Global Medical Implants Market to Reach $116 Billion by 2022
Author: Allied Market Research : Contact: alliedmarketresearch.com
New report projects world medical implants market will reach $116 billion by 2022.
A new report published by Allied Market Research, titled, Medical Implants Market by Type, Material - Global Opportunity Analysis and Industry Forecast, 2014-2022, projects that the world medical implants market would reach $116 billion by 2022. Orthopaedic implant is expected to continue generating high revenue throughout the forecast period. North America led the market in 2015 and is expected to remain dominant during the study period.
The major factors boosting the market growth include technological advancements [such as bioabsorbable stents], rising incidence of chronic diseases, and increasing geriatric population worldwide. Improved patient awareness and rise in disposable incomes in the developing countries would further increase the adoption of medical implants. Huge market opportunities in the emerging nations and rise in development of minimally invasive and non-surgical procedures are expected to foster the demand for medical implants. Alternatively, high cost of medical implants and limited insurance coverage are the key factors impeding the market growth.
These devices are further categorized into reconstructive joint replacements, orthobiologics, and trauma & craniomaxillofacial, among which reconstructive joint replacements had the highest market share in 2015.
Neurostimulators has emerged as the fastest growing segment, registering a CAGR of 12.7% during the forecast period. The major factors contributing to this segments growth are increasing prevalence of neurological disorders, high adoption rate in developed economies, and increasing number of clinical trials. The metallic segment was the leading biomaterial, due to its increasing usage as load bearing implants in joint reconstruction surgeries and dental implants, in 2015.
Key findings of Medical Implants Market:
- Orthopaedic implant generated the highest revenue in 2015, and is projected to grow at a CAGR of 7.2% during the forecast period.
- The neurostimulators segment is expected to grow at a remarkable CAGR of 12.7% during the analysis period.
- U.S. is the major shareholder accounting for 70.7% share of the overall North American medical implants market.
- Dental implants market is projected to grow at a CAGR of 8.2%.
- Germany accounted for around one-fourth share of the European medical implants market in 2015.
- Japan medical implants market is expected to continue to be the highest revenue-generating market in Asia-Pacific.
Geographically, the North American region accounted for the majority of the share in the medical implant market in 2015, and is expected to maintain its lead throughout the forecast period. This is attributed to the high awareness and the advance healthcare infrastructure in this region. However, Asia-Pacific is projected to be the fastest growing region due to the increasing incidence of chronic disorders (such as heart disease, cancer, and diabetes), growing geriatric population, and improving health care infrastructure.
The medical implants market in Germany is growing at a steady pace, attributed to the rising incidence of chronic diseases. Germany has one of the highest death rates due to heart diseases (even higher than the U.S. or U.K.), lifestyle factors such as increase in rate of smoking (In Germany, for group of more than 15 years of age population, on an average nearly 24.5% are smokers, in the age group 18 to 25 years 35.2% are smokers) and rise in obesity are the major factors behind the health diseases. The country spends more on dental services compared to any other European country apart from Switzerland, which makes it an attractive market for the dental implants industry.
The major strategies adopted by the leading market players include new product launches & approvals and collaborations. In March, 2016, Zimmer Biomet launched the hip replacement offering and knee implant systems. It enhanced the companys implant and musculoskeletal treatment product portfolio and helped to strengthen their existing product portfolio. The major companies profiled in this report include Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Integra Lifesciences Holdings Corporation, Medtronic Plc., Smith & Nephew Plc., St. Jude Medical, Inc., Zimmer Biomet Holdings, Inc., C.R. Bard Inc., LivaNova Plc., and Straumann AG.
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