Medical Implant Market Expected to Reach $147.46 Billion by 2027

According to a new report published by Allied Market Research, titled, “Medical Implant Market by Product Type, Biomaterial Type, and Region: Opportunity Analysis and Industry Forecast, 2020–2027," the medical implants market accounted for $85.38 billion in 2019, and is expected to reach $147.46 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.

Medical implant is a medical device used to replace a missing biological structure, support a damaged biological structure, or enhance an existing biological structure. The medical implant market has gained prominence in the recent years, owing to increase in geriatric population, rapid technological advancements, alarming rise in incidence of chronic diseases, increase in adoption of advanced medical implant, and surge in awareness about the benefits & availability of these devices. Alternatively, high cost of medical implant and limited insurance coverage are the key factors impeding the market growth. The medical implant market has gained maturity especially in developed region; however, increase in awareness regarding implants supplements is expected to market growth in emerging economies. 

As per the industry experts, long-term effect of COVID-19 outbreak is expected to be witnessed over the coming years. The outbreak has led to financial crisis in many countries. Thus, the number of vascular surgeries has been significantly reduced. This measure is expected to keep hospital beds and healthcare providers available for COVID-19 patients, as well as to save personal protective equipment (PPE) and reduce viral transfer between patients and staff.

Increase in prevalence of chronic diseases and rise in geriatric population are the major driving forces of the global medical implants market. Moreover, advancements in medical implants and rise in awareness about artificial implants support the growth of the global medical implant market. However, high cost of implantation, inadequate reimbursement policies, and lack of skilled healthcare professionals are some of the factors inhibiting the growth of the market.

Apart from this, there have been a lot of innovations in orthopedic implants as well; these include development of customized implants using 3D printing technology and sculptural CAD, use of a precision-enhancing robotic arm to place the parts during surgery, and the shift towards the use of orthobiologics. On the other hand, development of innovative dental implants, such as, immediate load dental implants and mini implants has reduced the total procedure-time as well as the healing-time. This has also led to reduction in pain and discomfort faced by the patient during the procedure.

The global medical implant market is segmented into product type, biomaterial type, and region. On the basis of product type, the market is categorized into orthopedic implants, cardiovascular implants, spinal implant, neurostimulators, ophthalmic implants, dental implants, facial implants, and breast implants. The orthopedic implants segment was the highest revenue generator in 2019, due to the stressful hyperactive lifestyle, unhealthy food habits, rise in aging population, and advancements in medical technologies. However, the neurostimulator segment is expected to grow at the fastest rate segment during the forecast period, due to increase in prevalence of neurological diseases, craniomaxillofacial deformities, & eye disorders and preference for cosmetic surgeries.

On the basis of biomaterial type, the market is differentiated into metallic biomaterials, ceramic biomaterials, polymers biomaterials, and natural biomaterials. The metallic biomaterials segment dominated the market in 2019, due to increase in number of orthopedic and dental implant surgeries, especially in the developing countries such as China and India.

Key Findings Of The Study 

• The orthopedic implants segment accounted for approximately 28.9% share of the market in 2019.
• North America accounted for 44.9% market share in 2019, and is expected to maintain this trend throughout the forecast period.
• The neurostimulators segment is anticipated to grow at a CAGR of 12.5% from 2020 to 2027.
• Asia-Pacific accounted for 8.8% of the market in 2019.