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Medical Device Integration Is Fastest Growing Segment Fueling Growth Of Medical Implants Market

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samruddhicmi12
Medical Device Integration Is Fastest Growing Segment Fueling Growth Of Medical Implants Market

The Global Medical Implants Market is estimated to be valued at US$ 109.9 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Medical implants are devices or tissues that are placed inside or on the surface of the body. They are used to replace missing biological structures, support a damaged biological structure or enhance an existing biological structure. Implants can either be temporary or permanent depending upon the medical condition being treated or corrected. Medical implants offer significant advantages compared to alternative treatment options by improving quality of life and offering long lasting clinical benefits.

Market key trends:

Medical implants market is witnessing growing demand for active implants, which are embedded with sensors, microchips, and wires that enable wireless communication between the implant and physician. For example, pacemakers continuously monitor heart rhythms and deliver electrical stimulation as required. Similarly, neurostimulators are used to treat conditions such as chronic pain and Parkinson's disease. Advancements in material science have led to development of new generation of polymers, ceramics and metals with enhanced mechanical and biological properties. These materials help in developing sturdier and durable implants with less rejection rates. 3D printing technology is gaining traction in manufacturing customized, precision fitted implants with intricate designs and geometries which were not possible with convention methods. This is expected to significantly boost the medical implants market.

Segment Analysis

The medical implants market can be segmented into orthopedic implants, cardiovascular implants, spinal implants, dental implants, and other implants. Among these, the orthopedic implants segment dominated the market in 2019, owing to the increasing prevalence of musculoskeletal conditions such as osteoarthritis, rheumatoid arthritis, and osteoporosis. The spinal implants segment is expected to witness the highest growth in the forecast period due to rising cases of spinal deformities such as spondylolisthesis, scoliosis, and spinal stenosis.

Key Takeaways

The Global Medical Implants Market Demand is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing prevalence of chronic diseases and rise in the number of accidents globally.

Regional Analysis

North America dominated the global medical implants market in 2019 due to supportive insurance policies for medical implants and procedures in the region. However, Asia Pacific is expected to grow at the highest CAGR due to increasing healthcare spending, rising medical tourism, and presence of less stringent regulations for new medical technologies in countries such as China and India.

Key Players

Key players operating in the medical implants market are Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. These companies have strong distribution networks globally and are continuously investing in R&D to develop advanced implant technologies. Institut Straumann AG holds a significant share of the global dental implants market.


Read More - https://www.dailyprbulletin.com/the-global-medical-implants-market-demand

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