April 23, 2024
Medical Implants Market

Medical Implants Are Transforming Healthcare Globally

The Medical Implants market is in trends of growing customization and personalization by 2030.

Medical Implants refer to devices or tissues that are placed inside the human body to support organ function or replace missing bodily structures. Some common examples include artificial joints, cardiac pacemakers, coronary stents, breast implants, and contact lenses. These implants have helped significantly improve patients’ quality of life by restoring mobility and physical abilities. Advantages of medical implants include their ability to restore lost function, improve productivity, and extend lifespans. The growing geriatric population and increasing incidence rates of chronic diseases and injuries have fueled the demand for medical implants globally.

The Global Medical Implants Market is estimated to be valued at US$ 126.61 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Medical Implants market are Koru Pharmaceuticals Co. LTD, Fusion Meso, PerseBelle, Toskani Cosmetics, Demoaroma Italy srl, Pluryal, Messoessence, Galderma Laboratories L.P., Revitacare, Mesoestetic, and DERMEDICS International. These companies offer an extensive portfolio of implants for orthopedic, cardiovascular, dental, and other applications.

The growing geriatric population globally prone to orthopedic conditions and hearing loss has been a major driver of demand. According to estimates, over 16% of the world’s population will be aged 65 years and older by 2050. This demographic shift will require more joint replacements and other age-related implants.

The market has also witnessed expansion into emerging countries in Asia Pacific and Latin America. Countries like China, India, Brazil, and South Africa present substantial growth opportunities owing to growing medical infrastructure, awareness, and disposable incomes. These regions have become global manufacturing hubs for cost-effective medical implants.

Market key trends

3D printing technology for Medical Implants Market Demand is gaining widespread traction to develop customized implants based on patients’ anatomy. This has potential to reduce surgery time and recovery periods. Using patient-specific data such as CT or MRI scans, 3D printing allows Building complex, precise structures suited for individual patients. This trend is enabling a paradigm shift from “one-size-fits-all” implants to personalized solutions.

Porter’s Analysis

Threat of new entrants: The medical implants market requires high R&D investment and regulatory approvals which makes difficult for new players to enter. Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for medical implants but group hospitals and institutions have moderate power. Bargaining power of suppliers: Key raw material suppliers like titanium producers have moderate bargaining power due to availability of substitute materials. Threat of new substitutes: Though biodegradable materials are emerging but established medical grade materials have no threat of substitution in the near future. Competitive rivalry: The market is dominated by few large players and regional players compete on selective product portfolio leading to moderate competition.

Geographical Regions

The North American region accounts for the major share in the global medical implants market primarily due to continuously developing healthcare infrastructure, rising disposable income, growing aging population suffering from chronic diseases and huge healthcare expenditure. As per statistics, the total healthcare spending in United States is estimated to be more than US$ 3.5 trillion in 2017

The Asia Pacific region is poised to exhibit the fastest growth over the forecast period in the global medical implants market attributed to rapidly developing medical infrastructure in countries like India and China, growing medical tourism industry, rising affordability among consumers, increasing prevalence of lifestyle diseases and growing geriatric population. Furthermore, initiatives by governments in the Asia Pacific region to increase healthcare access and coverage will significantly propel the demand for medical implants during the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it