The Medical Implants market is anticipated to grow with a CAGR of 7.2%, during the forecast period. The major factors attributing to the growth of the medical implants market are technological advancements in the medical implants and increasing geriatric population as it increases the health issues.
For instance, with the increasing aging population, the demand for tooth loss is set to grow. According to the AAID (American Academy Of Implant Dentistry) currently, about 3 million people in the United States have dental implants, and this number is expected to grow by 500,000 annually. Also, there are few factors which are playing pivotal roles in accelerating the medical implants market which includes the hike in disposable income among the people, technological advancements in the implants, and availability of better medical facilities, along with a growing number of cases with damaged limbs or organs caused by different accidents. However, the high cost of medical implants and stringent regulatory policies are expected to restrain the medical implants market for the forecasted period.
Key Market Trends
Orthopedic Implants Segment is Expected to Hold the Largest Market Share in the Medical Implants Market
Orthopedic devices are used to replace missing joints or bone or to give support to the damaged bone. The devices are fabricated by using titanium alloys and stainless steel for strength, and plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopedics, which involves the implementation of implants, in order to repair the damaged bone.
The number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to increase, due to an increase in the aging population. The rise in the osteoporosis-related fractures and musculoskeletal diagnoses are driving the demand for orthopedic implants among the population aged 65 years or older.
According to the Arthritis Research, UK report on “The State of Musculoskeletal Health 2018”, it is estimated that 17.8 million people live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population. The statistics show that the number of orthopedic surgeries is increasing, which leads to an increase in the demand for orthopedic implants.
North America is Expected to Dominate the Medical Implants Market
North America currently dominates the global medical implants market and is expected to follow the same trend throughout the forecast period. This is due to factors such as the rising incidence of chronic diseases like arthritis in the country, well-established insurance policies, and the availability of advanced healthcare infrastructure.
In the North America region, the United States holds the largest market share due to factors such as an increasing number of geriatric populations, which is anticipated to stimulate the demand in this region.
The medical implants market is moderate to highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe.
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