April 22, 2024
Medical Implants Market

Medical Implants Market Is Estimated To Witness High Growth Owing To Rising Geriatric Population

Medical implants are surgically placed devices made from tissues, metals, ceramics or polymers to replace damaged tissues or support a weak organ or bone. They are used to treat a variety of conditions including orthopedic, cardiovascular, dental, and neurological disorders. Medical implants provide permanent or temporary internal replacements for damaged tissues or organs and restore their normal function. The growing geriatric population which is prone to various illnesses and injuries has augmented the demand for medical implants globally.

The global medical implants market is estimated to be valued at US$ 126.61 billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the medical implants are Koru Pharmaceuticals Co. LTD, Fusion Meso, PerseBelle, Toskani Cosmetics, Demoaroma Italy srl, Pluryal, Messoessence, Galderma Laboratories L.P., Revitacare, Mesoestetic, and DERMEDICS International. These players are focusing on innovations and new product development to gain a competitive edge in the market.

The growing obese population and rising number of trauma injuries have increased the demand for orthopedic and dental implants globally. The market players are exploring opportunities in developing economies with growing healthcare infrastructure and urbanization.

The increasing collaborations between research institutes and device manufacturers for the development of novel biocompatible materials is expected to drive the medical implants market growth. Major players are expanding their global footprint through strategic acquisitions and mergers with regional players.

Market drivers

One of the major drivers boosting the growth of the Medical Implants Market Growth is the increasing geriatric population worldwide. As per WHO, the elderly population aged 65 years or older is growing at an unprecedented rate and is projected to comprise 16% of the total global population by 2050. With age, the risk of chronic diseases, injuries, and disabilities increases thus generating high demand for medical implants among the geriatric population. This rapid growth in the aging demographic is expected to significantly drive the medical implants industry in the coming years.

PEST Analysis

Political: Regulatory bodies like FDA govern medical implants approvals and quality standards. They ensure patient safety and effectiveness of procedures.

Economic: Economic growth has increased healthcare spending. Projects like expansion of insurance coverage also increased access and adoption of implants.

Social: Awareness about quality of life improvements through corrective implants increses their social acceptance. Longevity rise drives demand for joint replacement among aging populations.

Technological: Advancements in material sciences, 3D printing and miniaturization enabled new generation implants. Technologies like robotic surgeries improved outcomes of complex procedures.

North America leads in terms of value contribution to the medical implants market currently. With presence of major players and advanced healthcare systems, countries like US and Canada have sizeable demand. Joint reconstruction procedures are most commonly performed in the region.

Asia Pacific is poised to be the fastest growing regional market for medical implants during the forecast period. Rising medical tourism along with increasing healthcare expenditures is augmenting market growth. Growing population and associated ailments in countries like China and India present lucrative opportunities. Expanding health insurance penetration will further aid demand.

The concentration of market value is currently highest in North America due to refined healthcare infrastructure and availability of specialized medical services across major countries. Asia Pacific region is primed to witness the fastest growth rate for medical implants market owing to healthcare sector investments and rising population’s medical needs

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it