Medical Implant Market Forecasts to 2030 - Global Analysis By Product, Material, End User and By Geography

According to Stratistics MRC, the Global Medical Implant Market is accounted for $98.5 billion in 2023 and is expected to reach $182.5 billion by 2030 growing at a CAGR of 9.2% during the forecast period. The medical implant market is designed to be surgically placed within the body to replace or support damaged biological structures, enhance bodily functions, or monitor health conditions. Implantable medical devices serve diverse purposes, such as restoring organ function, managing chronic diseases, and improving mobility. Additionally, cochlear implants help restore hearing, while insulin pumps aid in diabetes management. These devices not only contribute to extending and improving lives but also enable patients to regain functionality.

According to the report published by the American Cancer Society in 2023, 297,790 new cases of invasive breast cancer will be diagnosed in women in the United States compared to 287,850 new breast cancer cases in 2022. According to the Aesthetic Society Statistics, in 2021, there were 147,684 breast implant removal/replacement procedures constituting 6% of surgical revenue.

Market Dynamics:

Driver:

Growing healthcare expenditures

As nations allocate substantial financial resources to enhance healthcare infrastructure and services, there is a parallel increase in the accessibility and adoption of advanced medical technologies, including implantable devices. With a growing emphasis on providing high-quality healthcare, the rise in healthcare expenditures signifies a commitment to advancing medical interventions, and implantable devices, in particular, become integral components in delivering sophisticated, effective, and often life-enhancing solutions for a range of medical conditions.

Restraint:

High cost

The intricate research, development, and manufacturing processes, coupled with the need for stringent regulatory approvals, contribute to elevated production costs. Consequently, these expenses are often transferred to healthcare providers and, ultimately, patients, making implantable solutions financially burdensome. This high economic barrier limits the accessibility of medical implants, particularly in regions with constrained healthcare budgets, and may deter patients from pursuing these advanced treatment options. However, the cost factor exacerbates existing healthcare disparities, as individuals with limited financial means may face challenges in accessing cutting-edge implantable devices.

Opportunity:

Patient preference for implantable solutions

Patients are opting for implantable devices over traditional treatment modalities due to the perceived advantages they offer in terms of improved quality of life and long-term therapeutic benefits. Patients appreciate the potential for enhanced functionality and mobility that many implants provide, whether it is artificial joints for orthopedic conditions or neurostimulators for chronic pain management. Additionally, the growing acceptance of cosmetic implants, such as breast implants or dental prosthetics, reflects a broader societal shift towards embracing medical interventions that contribute to overall well-being and self-esteem.

Threat:

Risk of complications and failures

Patients and healthcare providers alike are often cautious about the potential adverse outcomes associated with implant procedures, ranging from device malfunctions to post-operative complications. Concerns about the safety and efficacy of medical implants can lead to hesitancy among both patients and healthcare professionals, thereby impeding the widespread adoption of these technologies. However, instances of device failures or complications can not only result in harm to patients but may also trigger legal and regulatory scrutiny, further dampening market.

Covid-19 Impact:

The immediate disruption caused by the global health crisis led to elective surgeries being postponed or canceled, affecting the demand for various medical implants. Hospitals and healthcare facilities shifted their focus and resources towards managing the surge in Covid-19 cases, diverting attention from non-urgent procedures. However, supply chain disruptions, restrictions on movement, and manufacturing slowdowns also hampered the production and distribution of medical implants.

The orthopedic implants segment is expected to be the largest during the forecast period

Due to the rising incidence of orthopedic conditions such as osteoarthritis, fractures, and musculoskeletal disorders, coupled with an aging global population, Orthopedic Implants segment is expected to hold the largest share over the projection period. As individuals seek enhanced mobility and improved quality of life, the demand for orthopedic implants, including joint replacements and spinal implants, has surged. Furthermore, the increasing trend towards minimally invasive surgical procedures has further fueled the demand for orthopedic implants, as these procedures often involve shorter recovery times and reduced post-operative complications.

The ambulatory surgical centers segment is expected to have the highest CAGR during the forecast period

Due to a shift in healthcare delivery by providing a more cost-effective, efficient, and patient-centric alternative to traditional hospital settings, Ambulatory Surgical Centers segment is poised to witness lucrative growth during the extrapolated period. Patients increasingly prefer ASCs for their convenience, quicker turnaround times, and lower infection risks compared to traditional hospitals. The demand for medical implants in ASCs is further fueled by the evolving landscape of healthcare, emphasizing personalized and specialized care.

Region with largest share:

Owing to a combination of advanced healthcare infrastructure and a rapidly aging population, North America commanded the largest share of the market throughout the extrapolated period. The country's well-established healthcare system, coupled with a favorable reimbursement landscape, encourages the adoption of cutting-edge implant technologies. Moreover, strategic collaborations between healthcare providers, manufacturers, and regulatory bodies facilitate efficient approval processes, ensuring timely market entry for new and improved medical implants.

Region with highest CAGR:

Asia Pacific region is estimated to witness profitable growth throughout the forecast period. Rapid economic development and a growing focus on technological advancements contribute to the region's prominence. In particular, the rising middle-class population, coupled with improved healthcare awareness, has led to an escalating demand for medical implants across various therapeutic areas. Regulatory bodies in countries such as China, India, and Japan are actively working to streamline approval processes, ensuring that innovative and safe medical implants enter the market efficiently.

Key players in the market

Some of the key players in Medical Implant market include 3M Company, Abbott Laboratories, Biotronik, Inc, Boston Scientific Corporation, Institut Straumann AG, Johnson & Johnson Medical GmbH, Livanova Plc, Medtronic plc, Novartis International AG, Smith & Nephew plc and Stryker Corporation.

Key Developments:

In March 2023, Miach Orthopaedics, Inc. entered a distribution agreement with Veteran's Health Medical Supply (VHMS). The agreement provides customers in 236 Department of Defense (DOD) and Department of Veterans Affairs (VA) healthcare facilities access to the Bridge Enhanced ACL Restoration (BEAR) Implant via the ECAT federal contract.

In February 2023, CurvaFix, Inc. launched its smaller-diameter, 7.5mm CurvaFix IM Implant, designed to simplify surgery and provide strong, stable fixation in small-boned patients.

In April 2022, 3M presently declared that it has gained the technology assets of LeanTec. The acquisition displays 3M's dedication to its "connected bodyshop". The LeanTec technology augments 3M™ RepairStack™ Performance Solutions.

In February 2022, Abbott declared the world's earliest patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i™ pivotal clinical investigation. The implant of Abbott's investigational Aveir™ dual-chamber leadless pacemaker depicts a considerable technological milestone for leadless pacing technology.

Products Covered:

• Orthopedic Implants
• Cardiovascular Implants
• Ophthalmic Implants
• Breast Implants
• Dental Implants
• Other Products

Materials Covered:

• Ceramic Biomaterial
• Natural Biomaterial
• Polymers Biomaterial
• Metallic Biomaterial
• Other Materials

End Users Covered:

• Hospitals
• Ambulatory Surgical Centers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
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