Global Medical Implants Market By Product (Orthopedic Implants, Cardiovascular Implants, Ophthalmic implants, Dental Implants, Spinal Implants, Breast Implants, and Other Products), By Material (Metallic Biomaterial, Polymers Biomaterial, Natural Biomaterial, and Ceramic Biomaterial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the global Medical Implants Market was valued at USD 94 Billion and is expected to reach USD 117 Billion by 2032, this market is estimated to register a CAGR of 6.7%.

Medical implants are artificial objects inserted into a patient’s body. Both repairing and replacing damaged biological structures are accomplished with the help of these instruments. These medical implants assist with cardiovascular, orthopedic, dental, neurological, and other conditions. There are numerous types of implants. Some are made of ceramic, metal, and plastic, while others are made of skin, bone, or other biological tissues.

These medical implants can be utilized permanently or indefinitely, depending on the circumstance. Technological advancements in medical implants are fueling the expansion of the global market for medical implants. Additionally, a rise in the number of people with damaged limbs or organs as a result of various accidents, improved medical facilities, and a rise in disposable income all contribute significantly to the acceleration of the market for medical implants.

An increase also aids the growth of the medical implant market in healthcare professionals’ awareness of the various types of medical implants. The global market expansion is also facilitated by initiatives by medical health insurance companies to support critical health issues. In addition, the demand for medical implants is fueled by increased government support for better health insurance for underprivileged members of society. However, the market’s expansion is hampered by the stringent approval process and the high cost of treatment for medical implants.

Global Medical Implants Market Scope

Product Analysis

The Orthopedic Segment Dominated the Global Medical Implants Market

The orthopedic segment dominated the global medical implants market and is anticipated to maintain its position throughout the forecast period at a revenue share of 39%. Around the world, orthopedic implants are widely used to support damaged bones and replace missing bones or joints. This market is expanding at a rapid rate due to the rising number of accidents that result in joint and bone damage.

Additionally, elbow joint replacement procedures are becoming more common as the cases of rheumatoid arthritis rise. About 458,000 people in Australia have rheumatoid arthritis, according to the Australian Bureau of Statistics. Additionally, the Arthritis Report UK estimates that 17.8 million people in the United Kingdom had a musculoskeletal condition in 2018. As a result, more orthopedic surgeries are being performed, which may increase the demand for orthopedic implants in the coming years.

In contrast, the dental market is anticipated to be the most opportunistic during the forecast period. This is simply because more people are looking for dental implants to make their faces look better. The American Academy of Implant Dentistry (AAID) estimates that 3 million people in the United States have dental implants. This number is expected to rise by 500,000 per year.

As a result, it is anticipated that the growing use of dental implants will drive market expansion in the coming years. Other implants in the global medical implants market include pectoral implants, cochlear implants, facial implants, deltoid implants, cosmetic implants, and others. Material Analysis

The Metallic Segment Dominated the Global Medical Implants Market

Regarding revenue share, the metallic biomaterial segment dominated the global medical implants market at 46% and is expected to continue throughout the forecast period. This can be attributed to the rising demand for minimally invasive surgeries as well as the rising number of road accidents and trauma cases worldwide. In addition, the growing use of metal implants in orthopedic surgeries to provide strong support for injured bones or joints is to blame for this market’s dominance. As a result, this market segment is anticipated to continue to expand as arthritis cases rise worldwide.

Key Market Segments

Based on Product

• Orthopedic Implants
• Hip Orthopedic Device
• Joint Reconstruction
• Knee Orthopedic Devices
• Spine Orthopedic Devices
• Other Products
• Cardiovascular Implants
• Pacing devices
• Stents
• Structural Cardiac Implants
• Ophthalmic implants
• Intraocular lens
• Glaucoma Implants
• Spinal Implants
• Spinal Fusion Implants
• Spinal Bone Stimulators
• Vertebral Compression Fracture (VCF) Devices
• Motion Preservation Devices/ Non-Fusion Devices
• Dental Implants
• Breast Implants
• Other Products

Based on Material

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

Market Dynamics

Drivers

The Rising Prevalence of Chronic Diseases, the Growing Geriatric Population Across the Globe, and Other Factors Drive the Market Growth

The primary drivers of the global market for medical implants are the rising incidence of chronic diseases and the expanding geriatric population. The prevalence of various chronic diseases in the elderly, including cardiovascular diseases, orthopedic disorders, endovascular diseases, and dental disorders, may increase global demand for medical implants.

In addition, geriatric patients frequently have heart implants, eye implants, kidney implants, joint implants, and other medical implants. In addition, the significant factors that encourage patients to use medical implants include a growing awareness of their availability, rising disposable income, the presence of advanced healthcare infrastructure, and rising consumer expenditure on healthcare.

Restraints

Stringent Regulatory Reforms and High Cost of Medical Implants

The factors such as stringent regulatory reforms and the high cost of medical implants restraint the growth of the global medical implants market. The high costs raise the total expenditure of the surgery. The medical implant’s low adoption rate and high price hampered the market’s expansion.

Trends

Various Implants Techniques Boost the Market Growth

Orthopedic implants are medical devices that support damaged bones or replace missing joints or bones. For strength, stainless steel and titanium alloys are used to make these devices, and a plastic coating acts as artificial cartilage. In orthopedics, internal fixation is a kind of surgery that uses implants to fix a broken bone. In addition, these implants restore normal skeletal function, stabilize body posture, and treat deformities.

Additionally, there has been less availability of orthopedic surgeries due to the COVID-19 pandemic, which has reduced the demand for medical implants. However, demand is anticipated to rise in the years to come following the pandemic. Prosthetic devices and modern fixation have replaced traditional surgical procedures with orthopedic implants. In addition, the senior population’s raised risk of osteoarthritis, osteoporosis, and other musculoskeletal disorders has significantly increased the demand for orthopedic implants.

COVID-19 Analysis

COVID-19 Caused Significant Impact on the Market during the Pandemic Period.

Due to restrictions on the supply chain and a decrease in the number of hospital visits by patients, COVID-19 had a negative impact on the growth of the medical implants market initially. Various studies suggest that COVID-19 has significantly impacted the market’s expansion.

Furthermore, labor shortage and lack of raw materials have hampered the manufacturing of medical implants. All the above-mentioned factors have hindered the growth of the market at the period of the COVID-19 pandemic.

Regional Analysis

North America Dominates the Global Medical Implants Market During the Forecast Period

North America dominated the global market for medical implants with a market share of 42% and is anticipated to maintain its position throughout the forecast period. The geriatric population is rising, and the prevalence of various chronic diseases is rising in North America.

In addition, the primary factors anticipated to propel the expansion of the medical implants market in the region are minimally invasive surgery adoption, advanced healthcare infrastructure, an increase in consumer spending on healthcare, and disposable income.

Additionally, medical visits are on the rise in the United States. In addition, market expansion has been significantly aided by increased public awareness of the various medical implant options available in North America. In contrast, Asia-Pacific is anticipated to be the most opportunistic market during the forecast period.

This is because the number of elderly people is growing. The United Nations estimates that low-and middle-income countries will house approximately 80% of the world’s elderly population. In addition, the market expansion is anticipated to be faster by rising government and business investments in the region’s advanced healthcare infrastructure.

Key Regions and Countries Covered in this Report

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis

Medtronic Launched Adaptix Interbody System in the US

Due to the presence of several local businesses, the market is moderately fragmented. By employing tactics like partnerships, investments, and mergers and acquisitions, these market players are attempting to increase their market share. Additionally, businesses are investing in the creation of new products. In addition, they are concentrating on keeping prices competitive.

The Adaptix Interbody System was introduced in the US by Medtronic. Titan nano lock surface technology is used in this titanium implant. A few key market players are Smith & Nephew plc, Osstem Implant Co. Ltd, Integra Life Sciences Holding Corporation, and other prominent players.

Key Industry developments

• In March 2022- The FDA approved SurGenTec’s ION Screw, the company’s proprietary stand-alone spine fixation implant. SurGenTec is a privately held spine and orthopedic technology company based in Florida, United States.
• In February 2022– 4WEB Clinical sent off another variety of hyperlordotic parallel spine embeds, the Hyperlordotic Horizontal Spine Support Framework (LSTS). The most recent addition to the LTST portfolio for spine correction includes anterior longitudinal release procedures with lordotic angles of 18, 24, and 30 degrees.

Listed below are some of the most prominent global medical implant market players.

Market Key Players

• Medtronic Plc.
• Johnson and Johnson
• Boston Scientific Corporation
• Biotronik
• LivaNova PLC
• Globus Medical, Inc.
• NuVasive, Inc.
• Conmed Corporation
• Other Key Players

Report Scope