: Cardiac, spinal, dental, orthopaedic, ophthalmic and other types of implants are available in the market.
Manufacturing materials: Medical implants are manufactured from ceramics, metals, polymers and other materials.
End-User: Major medical facilities like hospitals, clinics, research institutes and others are the major end-users of this market.
Regional Market Summary
The global medical implants market is observed based on four regions, namely America, Europe, Asia Pacific and The Middle East & Africa.
The American region is the current global leader of the market and will stay in the same position during the survey period. The demand for better healthcare services, well-establishes market and increased investments towards the research & development in medical implants are the major driving factors for the market. The European region is in the second place due to increasing patient count, ageing population and awareness among the masses for adopting better lifestyles.
The Asia Pacific market is the third-largest market. This market will emerge out as the fastest-growing market during the survey period because of faster-developing economies, increased emphasis on improving healthcare structures, vast population count and increasing industrial area. Rapidly emerging economies like India and China will be the primary market shareholders.
The rest of the regions will show slow growth rates due to struggling economies and healthcare facilities.
Recent Industry News
The global medical implants market is a vital part of the healthcare pipeline, but the factors like higher treatments costs are responsible for the limited growth of the market. The American region is the current leader of the market and will maintain its position, but the Asia Pacific region will be the fastest-growing market.
Key Players for the Global Medical Implants
Some of the key players in this market are
- · Boston Scientific Corporation (US)
- · Medtronic (Ireland)
- · Johnson & Johnson Services
- · 3M (US)
- · Institut Straumann AG
- · Stryker Corporation
- · Zimmer Biomet Holdings
- · Smith & Nephew
- Dentsply Sirona (US).
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