by The medical implants market comprises of medical devices such as pacemakers, orthopedic implants, spinal implants, breast implants, contact lenses, intraocular lenses, neurostimulators, drug-eluting stents and coronary stents that are implanted inside the human body to treat medical conditions or replace missing biological structures. Medical implants enhance mobility, improve organ functionality, and reduce pain for patients. With the increasing prevalence of chronic diseases and lifestyle disorders, the demand for medical implants has increased significantly. Orthopedic implants are widely used to treat deformities and injuries related to joints, bones, and muscles. In addition, the growing preference for minimally invasive surgeries requiring shorter hospital stays and quick recovery times has boosted demand for medical implants. The global medical implants market is estimated to be valued at US$ 120 billion in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for minimally invasive surgeries is expected to drive the medical implants market growth over the forecast period. Minimally invasive procedures reduce surgical risks, decrease hospital stays, lower healthcare costs, and promote faster recovery as compared to open surgeries. According to a study published in the British Journal of Surgery in 2022, minimally invasive procedures reduced surgical site infections by 37%, hospital stays by 1.8 days, and overall costs by $3,342 per patient as compared to open surgeries. Growing awareness about the advantages of minimally invasive techniques and availability of advanced implants is increasing the adoption of medical implants for various therapeutic applications. Additionally, increasing incidence of bone diseases such as osteoarthritis is also anticipated to fuel the demand for orthopedic implants over the next few years. According to the Arthritis Foundation, osteoarthritis affects over 32.5 million adults in the United States alone. Thus, increasing prevalence of chronic diseases, rising geriatric population, and growing preference for minimally invasive surgeries are some of the key factors expected to propel the medical implants market growth during the forecast period.
Segment Analysis
The medical implants market is dominated by metallic biomaterials sub segment. Metallic biomaterials such as stainless steel, cobalt-chrome alloys and titanium alloys are widely used in applications like orthopedic and trauma implants. This sub segment accounts for over 60% of total medical implants market share owing to properties like high strength, durability and biocompatibility of metallic biomaterials. Trauma implants such as plates, screws, rods are predominantly made from titanium and stainless steel.
PEST Analysis
Political: Governments across regions are supporting healthcare infrastructure developments and spending more on research related to medical implants which is positively impacting the market growth. Various regulations have also been formulated to ensure patient safety.
Economic: Rising per capita income has increased spending capability of people on healthcare. Healthcare costs have also increased significantly over last few years thereby propelling the demand for medical implants from patients.
Social: With growing geriatric population prone to orthopedic conditions, there is increasing need for joint replacements and other implants. Further, lifestyle diseases and road accidents have augmented the social need for medical implants.
Technological: Additive manufacturing and 3D printing technologies have allowed fabricating complex customized structures for implants. Advances in material science have facilitated development of new generation bioresorbable implants and activity monitoring implants.
Key Takeaways
The global Medical Implants Market Share is expected to witness high growth over the forecast period supported by rising patient acceptance and increasing demand for innovative implants.
Regional analysis:
North America region currently dominates the global medical implants market holding over 40% share owing to supportive regulatory environment, rising healthcare spending and presence of key players in the region. Asia Pacific is predicted to be the fastest growing market for medical implants owing to improving access to healthcare facilities, large patient pool and increasing medical tourism in the region countries like India, China and Japan.
Key players operating in the medical implants market are Johnson & Johnson, Medtronic, Abbott, Boston Scientific, BIOTRONIK and Edwards Lifesciences. Stryker is a leader in orthopedic implants while Johnson & Johnson has strong presence across various segments including dental and spinal implants.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
