Medical implants are artificial devices or tissues that are placed inside or on the surface of the body to replace a missing biological structure or to enhance an existing biological structure. Examples of medical implants include joint implants, surgical staples, intraocular lenses (IOLs), vascular grafts, cardiac pacemakers, graft materials, contraceptive devices, and drug infusion pumps. Medical implants are widely used in orthopedic applications for knee, hip and shoulder replacements as well as in dental and cardiovascular applications. The global medical implants market is estimated to be valued at US$190 billion in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing incidence of chronic diseases has created high demand for medical implants globally. According to World Health Organization (WHO), chronic diseases, or noncommunicable diseases, kill 41 million people each year, equivalent to 71% of all deaths globally. Of these, 6 million were caused by cancer, 3 million by chronic respiratory diseases and 16 million by cardiovascular diseases.
The rising geriatric population is also one of the key factors driving the growth of the medical implants market as older adults remain highly susceptible to various chronic diseases and injuries that can be treated with medical implants. For instance, according to United Nations report, the number of people aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050 worldwide. Chronic diseases, injuries, disabilities and deterioration of the joints and organs typically affect geriatric population. This has increased the demand for medical implants among elderly population globally.

SWOT Analysis

Strength: Medical implants helps to treat chronic diseases and injuries by replacing and enhancing body parts. Implants are widely used for joint replacements and dental implants which help improve the quality of life of patients. New materials such as titanium and PEEK allows implants to last longer and be more durable inside the body.
Weakness: Implants surgeries can lead to complications such as infections, blood clots and rejection by the body. Implant failures requires revision surgeries which increase the costs. The surgery processes are invasive in nature and involve risks. Implant procedures require special skills which increases dependency on few service providers.
Opportunity: Rising aging population and chronic diseases increases demand for implants globally. Biocompatible materials and 3D printing technologies allows customized implants matching patients anatomy. Developing economies presents high growth opportunities due to increasing investments in healthcare sector.
Threats: Stringent regulatory approval process for new implants increases costs and delays market entry. Customization of implants increases production costs. Supplier concentration risk and trade barriers affects the supply chain of raw materials. Emergence of alternative treatment methods poses competition to conventional implants.

Key Takeaways
The global Medical Implants Market Share is expected to witness high growth driven by rising aging population and prevalence of chronic diseases globally. As per estimates, over 8.5 million arthroplasty surgeries are performed annually worldwide indicating huge demand for joint implants.

North America dominates the medical implants market currently owing to presence of major players, favourable reimbursement policies and higher healthcare spending. The region spent over $3.5 trillion on healthcare in 2019 and over 15% of the population is over 65 years of age driving growth of medical devices market.

Key players operating in the medical implants market are Johnson & Johnson Services, Inc., Stryker Corporation, Abbott Laboratories , Medtronic plc, Boston Scientific Corporation. Customized implants manufactured using 3D printing and biocompatible materials like titanium and PEEK allows to effectively treat complex fractures and chronic illnesses. Companies are investing in R&D to develop innovative implants for conditions like spine disorders, cardiovascular and dental applications. Partnerships with clinical centers expands regional presence and new product approvals aid market share.

For more insights, read- https://www.newsstatix.com/medical-implants-market-trends-size-and-share-analysis/

For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html