Rise in prevalence of chronic diseases and increase in awareness regarding different types of implants drive the growth of the global medical implant market.
According to the report, the medical implants industry garnered
Prime determinants of growth
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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New guidelines regarding medical implantation have been released by governing authorities. The
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.
The orthopedic implants segment to maintain its lion’s share during the forecast period
Based on product type, the orthopedic implants segment held the largest market share, accounting for nearly two-fifths of the global medical implant market in 2019, and will maintain its lion’s share during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 7.3% from 2020 to 2027. This is due to surge in rate of obesity and increase in osteoporosis-related fractures amongst all age groups. The research also analyzes segments including cardiovascular implants, spinal implant, neurostimulators, ophthalmic implants, dental implants, facial implants, and breast implants.
The metallic biomaterials segment to maintain its lead position by 2027
Based on biomaterial type, the metallic biomaterials segment contributed to the highest share in 2019, accounting for nearly two-thirds of the global medical implant market, and is projected to maintain its lead position by 2027. This is attributed to rise in aging population, increase in research and development investments, surge in applications of biomaterials, demand for plastic surgery, and reimbursements provided by
Based on region,
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Leading market players
Japan Medical Implant Market
South Korea Medical Implant Market
Singapore Medical Implant Market
China Medical Implant Market
Indonesia Medical Implant Market
Australia Medical Implant Market
Taiwan Medical Implant Market
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