PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350275
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350275
Global implant & prosthesis fastener market is estimated to be valued at US$ 14.5 billion in 2023 and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2023: | US$ 14.5 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 5.40% | 2030 Value Projection: | US$ 21.0 Bn |
Medical implants are devices or tissues that are placed inside or on the surface of the body. Many implants are prosthetics intended to replace missing body parts. Other implants deliver medication, monitor body functions, or provide support to organs and tissues. Skin, bone, and other bodily tissues are used to make some implants. Others are made of ceramic, metal, plastic, or other substances. Implants can either be inserted permanently or removed after they are no longer required. Stents and hip implants, for instance, are meant to be permanent. However, chemotherapeutic ports and bone-fixing screws can be taken out when no longer required. Medical implants carry a number of hazards, including those related to surgery during installation or removal, infection, and implant failure. The materials used in implants can potentially cause reactions in some people. Every surgical procedure carries some risk. These include bruising, discomfort, swelling, and redness at the surgery site. One should anticipate these kinds of difficulties with the placement or removal of the implant, as infections frequently occur. Most come from skin contamination at the time of surgery. If a person gets an infection, they may need to have a drain inserted near the implant, take medication, or even have the implant removed.
Market players are focusing on various inorganic growth strategies, such as collaborations and partnerships, in order to expand market presence and expand product portfolio over the forecast period. While rising fracture rates are fueling demand for prosthetics, the global implant and prosthesis fastener market is anticipated to expand throughout the forecast period. For instance, in July 2022, according to the World Health Organization (WHO), approximately 1.71 billion people worldwide will have musculoskeletal conditions, and because of population growth and aging, the number of people living with musculoskeletal conditions and associated functional limitations is rapidly increasing.