The Medical Implant Market Size was valued at USD 49.66 Billion in 2023. The Medical Implant market industry is projected to grow from USD 53.73 Billion in 2024 to USD 93.29 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.14% during the forecast period (2024 - 2032).increasing public knowledge of medical implants and scientific advancements in medical implants are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for medical implant is being driven by the rising ageing population and the prevalence of chronic illnesses. The growing chronic diseases and the growing geriatric population are expected to drive demand for medical implants. According to National Institutes of Health studies, the number of persons 65 and older was roughly 703 million in 2019 and is expected to reach 1.5 billion by 2050. This would equate to 16% of the world's population. Chronic diseases such as neuropathic disorders, cardiovascular disease, old age-related injuries, and osteoarthritis are becoming more common as the population ages. According to the American Heart Association, 70.2% of American men and 70.9% of women between 60 and 79 have cardiovascular disease.Ophthalmic implants (ocular implants) such as intraocular lenses, drainage implants, and artificial eyes provide effective treatments to improve or restore a patient's eyesight. Neurostimulators are used to provide sensory recognition. Glaucoma and cataract, the two most common eye diseases in the elderly, cause blindness in millions of individuals worldwide. It is estimated that more than 250 million people have had their vision restored through cataract surgery using intraocular lenses. Intraocular lenses are a common ophthalmic implant used to cure cataracts, nearsightedness, and astigmatism.
The World Health Organisation claimed 2019 that more than 1.13 billion people suffer from hypertension, the major cause of heart failure. This leads to an increase in patients suffering from chronic diseases worldwide. As a result, the growing older population and their vulnerability to chronic diseases drive demand for various medical implants.
The increase in acceptance or demand for medical implants will likely generate considerable potential prospects for competitors in the medical implants market. For example, as illness burdens rise and individuals become more aware of their options, the demand for safe and effective medical implants rises rapidly. In February 2022, 4WEB Medical introduced the Hyperlordotic Lateral Spine Truss System (LTST), an array of Hyperlordotic lateral spine implants. The LTST portfolio has expanded to cover 18, 24, and 300 lordotic angles in anterior longitudinal release procedures for spine repair. The rising prevalence/incidence of musculoskeletal diseases (MSD) worldwide will likely provide considerable prospects for medical implant market participants. Thus, driving the Medical Implant market revenue.
The Medical Implant market segmentation, based on type, includes orthopedic, cardiac, spinal, dental, ophthalmic, and cosmetic implants. The orthopedic segment dominated the market, accounting for 42% of market revenue. These are made with stainless steel and titanium alloys for strength and a plastic coating that acts as synthetic cartilage. An increased aging population and sedentary lifestyle lead to the development of joint disorders in the younger age. Furthermore, the rise in obesity and the prevalence of osteoporosis-related fractures across all age groups are expected to keep the demand for orthopedic therapies high.
The Medical Implant market segmentation, based on the type of material, includes metallic material, ceramic material, and polymers material. The metallic material segment dominated the market. Metallic biomaterials are man-made systems that provide internal support to biological tissues. They are commonly used in joint replacements, dental implants, orthopedic fixations, and stents. An aging population, increased R&D investments, a boom in biomaterials applications, an increase in demand for plastic surgery, and payments made by the Centres for Medicare & Medicaid Services are driving the growth of this industry.
The Medical Implant market segmentation based on end users, includes hospitals & clinics and research laboratories. The hospitals & clinics category generated the most income. The segment's dominance is due to the wide reimbursement policies of large hospitals offering implantations. Furthermore, manufacturers' initiatives to offer innovative goods through partnerships with prominent hospitals and increased usage of advanced implantation techniques, such as robot-assisted orthopedic procedures, are expected to fuel the segment's growth.
Figure 1: Medical Implant Market, by End User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Medical Implant market area will dominate this market, The development of new technologies through research and development, such as hydrocephalus valves and shunts, middle ear prosthesis, prosthetic cervical discs, and transcatheter mitral valve replacement, is expected to broaden the therapeutic options available to patients and surgeons.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MEDICAL IMPLANT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Medical Implant market accounts for the second-largest market share due to the aging population and increased chronic illness prevalence. Positive clinical outcomes, a decrease in product failure rates, developing technologies, and growth in underserved areas such as peripheral arterial diseases are driving the rapid rise of the medical implants industry. Further, the German Medical Implant market held the largest market share, and the UK Medical Implant market was the fastest-growing market in the European region.
The Asia-Pacific Medical Implant Market is expected to grow fastest from 2024 to 2032. The region's orthopedic business is rising due to increased healthcare spending and an aging population with a higher prevalence of osteoporosis, osteoarthritis, bone injuries, and obesity. Moreover, China's Medical Implant market held the largest market share, and The Indian Medical Implant market was the Asia-Pacific region's fastest-growing market.
Medical Implant Key Market Players & Competitive Insights
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Medical Implant market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Medical Implant industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Medical Implant industry to serve clients and expand the market sector. The Medical Implant industry has provided some of the most important benefits recently. Major players in the Medical Implant market, including Abbott Laboratories, Medtronic has announced that the Freezor and Freezor Xtra cardiac cryoablation focal catheters have been authorized by the US Food and Drug Administration. These are the first FDA-approved ablation catheters for treating pediatric atrioventricular nodal reentrant tachycardia. and others, are attempting to increase market demand by investing in research and development operations.
Abbott Laboratories is a American medical equipment and healthcare firm headquartered in Abbott Park, Illinois. In 1888, Chicago physician Wallace Calvin Abbott created the company to develop recognized pharmaceuticals; now, it sells medical gadgets, diagnostics, branded generic medicines, and nutritional items. In 2013, it spun out its research-based pharmaceuticals business as AbbVie.Similac, BinaxNOW, Pedialyte, Ensure, Glucerna, FreeStyle Libre, ZonePerfect, i-STAT, and MitraClip are among Abbott's products. In February 2022, Abbott announced the first-ever patient implantation of a dual-chamber leadless pacemaker as part of its AVEIR DR i2i pivotal clinical study. The Aveir dual-chamber leadless pacemaker implant from Abbott represents a significant advance in leadless pacing technology.
Medtronic plc, located in Dublin, Ireland, is a healthcare technology firm that seeks and finds solutions to the most difficult health problems confronting humanity. Their Mission – to relieve pain, restore health, and extend life – unites a worldwide team of 90,000+ dedicated individuals from 150 countries. Their technologies and therapies, which include cardiac devices, monitoring systems, surgical robotics, surgical tools, insulin pumps, patient and more, treat 70 health diseases. They produce revolutionary technologies that alter the lives of two people every second, hour, and day, thanks to their vast knowledge, insatiable curiosity, and willingness to serve all those in need. In February 2022, the US Food and Drug Administration has approved the Freezor and Freezor Xtra cardiac cryoablation focal catheters, according to a statement from Medtronic. These are the first paediatric atrioventricular nodal reentrant tachycardia ablation catheters that the FDA has authorised.
Key Companies in the Medical Implant market include
April 2022:3M announced the acquisition of LeanTec's technological assets, a provider of digital inventory management systems for the automotive aftermarket in the United States and Canada.The acquisition highlights 3M's dedication to its "connected Bodyshop," one of the company's active digital platforms that blends data collecting and analysis with material product platforms to capitalize on new requirements and trends.3M's commitment to its "connected body shop" is exemplified by this acquisition. 3MTM Repair StackTM Performance Solutions are enhanced by LeanTec technology.
February 2022:The Hyperlordotic Lateral Spine Truss System (LSTS) from 4WEB Medical is a new line of hyperlordotic lateral spine implants. The most recent addition to the LTST portfolio includes anterior longitudinal release procedures for spine repair with 18, 24, and 30-degree lordotic angles.
February 2022:Boston Scientific Corporation has completed its acquisition of Baylis Medical Company Inc., a provider of sophisticated transseptal access solutions as well as sheaths, guidewires,and dilators for catheter-based left-heart surgeries.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 49.66 Billion |
| Market Size 2024 | USD 53.73 Billion |
| Market Size 2032 | USD 93.29 Billion |
| Compound Annual Growth Rate (CAGR) | 7.14% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Type of material, End user and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Boston Scientific Corporation (US), Johnson & Johnson (US), Stryker Corporation (US), 3M (US), Zimmer Biomet (US). |
| Key Market Opportunities | The increasing Aging Population Is Causing several Dental Problems |
| Key Market Dynamics | Improvement in surgical outcomes |
Medical Implants Market Highlights:
Frequently Asked Questions (FAQ) :
The Medical Implant market size was valued at USD 49.66 Billion in 2023.
The market is projected to grow at a CAGR of 7.14% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Boston Scientific Corporation (US), Johnson & Johnson (US), Stryker Corporation (US), 3M (US), Zimmer Biomet (US).
The Orthopedic Implants dominated the market in 2022.
The hospital and clinics had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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