The Global Medical Implants Market is estimated to be valued at US$ 109.9 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical implants are devices or tissues that are placed inside or on the surface of the body. They are used to replace a missing biological structure, support a damaged biological structure, or enhance an existing biological structure. Some common examples of medical implants include orthopedic implants, cardiovascular implants, neurological implants, dental implants and cochlear implants. These implants are used for various applications such as reconstruction of missing bones and joints, improving cardiac functioning, correcting neurological disorders and replacing missing teeth. They provide natural support and healing for damaged tissues or organs. With increasing life expectancy levels globally, the demand for medical implants are growing significantly as they help enhance functionality and quality of life in elderly population.
Market key trends:
One of the key trends in the medical implants market is the increasing adoption of 3D printing technology for manufacturing customized implants. 3D printing allows for complex customized designs that are tailored to the patient’s anatomy. This results in better fit and form for the implants. For example, 3D printing is increasingly being used to make customized dental implants, craniofacial implants and orthopedic implants. Another trend is the growing demand for bioabsorbable medical implants. These implants gradually disintegrate in the body over a period of time as the injury heals and get replaced by the patient’s tissue. This eliminates the need for implant removal surgeries. Some examples of bioabsorbable implants include screws, plates and drug delivery stents. With growing medical advancement, the demand for such innovative implant technologies is expected to increase significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The medical implants market requires high R&D investment and regulatory approvals which makes the entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players offering customized medical implants.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitutes and less differentiation in components.
Threat of new substitutes: Threat from new substitutes is low as implants offer long lasting solutions compared to other treatments.
Competitive rivalry: The competitive rivalry is high due to presence of major international brands investing heavily in new product innovations.
Key Takeaways
The Global Medical Implants Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population globally. The market size for 2023 is estimated to be US$ 109.9 Bn.
North America dominates the global medical implants market owing to supportive reimbursement policies and technological advancements in the region. The Asia Pacific is expected to exhibit the fastest growth over the forecast period due to increasing healthcare spending and patient population in emerging economies like China and India.
Key players operating in the Medical Implants market are Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. These players are focusing on new product development and launching innovative implants to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
