Medical Implants Market Booming Due To Growing Geriatric Population
The Medical Implants Market is driven by the growing geriatric population worldwide. The Medical Implants Market includes a variety of surgically implanted devices such as orthopedic implants, cardiovascular implants, neurological implants, dental implants and Cochlear implants. These implants help in replacing damaged tissues and organs or enhancing existing biological functions.
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.
Advancements in biomaterials, 3D printing and miniaturization of implantable devices are contributing to market growth. Implantable devices have become an important aspect of modern healthcare with over 1 million joint replacement procedures performed globally every year.
Key Takeaways
Key players operating in the Medical Implants Market are Medtronic, Johnson & Johnson, Fresenius Medical Care, Baxter International, Boston Scientific Corporation, BIOTRONIK, Stryker Corporation, Abbott Laboratories and Smith & Nephew. Medtronic currently holds the largest market share in the global Medical Implants Market.
The growing global geriatric population suffering from chronic disorders and injuries is driving the Medical Implants Market Demand. According to the United Nations, over 12% of the world's population was aged over 60 in 2020 and this is projected to increase to over 22% by 2050. Elderly patients are more prone to joint disorders, cardiovascular diseases and other age-related medical conditions which require surgical implantation of devices for treatment.
North America currently dominates the global Medical Implants Market owing to advancements in healthcare infrastructure and favorable reimbursement policies in countries like the US and Canada. However, Asia Pacific is expected grow at the fastest pace during the forecast period due to growing medical tourism, rising healthcare expenditure and increasing focus of western medical device companies in emerging economies of India and China.
Market Drivers
The rising prevalence of chronic diseases associated with aging population is a major market driver. Diseases like arthritis, cardiovascular disease and diabetes have become widespread and their treatment often requires implantation of devices like artificial joints, stents and insulin pumps. Growing incidence of injuries from road accidents and trauma cases also demands use of implants for reconstruction or replacement of damaged bones and tissues. Increase in risk factors like obesity and sedentary lifestyles has aggravated cases of non-communicable diseases boosting the need for implants. Favorable regulatory environment and reimbursement policies have further encouraged adoption of medical implant procedures.
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