The Medical Implants Market is witnessing high growth owing to the increasing geriatric population across the globe. Medical implants are devices or tissues that are placed inside or on the surface of the body. They are used to replace or support a body part or tissue. Key types of implants include dental implants, orthopedic implants, breast implants, cardiovascular implants, neurostimulators and ophthalmic implants. The use of medical implants avoids or delays the need for major surgery for aged patients. This reduces recovery time and healthcare costs. The Global Medical Implants Market is estimated to be valued at US$ 145 billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Medical Implants Market are Johnson & Johnson, Abbott, Edwards Lifesciences, Orthofix, Novartis, Boston Scientific and Medtronic. The key opportunities in the Medical Implants Market Demand include growing demand for minimally invasive surgeries and increasing focus on product innovation. There is also a rise in medical tourism in developing countries for affordable implants and surgeries. Key players are increasingly focusing on global expansion in high growth markets through acquisitions and partnerships. For instance, Medtronic acquired Mazor Robotics to expand its surgical robotics portfolio. Abbott also acquired St. Jude Medical to become a leader in cardiovascular devices. Market Drivers The rising geriatric population worldwide is a major market driver. According to the UN, over 16% of the global population will be over 65 years by 2050 from 9% in 2019. This will significantly increase the demand for implants to treat age-related conditions. Market Restrains High costs of medical implants, stringent regulatory approvals and lack of reimbursement policies in developing nations hamper the market growth. Lack of awareness about latest implant technologies also acts as a challenge, especially in rural areas. Segment Analysis The Medical Implants Market is dominated by metallic implant segment. Metallic implants are preferred largely due to their durability and biocompatibility. They are used extensively for orthopedic, cardiovascular and dental implants. The orthopedic implants sub-segment has the highest share within metallic Medical Implants Market. This is due to rising prevalence of musculoskeletal conditions worldwide increasing the demand for orthopedic procedures. Moreover, advantages offered by metallic orthopedic implants like strength and ability to withstand high tensile loads aid in their widespread adoption. Other sub-segments include cardiovascular implants and dental implants which will witness steady demand owing to increasing rate of degenerative cardiovascular diseases and growing popularity of dental tourism respectively. Global Analysis North America accounts for the largest share in the global Medical Implants Market. Presence of established healthcare infrastructure coupled with high adoption rates of technologically advanced implants in the region is a key factor driving the North American Medical Implants Market. Availability of favorable reimbursement policies for implant surgeries and rising cases of chronic disorders also support market growth. Asia Pacific is identified as the fastest growing regional market. Factors such as increasing healthcare expenditures, growing medical tourism industry and rising geriatric population susceptible to orthopedic conditions account for lucrative opportunities. Additionally, growing investments by market players have boosted manufacturing and availability of quality implants in Asia Pacific region.
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