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| Medical Implants Market |
The medical implants market encompasses various implantable materials like metals, polymers, and ceramics used for replacing damaged body parts. Medical implants help improve patients' quality of life by restoring physiological functions or enhancing existing biological structures. Advancement in materials science enabled manufacturing cutting-edge medical implants that mimic natural tissues or organs. The global medical implants market is estimated to be valued at US$ 120 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid technological advancements is one of the key trends driving the growth of
the medical implants market. Implant technology is transforming with
advancements in materials and design. Use of 3D printing in implants
manufacturing allows producing custom designed implants matching patients'
anatomical structure. It facilitates producing implants with complex geometries
and micro-level features which was not possible before. Implants integrated
with biocompatible intelligent materials that can interact with biological
tissues are gaining traction. Such smart implants with capabilities like drug
delivery, tissue growth monitoring, and wireless data transmission greatly
improves clinical outcomes. Continuous R&D focusing on new materials and
digital fabrication technologies would accelerate commercialization of next-gen
medical implants.
Segment
Analysis
The global medical implants market can be segmented into cardiovascular
implants, spinal implants, orthopedic implants, neurostimulators, ophthalmic
implants and dental implants. Among these, orthopedic implants dominate the
market and are expected to continue their dominance over the forecast period.
Growth in the geriatric population suffering from arthritis and other joint
disorders is a key factor fueling demand for orthopedic implants worldwide.
Within orthopedic implants, knee implants accounted for the largest market
share in 2020 due to the rising prevalence of knee osteoarthritis.
Key Takeaways
The global Medical
Implants Market Share is expected to witness high growth over the
forecast period. Growing prevalence of chronic diseases and rising focus on
implant technologies are driving the market.
Regional analysis: North America dominated the global market in 2020 and is
expected to maintain its leading position throughout the forecast period.
Rising healthcare expenditure and the presence of advanced healthcare
infrastructure in the region are supporting market growth. Growing elderly
population is putting pressure on governments to increase healthcare spending,
which is boosting the North America medical implants market.
Key players: Key players operating in the medical implants market are Johnson
& Johnson, Becton, Dickinson and Company, Smith & Nephew plc, Stryker
Corporation, Medtronic plc, Zimmer Biomet Holdings Inc., Abbott Laboratories,
Boston Scientific Corporation, BIOTRONIK SE & Co. KG. Johnson & Johnson
leads the market, helped by its broad portfolio of orthopedic, dental and
cardiovascular implants. Stryker Corporation is another prominent player,
specializing in orthopedic and medical devices.
For more insights, read- https://www.pressreleasebulletin.com/medical-implants-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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