Published Date : 21 Feb 2023
The global medical implants market size was evaluated at USD 95.1 billion in 2022 and is expected to hit USD 145.6 billion by 2030, growing at a CAGR of 5.4% from 2022 to 2030.
Medical implants are placed inside or on the body surface. Many of these are prosthetics meant to replace missing body parts. Other implants provide medicines, monitor body functions, or support organs and tissues. Some are made from skin, bone, or other body tissues, and others are made from metal, plastic, ceramic, or other materials. These can be placed permanently or removed once they are no longer needed.
It involves various risks, such as surgical risks during placement. It supports a damaged biological structure and enhances an existing one. These are artificial devices, and in some cases, it contains electronics. Medical implants can be segmented into Sensory and neurological implants, Cardiovascular medical devices, orthopedic implants, electric implants, Contraceptive implants, cosmetic implants, etc.
The medical implants market was adversely affected owing by the Covid 19 pandemic. The increasing prevalence of chronic conditions and the rising geriatric population significantly contribute to global market growth. In line with this, the senior population is more prone to chronic diseases such as cardiovascular and orthopedic disorders, endovascular diseases, and dental disorders.
Furthermore, the demand for teeth implants will rise with the aging population. Rapid technological advancements create a positive outlook for the market. Apart from this, improving medical facilities and inflating disposable income positively influence market growth.
Moreover, the growing number of cases of damaged limbs catalyzes market growth. Besides, rising awareness about medical implants among healthcare professionals propels the market growth. Additionally, the surging initiatives of medical health insurance companies create a positive outlook for the market. Rapid technological advancements have helped individuals to improve their beauty with medical implants.
The increasing concerns about aesthetics and physical appearances significantly contribute to the market growth. The presence of various market players and the emergence of new market players positively influence global market growth. The availability of implantable medical devices and advanced healthcare infrastructure catalyzes market growth.
The rising consumer expenditure on healthcare propels the market growth. Some of the standard medical implants are joint implants, eye implants, kidney implants, and heart implants. The widespread availability of a wide range of medical implants strengthens the market growth.
Medical Implants Market Report Scope
|Market Size in 2023||USD 99.9 Billion|
|Projected Forecast Value in 2030||USD 145.6 Billion|
|Growth Rate||5.4% from 2022 to 2030|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Product Type and By Biomaterial|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on region, North America dominated the market and accounted for the largest revenue share. It is estimated to sustain its dominance during the forecast period. The increased prevalence of various chronic diseases and the rising geriatric population significantly contribute to the market growth across the region. In line with this, increased disposable income and the rising demand for minimally invasive surgeries positively influence market growth.
Furthermore, advanced healthcare infrastructure and growing consumer expenditure on healthcare catalyze market growth. The escalating awareness about the advantages of various medical implants has propelled market growth.
On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the rising geriatric population. The heavy investments by the governments in the development of advanced healthcare infrastructure boost the market growth in the region.
Driver: Increasing geriatric population
The increasing geriatric population significantly contributes to market growth across the globe. In line with this, the senior population is at a higher risk of developing bone disorders, fractures, and bone porosity. Furthermore, the rising prevalence of chronic conditions and orthopedic diseases positively influences the global market growth. Moreover, the growing number of orthopedic procedures catalyzes market growth.
The increasing patient population and the rising number of surgeries propel market growth. The initiatives undertaken by the government to enable reimbursements for the patient population creates a positive outlook for the market. The surging prevalence of osteoarthritis is expected to stimulate market growth.
Opportunity: Innovation in orthopedic implants
Rapid innovations in Orthopedic Implants offer numerous opportunities for market growth. In line with this, the increasing number of orthopedic procedures significantly contributes to market growth. The rising demand for bone implants positively influences the market growth. The surging demand for implantable medical devices offers lucrative opportunities for the market players. There has been customization in medical implants.
Rapid innovations such as remote robot-assisted orthopedic surgery, portable navigation, and Artificial Intelligence (AI) powered guidance software to help in surgical procedures create a positive outlook for the market. The market players are investing in advanced technology.
Restraint: High cost of medical implants
The high costs of medical implants restrict the market growth. The high costs raise the total expenditure of the surgery. The high cost lowers the adoption of the medical implant, which hampers the market growth.
Challenges: Side effects associated with these devices
The side effects associated with medical implants challenge the market growth. There have been many side effects of medical implants post-surgery. These side effects can generate health risks among patients, and hamper the market growth. Therefore, the side effects of implantations impede the market growth.
Major Key Players:
By Product Type
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