Medical implants are devices that are manufactured using synthetic materials and are implanted on or inside the human body for medical purposes. They are used for replacing body parts, monitoring and regulating body functions, providing medication, and offering support to organs and tissues. These factors are collectively steering the global medical implants market to sound maturity in the foreseeable future. The geriatric population is more susceptible to developing chronic disorders such as orthopaedic disorders, endovascular diseases, cardiovascular diseases, dental disorders and age-related incapacity. The consistent growth in this population section is creating a greater probability of the occurrence of chronic diseases. Besides, the other contributing factor to the demand for medical implants is the growing incidence of musculoskeletal disorders. As per WHO, around 1.7 billion individuals suffer from musculoskeletal conditions across the world. Moreover, the demand for minimally invasive implants has also increased of late.
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Rising Adoption of Orthopaedic Implants Amidst Rising Musculoskeletal Disorders
The demand for orthopaedic implants has been growing in the last few years. This is due to the high geriatric population which is vulnerable to developing arthritis and osteoarthritis. Moreover, the incidence of musculoskeletal diseases and orthopaedic injuries has increased at a concerning rate in the recent past. These conditions can create a significant medical burden on the patients and their family members. Many healthcare agencies, government organisations, and other industry stakeholders are actively working to limit the number of patients in Years Lived with Disability (YLDs). Such a business landscape is expected to assist the long-term growth of the global medical implants Sector.
Increasing Consumer Propensity Favouring Minimally Invasive Procedures to Enable Sound Market Growth
Of late, the use of minimally invasive procedures has increased while treating a variety of ailments. This includes tumours, spondylosis, cord compression, degenerative spinal disease, and herniated discs with CES (Cauda Equina Syndrome). These minimally invasive procedures have gained prominence owing to their numerous benefits such as lesser post-procedure trauma and speedy recovery. Moreover, they are relatively inexpensive and risk-free in comparison to open surgeries. Shorter post-surgical recovery timelines, lesser pain and blood loss are other factors supporting its rapid adoption. Such changes in consumer perception in favour of minimally invasive procedures are creating strong tailwinds for the global medical implants industry expansion.
North America to Dominate Medical Implants Market Owing to Surging Demand for Cosmetic Dental Procedures
The presence of well-equipped and state-of-art medical care facilities and a robust healthcare industry in North America are contributing to the regional medical implants market expansion. Besides, the developed economies in the region have plenty of medical reimbursement policies and high per capita healthcare expenditure. In the recent past, the incidence of arthritis and osteoarthritis also has increased at an alarming pace. These factors, alongside the increasing number of cosmetic dental procedures, are establishing North America as the leading regional medical implants market.
Key Market Players
Some of the most competitive players currently operating in the global medical implants market include Boston Scientific, CONMED Corporation, Dentsply Sirona, Smith Nephew PLC, Stryker Corporation, Zimmer Biomet, Medtronic, Straumann AG, and Integra LifeSciences Corporation.
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