According to the latest report published by Credence Research, Inc. “Medical Implants Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global medical implants market was valued at US$ 101 Bn in 2016, and is expected to reach US$ 196 Bn by 2025, expanding at a CAGR of 7% from 2017 to 2025.
Medical implants are devices or tissue that are placed inside or on the surface of the body. Many implants are prosthetics, deliberated to replace body parts, whereas other implants deliver medication, monitor body function, or provide support to organs and tissue. Implants can be replaced permanently or they can be withdrawn once they are no longer required. According to the U.S. Census Bureau 2016 data, there are 1,200 million people in the world aged above 55; of these approximately 820 million are from emerging economies.
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This situation can enhance the demand of orthopedic, cardiovascular and ophthalmic implants. Trend in the growth rate of the population of older persons reveals the powerful influence on orthopedic and heart related diseases. Moreover advancement in recent trends, technology advancement, and regulatory aspects of the market are enhancing the implants market. Factors such as growing incidence rate in epilepsy, increasing incidence of cardiac disorders and Parkinson’s diseases are some of the factors driving the market. Rise in the number of dental treatment are leading the growth of medical implants while increasing cosmetic surgery is enhancing the growth of cosmetic implants.
Moreover, it is observed that immoderate taxation in imports of already expensive implants, overall treatment and surgical procedures and proportional rise in failed implants procedures and techniques are factors hampering the growth of global medical implants market.
Based on the application areas, the global medical implants market is categorized into the orthopedic & trauma, cardiovascular, ophthalmic, spinal, dental, neurostimulator and others. Among these, orthopedic implants category holds the largest share of the overall market. Technological advancement (such as bioabsorable stents), rising incidence of chronic diseases, increasing geriatric population worldwide, better patience consciousness and rise in disposable incomes in the emerging countries would further enhance the adoption of medical implants.
Geographically, the global medical implants market is studied for North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America currently leads the global market in terms of revenue share and it is expected that the region will retain its dominance during the forecast period. However, the dominance of North America will be prominently challenged by Asia Pacific market. The demand for advanced dental imaging solutions has exponentially increased in Asia Pacific due to growth in healthcare expenditure, disposable income and rapid proliferation of healthcare infrastructure. Furthermore, countries such as Brazil, Mexico, China and India will open additional opportunities for market penetration to key companies already having a stronghold in developed regions.