PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1443428
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1443428
Global Medical Implant Market is valued at approximately USD 103.9 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.20% during the forecast period 2023-2030. Medical implants are devices placed within the human body to restore or substitute the function of a specific organ or tissue. Typically crafted from materials compatible with the body, these implants are engineered to remain within the body for an extended duration. They find widespread application in various medical fields, such as orthopedics, cardiovascular, dental, and neurostimulation, contributing to diverse therapeutic purposes. The market growth is driven by key factors such as the rising Geriatric Population and Burden of Chronic Diseases, and increasing Demand for Cosmetic Dentistry.
The growing prevalence of breast cancer is anticipated to boost the demand for breast implants, acting as a driving force for market growth in the foreseeable future. For example, as indicated in the 2023 report by the American Cancer Society, the projected number of new cases of invasive breast cancer in women in the United States is expected to reach 297,790, compared to 287,850 new cases reported in 2022. This upswing in breast cancer incidences contributes to an increased demand for breast augmentation using breast implants, thereby fostering market expansion. Furthermore, in a March 2023 study report from Arthritis Research & Therapy, the global prevalence of hip osteoarthritis diagnosed using the K-L grade 2 criteria was 8.55%. Europe recorded the highest prevalence at 12.59%, while Africa reported the lowest at 1.20%. The increasing prevalence of hip osteoarthritis is likely to drive the demand for hip replacement procedures, contributing to substantial market growth. However, stringent Regulatory Reforms and reimbursement Issues and High Cost of Medical Implants stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Medical Implant Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is poised to claim a significant portion of the Medical Implants Market, primarily due to the increasing prevalence of conditions such as arthritis and the growing acceptance of cosmetic dental procedures, particularly in response to tooth loss in the region. Furthermore, the presence of well-established insurance policies and advanced healthcare infrastructure is anticipated to propel market growth throughout the forecast period. Conversely, the Asia Pacific region is forecast to be the most promising market in the upcoming years. This is attributed to the escalating aging population in the region. As per the United Nations, around 80% of the global geriatric population is expected to reside in low and middle-income nations, further contributing to the market's potential. Additionally, increased investments from both government and corporate entities in advancing healthcare infrastructure are poised to stimulate market growth in the Asia Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable