MEDICAL IMPLANTS MARKET ANALYSIS

The global medical implants market was valued at US$ 102.52 Bn in 2022 and is forecast to reach a value of US$ 178.79 Bn by 2030 at a CAGR of 7.2% between 2023 and 2030. The global medical implants market is experiencing strong growth due to the increase in prevalence of chronic disease and growing geriatric (aging) population around the world. Moreover, increase in burden of musculoskeletal disorders and rise in adoption or demand for medical implants is expected to boost the market growth. However, factors such as high cost of treatment and stringent rules and regulations or stringent approval process are expected to hamper the market growth.

Global Medical Implants Market: Regional Insights

Based on geography, the global medical implants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing prevalence of chronic disease, growing geriatric population, rise in adoption of medical implants, and technological advancements in the field of medical implants in the region. For instance, with the rise in burden of chronic diseases and rising geriatric population, the demand for medical implants is also increasing. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading causes of death and disability in the United States. Moreover, around 85% of Americans over 65 years of age have at least one chronic health condition and 60% have at least two chronic conditions

Europe and Asia Pacific are also expected to witness robust growth in the global medical implants market owing to the rise in burden of chronic disease, growing geriatric population, rise in demand for safe/effective medical implants, government initiative/support, and well-established healthcare infrastructure in these regions. For instance, in February 2019, the Indian Government decided to regulate the sale, manufacture, and import of medical implants to ensure safe and tested medical devices reach the end user. Devices implanted into the body, or used for life support or sustenance, may pose potential risk and thus, must be strictly controlled.

Figure 1. Global Medical Implants Market Share (%), by Region, 2023

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Global Medical Implants Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to augment the growth of the global medical implants market over the forecast period is the increase in prevalence of chronic disease, such as cardiovascular diseases (CVDs). Cardiac implantable electronic devices are designed to help control or monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure. In February 2022, Abbott announced the world's first patient implants of a dual-chamber leadless pacemaker system as part of the AVEIR DR i2i pivotal clinical study. Abbott's investigational Aveir dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial.

Growing geriatric population to propel market growth

Another factor which is driving the growth of the global medical implants market is the growing geriatric (aging) population around the world. For instance, increasing number of older individuals is accompanied by increasing health concerns, presenting unique demand for the medical devices. Cardiovascular disease, ischemic heart disease, vascular dementia, urinary incontinence, multiple sclerosis, and other diseases are more common among older adults. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). This in turn is expected to increase demand for medical implants.

Global Medical Implants Market Opportunities:

Rise in adoption or demand for medical implants across the globe is expected to provide significant growth opportunities for players in the medical implants market. For instance, with the increasing disease burden and increase in awareness among people, the demand for safe and effective medical implants is also increasing with the rapid pace. In February 2022, 4WEB Medical launched array of Hyperlordotic lateral spine implants, the Hyperlordotic Lateral Spine Truss System (LTST). A new addition to the LTST portfolio includes 18, 24, and 30⁰ lordotic angles in anterior longitudinal release procedures for spine correction.

Increasing prevalence/incidence of musculoskeletal disorders (MSD) around the world is expected to offer significant growth opportunities for players in the medical implants market. For instance, musculoskeletal disorders are injuries or disorders of the muscles, nerves, tendons, joints, cartilage, and spinal discs. Therefore, with the rise in burden of musculoskeletal disorders, the demand for medical implants is also growing. In February 2022, DeGen Medical, Inc. announced the launch of Impulse AM, a 3D-printed porous titanium implant for posterior interbody fusion. Impulse AM comes in a variety of sizes and anatomical designs to accommodate a range of patient anatomy. 

Global Medical Implants Market Trends:

Rise in demand for orthopedic implants is a recent trend

Orthopedic implants are used to replace missing joints and/or bones or to support damaged bones. These implants have seen a shift from conventional surgical procedures to modern fixation and prosthetic devices, and the increased risk of osteoporosis, osteoarthritis, and other musculoskeletal disorders of the senior population has significantly increased the demand for orthopedic implants. This trend is expected to continue over the forecast period, driving the market growth.

Rise in awareness among people is another trend

The Medical Device Innovation Consortium (MDIC) is trying to increase the awareness for latest technology among patients and surgeons by conducting seminars and conferences where they can showcase their novel technologies and devices. Moreover, rise in awareness among people about these implants and associated benefits as well as established infrastructure is expected to increase demand for medical implants. This trend is also expected to continue during the forecast period, driving the growth of the global medical implants market.

Global Medical Implants Market Restraints:

High cost of treatment to hinder market growth

One of the key factors expected to hamper the growth of the global medical implants market is the high cost of treatment. High cost is associated with procedures involving medical implants such as heart valve replacement, joint reconstruction, dental implant, and breast implant. For instance, total knee replacement can cost around US$ 35,000 without insurance in the United States. Moreover, the cost for these surgeries increases if there are post-surgery complications and in cases where there is an increase in length of hospital stay. 

Stringent rules/regulations to hamper market growth

Another factor which is hampering growth of the global medical implants market is the stringent rules/regulations or stringent approval process. Most counties worldwide have a stringent approval process for medical implants, as they are highly specialized devices that are implanted in the body. For instance, the U.S. Food and Drug Administration (FDA) is accountable for safeguarding public health by supervision of medical products, including medical implants. Manufacturers are required to obtain either Pre-Market Approval (PMA) or 510K clearance from FDA (in the U.S.) in order to introduce their product to the market.

Figure 2. Global Medical Implants Market Share (%), by Product, 2023

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Global Medical Implants Market Segmentation:

The global medical implants market report is segmented into Product, Biomaterial Type, and Region.

Based on Product, the market is segmented into Orthopedic Implants, Cardiovascular Implants, Opthalmic Implants, Dental Implants, Facial Implants, and Breast implants. Of which, Orthopedic Implants Segment is expected to dominate the medical implants market over the forecast period and this is attributed to the increasing prevalence/incidence of musculoskeletal disorders.

Cardiovascular Implants Segment is also expected to witness robust growth in the near future and this is owing to the rise in burden of cardiovascular diseases and increase in demand for cardiac implants across the globe.

Based on Biomaterial Type, the market is segmented into Metallic Biomaterials, Ceramic Biomaterials, Polymers Biomaterials, and Natural Biomaterials. Of which, Metallic Biomaterials Segment is expected to dominate the market over the forecast period and this is attributed to the rise in usage of metallic biomaterials in medical devices. Metallic biomaterials are used largely in joint replacements, dental implants, orthopedic fixations, and stents.

Ceramic Biomaterials Segment is also expected to witness significant growth in the near future and this is due to increase in demand for dental and bone implants. Ceramic biomaterials are used largely in medical procedures, such as dental and bone implants.

Global Medical Implants Market: Key Developments

In June 2022, ZimVie Inc. announced the launch of the Food and Drug Administration-cleared T3 PRO Tapered Implant and Encode Emergence Healing Abutment in the U.S. It is newest addition to ZimVie’s family of dental implants and builds on the proven solutions of T3 Tapered Implant.

In February 2022, DeGen Medical, Inc. announced the launch of Impulse AM, a 3D-printed porous titanium implant for posterior interbody fusion.

In March 2022, SurGenTec received clearance from the U.S. Food & Drug Administration (FDA) for ION Screw, its proprietary stand-alone spine fixation implant.

In June 2021, Colfax Corp.’s DJO announced that it entered into a definitive agreement to acquire Mathys AG Bettlach. The acquisition is expected to strengthen DJO’s patient-focused innovation pipeline and broaden its reconstructive portfolio.

Global Medical Implants Market: Key Companies Insights

The global medical implants market is highly competitive. This is attributed to the rise in burden of chronic disease and growing geriatric (aging) population, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global medical implants market are Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others.

*Definition: Medical implants are medical devices that are placed inside or on the surface of the body. These implants can be placed permanently or they can be removed once they are no longer needed. For instance, stents or hip implants are intended to be permanent. But chemotherapy ports or screws to repair broken bones can be removed when they no longer needed.