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.
Stryker (US), Medtronic (Republic of Ireland), Zimmer Inc. (US), Smith & Nephew (U.K), DePuy Synthes (US), Orthofix Holdings, Inc. (US), Institut Straumann AG (Switzerland), Henry Schein, Inc. (US), 3M (US), Globus Medical Inc. (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Medical Implant Market.
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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 dental implants 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.
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.
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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.
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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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.
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.
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.
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