Medical Implants Market Is Estimated To Witness High Growth Owing To Aging Population
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical implants refer to devices or tissues that are placed inside or on the surface of the body. They are used to replace missing biological structures, support a weakened or damaged biological structures or enhance existing biological function. Common types of medical implants include cardiovascular, orthopedic, spinal and neurostimulators implants among others. Cardiovascular implants include stents, prosthetic heart valves, pacemakers etc. Orthopedic implants include replacements for hips, knees, shoulders and other joints and bones. Neurostimulators are used to treat neurological disorders like Parkinson's disease, chronic pain etc.
Market Dynamics:
Increasing geriatric population globally is a major driver for the medical implants market. Due to weakening bones and joints with age, older persons are more prone to orthopedic disabilities and musculoskeletal conditions that require joint and bone replacement procedures or implants. As per UN estimates, persons aged 65 years or above are projected to number more than 1.5 billion globally by 2050, up from 703 million in 2019. Higher life expectancy has also increased the incidence of cardiovascular diseases, further fueling demand for cardiac implants like stents and valves. Another driver is growing occurrence of degenerative joint disorders like osteoarthritis due to sedentary lifestyles and rising obesity rates around the world. This is propelling the need for hip and knee replacement surgeries.Advancements in biomaterial sciences and nanotechnology have increased biocompatibility and durability of implants. Newer materials reduce risks of implant rejection and increase longevity of implants.
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