Medical Implants Market

Global Medical Implants Market Size (2023 to 2028)

The size of the global medical implants market was worth USD 96.13 million in 2022 and is estimated to be growing at a CAGR of 6.42% from 2023 to 2028. The market size is predicted to grow to USD  139.63 billion by 2028 from USD 102.30 billion in 2023.

A medical implant is an artificial device or tissue used to repair or augment biological features that have been damaged. Skin, bone, and other bodily tissues are used in certain implants, while metal, plastic, and ceramic materials are used in others. Medical implants can be left in place indefinitely or removed when no longer required. Infections, surgical risks, and implant failure are all risks and problems connected with medical implantation. Chronic ailments such as cardiovascular disease, orthopedic disorders, endovascular diseases, and dental disorders are more common in the elderly. Consequently, they are the primary consumers of medical implants such as kidney and hearing implants.

Impact of COVID-19 on the global medical implants market:

The outbreak of COVID-19 has slowed the growth rate of most markets, including the medical implants market. Furthermore, the American College of Surgeons has published guidelines for vascular surgery patient triage, suggesting that non-emergency peripheral vascular treatments like endovascular therapy for claudication be postponed. Furthermore, due to new government regulations or hospital rules, vascular surgeries in areas severely afflicted by COVID-19 have been reduced to life or limb-saving instances. All of these factors are expected to have a future impact on the global medical implant market. In addition, many countries have been put under lockdown due to the escalating number of COVID-19 cases, and trade with other countries has been halted. They've also imposed travel restrictions, resulting in a reduction in medical services.

The number of people visiting hospitals and clinics for medical reasons has declined, resulting in a drop in the need for surgeries and, as a result, medical implants. In addition, as compared to growth rates over the previous decade, manufacturers have suffered a considerable drop in revenue. Furthermore, as the COVID-19 pandemic has put a strain on the healthcare system, the number of orthopedic procedures conducted has decreased, limiting the market for medical implants. During the forecast period, however, demand is expected to rise following the pandemic.

MARKET DRIVERS:

The growing aging population is anticipated to boost the global medical implants market growth.

People aged are more likely to diagnose various diseases and require medical implants in the treatment procedures. For instance, increased usage of medical implants for aged people such as hip and knee replacements, pacemakers, and implantable defibrillators has been witnessed recently. In addition, people over 65 years suffer from osteoarthritis. Joint replacement surgeries are one of the most preferred treatment options to treat this condition; they use medical implants such as artificial hips or knees, bone screws, plates, and rods. As per the data published by the World Health Organization (WHO), the population of 60 years of age or more is anticipated to touch 1.4 billion by 2030. The aging population is also much more likely to experience heart diseases and medical implants such as pacemakers and implantable cardioverter defibrillators (ICDs) are being used in the treatment procedures. The trend of cosmetic surgeries among the aged has been growing consistently over the last few years, which is estimated to boost the demand levels for medical implants such as breast implants, facial implants and others.

The growing patient count suffering from chronic diseases is expected to drive the medical implants market growth.

The number of people diagnosing with chronic diseases is growing significantly with each year passing. Chronic disease patients require continuous monitoring and disease management and the use of medical implants in the treatment procedures. For instance, diabetes, which is a chronic disease, and the diabetic patient population is growing gradually. As per the statistics published by the IDF Diabetes Atlas, an estimated 537 people aged between 20 to 79 years lived with diabetes worldwide in 2021. Diabetic patients face various health difficulties, such as nerve damage and circulatory problems, to which medical implants such as insulin pumps, continuous glucose monitoring devices, and peripheral artery disease stents are being used. Similarly, medical implants such as pacemakers, implantable cardioverter defibrillators (ICDs), and left ventricular assist devices (LVADs) are being used to treat cardiovascular diseases.

The rising awareness and increasing adoption of medical implants are further propelling market growth.

The awareness and adoption of medical implants are majorly fuelled by the ability of medical implants such as improve quality of life and alleviate pain and discomfort. Medical implants have become more effective, safer, and longer-lasting due to technological developments, which have played a big role in adopting medical implants. Using 3D printing and advanced materials such as titanium, ceramics, and polymers, manufacturers are developing personalized medical implants that can treat the needs of individual patients.

In addition, rapid adoption of technological developments in the manufacturing of medical implants, increasing demand for minimally invasive surgeries, and rising awareness among healthcare providers regarding the benefits of medical implants are expected to boost the market’s growth rate.

MARKET RESTRAINTS:

However, high costs associated with medical implants are one of the major factors hampering the market growth. Factors such as stringent regulatory requirements for medical implants, risks associated with implant failure, and the scarcity of skilled professionals are further hindering the growth rate of the medical implants market. Side effects associated with using medical implants, such as infection, implant rejection, or tissue damage, are anticipated to impede market growth.

REPORT COVERAGE:

This research report on the global medical implants market has been segmented and sub-segmented based on product, type of material & region.

Medical Implants Market – By Product:

• Orthopedic Implants
• Cardiovascular Implants
• Ophthalmic implants
• Dental Implants
• Facial Implants
• Breast Implants
• Other Implants

In the global medical implants market, the orthopedic Implants Segment is expected to hold the largest share during the forecast period. Orthopedic implants are medical implants that are used to replace missing joints or bones and provide support for damaged bones. For strength, these devices are made of titanium alloys and stainless steel, with a plastic coating that works as artificial cartilage. Internal fixation is a type of orthopedic surgery that involves the placement of implants to heal a broken bone. In addition, these implants are also used to correct abnormalities, improve posture, and restore skeletal function.

In 2020, the global cardiovascular implants market was worth USD 21.8 billion and was projected to be growing at a CAGR of 13.4% from 2023 to 2028.

The dental implants segment was gaining traction in the past few years and is forecasted to register a CAGR of 10.2% during the forecast period.

The global market for facial implants was worth USD 2.2 billion in 2020 and is estimated to grow at a CAGR of 8.6% from 2023 to 2028.

On the other hand, the global breast implants market is expected to do well in the near future and grow at a CAGR of 6.02% from 2023 to 2028.

Medical Implants Market – By Material:

• Metallic Biomaterial
• Polymers Biomaterial
• Natural Biomaterial
• Ceramic Biomaterial

The metallic biomaterials segment contributed the most to the worldwide medical implants market in 2020, accounting for over two-thirds of the total, and is expected to maintain its dominance by 2026. The rise in the aging population increased research and development investments, the boom in biomaterials applications, demand for plastic surgery, and payments offered by the Center for Medicare and Medicaid Services are all contributing factors.

Medical Implants Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American region had the major share of the global medical implants market in 2021 and the region’s dominance is expected to continue throughout the forecast period. The growth of the North American market is primarily driven by the growing patient count suffering from chronic diseases, the increasing aging population and rising healthcare expenditure. In addition, the presence of key market participants in the North American region is estimated to boost the growth rate of the North American medical implants market. The U.S. medical implants market held the major share of the North American market, followed by Canada.

The European medical implants market accounted for the second largest share of the global market in 2021 and is expected to hold a notable share during the forecast period. The growing number of initiatives by the European governments in favor of medical implants is expected to drive regional market growth. For instance, the European Union has established several regulations around the safety and effectiveness of medical devices including medical implants. In addition, factors such as the presence of a sophisticated healthcare system in the European region are expected to contribute to the growth of the European medical implants market. The UK and Germany occupied leading share of the European market in 2021 and the same trend is estimated to continue during the forecast period.

The APAC medical implants market is expected to showcase the highest CAGR in the worldwide market during the forecast period. The rapid adoption of advanced medical technologies in the APAC region and the growing demand for minimally invasive surgeries are propelling the medical implants market in APAC. The growth of the APAC market is further driven by the growing patient population and the increasing number of improvements in the healthcare infrastructure among the APAC countries are further estimated to promote the medical implants market growth in the Asia-Pacific region.

The Latin American market is anticipated to hold a considerable share of the global market during the forecast period and showcase a steady CAGR.

The MEA market is expected to progress at a moderate CAGR in the coming years.

KEY MARKET PLAYERS:

Companies playing a promising role in the global medical implants market profiled in this report are Medtronic PLC, Johnson & Johnson, Stryker Corp., Zimmer Biomet Holding Inc., St. Jude Medical Inc., Boston Scientific Corp., Edwards Lifesciences Corp., Straumann Holding AG, Osstem Implants Co. ltd., Abbott Laboratories, Smith & Nephew and Neuropace Inc.

RECENT MARKET DEVELOPMENTS:

• CancelleX porous titanium lumbar interbodies, the first injection-molded titanium foam spinal implants pre-attached to disposable, composite polymer instruments, will be available in July 2020, according to XencoMedical.
• Medtronic will offer the Adaptix Interbody System in the United States in October 2020, a guided titanium implant with Titan nanoLOCK surface technology, a blend of macro, micro, and nano surface textures.
• In January 2019, Ametek Specialty Metal Products enhanced its implanted medical device product offering by releasing two additional Titanium strip grades – grades 9 and 23 to strengthen its product line for implanted medical devices.