Medical Implant Market is Generating Revenue Of US$147.46 Billion By 2027

Pune, Maharashtra, India, February 9 2021 (Wiredrelease) Allied Analytics –:According to the report published by Allied Market Research, the medical implant industry estimated $85.38 billion in 2019, and is estimated to generate $147.46 billion by 2027, manifesting a CAGR of 7.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, top investment pockets, key segments, major winning strategies, product performance, and competitive scenario.

Rise in prevalence of chronic diseases, supportive initiatives from medical health insurance companies for critical issues, and increase in awareness regarding different types of implants drive the growth of the global medical implant market. However, high cost of treatment and stringent approval process restrain the market growth. Contrarily, technological advancements in implants present new opportunities in the coming years.

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Increase in prevalence of chronic diseases, supportive initiatives from medical health insurance companies for critical issues, and surge in awareness regarding different types of implants augment the growth of the global medical implant market. On the other hand, high cost of treatment and stringent approval process impede the market growth. Moreover, technological advancements in implants anticipates to create an array of opportunities for the market players.

The growth of the global medical implants market is attributed to increase in geriatric population, surge in awareness about therapeutic applications of medical implants, and alarming increase in prevalence of chronic diseases. Furthermore, innovation and technological advancements in medical implants notably contribute toward the growth of the global medical implant market. 

Covid-19 Scenario

New guidelines regarding medical implantation have been released by governing authorities. The American College of Surgeons (ACS) released guidelines for triage of vascular surgery patients. These guidelines outlined that non-emergency peripheral vascular procedures such as endovascular therapy for claudication and others should be postponed.

The implant surgeries are restricted to life or limb salvaging cases only and the staff has been reallocated to take care of patients infected with coronavirus. Moreover, this step has been taken to avoid possibility of cross-contamination.

As per the industry experts, long-term effect of COVID-19 outbreak is expected to be witnessed over the coming years. The outbreak has led to financial crisis in many countries. Thus, the number of vascular surgeries has been significantly reduced. This measure is expected to keep hospital beds and healthcare providers available for COVID-19 patients, as well as to save personal protective equipment (PPE) and reduce viral transfer between patients and staff.

Key Findings Of The Study 

The orthopedic implants segment accounted for approximately 28.9% share of the market in 2019.

North America accounted for 44.9% market share in 2019, and is expected to maintain this trend throughout the forecast period.

The neurostimulators segment is anticipated to grow at a CAGR of 12.5% from 2020 to 2027.Asia-Pacific accounted for 8.8% of the market in 2019. 

Based on product type, the market is segmented into orthopedic implants, cardiovascular implants, spinal implant, neurostimulators, ophthalmic implants, dental implants, facial implants, and breast implants. The orthopedic implants segment accounted for largest market share, with nearly two-fifths of the global market in 2019, and is expected to maintain the dominance throughout the forecast period. In addition, the segment is also expected to manifest the fastest CAGR of 7.3% from 2020 to 2027.

North America to maintain its leadership status in terms of revenue by 2027

Based on region, North America held the highest share in 2019, contributing to more than two-fifths of the global medical implant market, and will maintain its leadership status in terms of revenue by 2027. This is attributed to increase in number of cardiovascular diseases and surge in aging population in the region. However, Asia-Pacific is estimated to manifest the fastest CAGR of 8.8% from 2020 to 2027, owing to untapped opportunities such as expanding healthcare budgets and rise in disposable income.

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Leading market players

Medtronic Plc.

Johnson and Johnson

Boston Scientific Corporation

Biotronik

LivaNova PLC

Globus Medical, Inc.

NuVasive, Inc.

Integra LifeSciences Holding Corporation

Institut Straumann AG

Conmed Corporation

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