PUBLISHER: DataM Intelligence | PRODUCT CODE: 1348008
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1348008
Medical implants are placed inside or on the surface of the body to replace a missing biological structure, support a damaged biological structure, and enhance an existing biological structure. Other medical implants help in delivering medication, monitor body functions, and provide support to organs and tissues.
Medical implants can either be placed permanently or temporarily. For example, stents or hip implants are intended to be permanent but chemotherapy ports or screws to repair broken bones can be removed when they are no longer needed. The surface of implants is made of a biomedical material such as titanium, silicone, or apatite.
Furthermore, significant growth drivers such as increasing technological advancements, product launches, and favorable reimbursement policies give rise to future market growth. Significant key players like Orthopedic Implant Company, Auxein Medical, Medtronic Plc., Stryker Corporation, and others are actively operating in the market.
Medical implants are used as prosthetics which are intended to replace missing body parts. The product launches by major companies help to drive market growth and these effective product launches help to transform research discoveries into new treatments and improve care for millions of people.
For instance, in February 2023, OSSIO, Inc. launched the new OSSIOfiber Compression Staple. OSSIOfiber Compression Staples are made with OSSIOfiber Intelligent Bone Regeneration Technology. OSSIOfiber provides the first credible solution to the shortcomings of permanent metal hardware and conventional resorbable and allograft implants by combining unparalleled mechanical strength and natural bone healing in a non-permanent implant.
Additionally, in December 2022, Abbott Laboratories launched its latest-generation transcatheter aortic valve implantation (TAVI) system called Navitor by making the minimally invasive device available for people with severe aortic stenosis who are at high or extreme surgical risk. Hence, due to the above factors, the market is expected to boost over the forecast period.
Reimbursement policies often consider factors such as the complexity of the procedure, the type of implant used, and the associated healthcare resources utilized during the procedure. Reimbursement policies play a crucial role in the medical implant market as they determine the level of coverage and financial reimbursement provided to healthcare providers for performing implantation procedures.
For instance, in March 2023, Inspire Medical Systems, Inc. stated that it has received countrywide reimbursement approval in Belgium, effective at rates consistent with other countries around the world. This reimbursement approval provides a pathway to open additional Inspire implanting centers in Belgium, under the guidance of Antwerp University Hospital (UZA) while also expanding access to care.
Additionally, in November 2022, Establishment Labs Holdings Inc. declared that Motiva Implants and the Motiva Flora tissue expander have been approved for use in Japan by the Pharmaceuticals and Medical Devices Agency (PMDA), and these products have also received reimbursement for post-mastectomy reconstruction under the Japanese National Health System.
Complications of dental implants include osseointegration where the bone grows around your implant and it can fall out on its own. One major dental implant risk is sinus damage where the upper jaw is directly under the nasal sinuses. Implants that are used to replace the top teeth can potentially penetrate into the sinus which leads to discomfort or possible infection. There are similar instances with other implants and thus these are expected to hamper the market growth.
The global medical implants market is segmented based on product, material type, end users, and region.
Orthopedic Implants is expected to hold the largest market share over the period forecast owing to increasing product launches. An orthopedic implant is a manufactured device designed to replace a joint, bone, or cartilage due to damage or deformity such as from breaking a leg, losing a limb, or a congenital defect.
For instance, in February 2023, CurvaFix, Inc. launched its smaller-diameter, 7.5mm CurvaFix IM Implant which is designed to simplify surgery and provide strong, stable fixation in small-boned patients. The company showcases the new 7.5mm intramedullary device, of which over two dozen have already been implanted in patients, at the American Academy of Orthopedic Surgeons (AAOS) 2023 Annual Meeting.
Additionally, in July 2023, The Orthopaedic Implant Company commercially launched of its innovative Threaded Metacarpal Nail System. The Threaded Metacarpal Nail System features a low insertion torque and minimally compressive design, ensuring optimal stability for various fracture patterns.
The global medical implants market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa. North America has maintained a significant proportion of the medical implants market in recent years, and this trend is anticipated to continue throughout the forecast period due to factors such as the rising incidence of knee and hip replacements, and product launches in medical implants.
For instance, The American Joint Replacement Registry (AJRR), published its 2022 Annual Report on hip and knee arthroplasty procedural trends and patient outcomes. The annual report demonstrates an overall cumulative procedural volume growth of 14% compared to the previous year and includes over 2.8 million hip and knee procedures since 2012 from over 1,250 hospitals, ambulatory surgery centers (ASCs), and private practice groups. The number of procedures submitted by ASCs has grown exponentially between 2012 and 2020 and has increased by 57%.
Additionally, according to the Aesthetic Society, there were 365,000 breast implantations performed in 2021. In addition, 148,000 women had implants removed and replaced, and 71,000 had their implants removed and not replaced in the United States. Hence, the above factors help accelerate the region's growth.
The major global players in the market include: Orthopedic Implant Company, Auxein Medical, Medtronic Plc., Stryker Corporation, 4Web Medical, Smith & Nephew, Novel Biocare Services AG, Strauman AG, GS Medical, CurvaFix Inc. among others.
The COVID-19 pandemic has had a significant impact on the medical implants market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular check-ups, appointments, device implantations, and consultations worldwide. Many hospitals are focused on COVID-19 cases, and this reduced cardiac surgery in many patients suffering from chronic disease.
Moreover, the focus of research and development efforts shifted during the pandemic, with a significant emphasis on developing vaccines and treatments for COVID-19. Therefore, owing to the above factors, the medical implants market is expected to be moderately affected over the forecast period.
The global medical implants market report would provide approximately 69 tables, 70 figures, and 195 Pages.
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