Medical Implants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 -

Posted by Statzy Market Research on April 27th, 2021

 The market is expected to grow due to the rising geriatric population and an increasing burden of chronic diseases and rising technological advancements in medical implants.

With the rising COVID-19 cases, many countries were found in lockdown and have suspended trade with other countries and had also implemented travel restrictions, which has led to a decline in medical services. The number of visits to hospitals and clinics for medical purposes was found decreasing, leading to a decrease in the demand for surgeries and thereby medical implants. Also, the manufacturers have thus shown a significant decrease in their revenue, as compared to growth rates in the past decade. However, as these restraining factors were only for a short-term basis in 2020, and the market is expected to likely witness notable growth rates, post the COVID-19 pandemic.

The major factors attributing to the growth of the medical implants market are the rising geriatric population and burden of chronic diseases, increasing demand for cosmetic dentistry, and technological advancements in medical implants.

The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. According to World Population Ageing 2019 (United Nations, 2019) Report, the world’s older population continues to grow at an unprecedented rate. There were about 703 million population aged 65 years or above across the world, in 2019. These numbers of older people are projected to double to 1.5 billion by 2050. Worldwide, the share of the older population aged above 65 years increased from 6% in 1990 to 9% in 2019. The increase in the number of the older population is found to increase more number of disorders that helps in increasing the demand for medical implants across the industry. Hence, the rising geriatric population, coupled with the increasing incidence of chronic diseases, is driving the need for Medical implants.

Few other factors are playing pivotal roles in accelerating the medical implants market which includes the hike in disposable income among the people, technological advancements in the implants, and availability of better medical facilities, along with a growing number of cases with damaged limbs or organs caused by different accidents.

However, the high cost of medical implants and stringent regulatory policies are expected to restrain the medical implants market for the forecasted period.

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Key Market Trends

Orthopaedic Implants Segment is Expected to Hold the Largest Market Share in the Medical Implants Market

Orthopaedic Implants are medical implants device that is being used to replace the missing joints or bone or to give support to the damaged bone. The devices are fabricated by using titanium alloys and stainless steel for strength, and plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopaedics, which involves the implementation of implants, in order to repair the damaged bone. These implants are also intended to treat deformities, stabilize body posture, and restore normal skeletal function.

Furthermore, as the COVID-19 pandemic has burdened the healthcare system, therefore, there has been a decrease in the number of orthopaedic surgeries being performed that has restricted the demand for the medical implants but post-pandemic the demand is expected to continue during the forecasted period.

Orthopaedic implants have thus witnessed a shift from conventional surgical procedures to the use of modern fixation and prosthetic devices. The demand for orthopaedic implants has increased significantly, owing to the rise in the geriatric population that increases the risk of osteoporosis, osteoarthritis, technological innovations in orthopedic implants, and other musculoskeletal disorders.

There are also increased cases of osteoarthritis and rheumatoid arthritis that result in elbow pain and disability, and lead patients and their doctors to consider elbow joint replacement surgery. About 458,000 Australians have rheumatoid arthritis, based on self-reported data from the Australian Bureau of Statistics (ABS) 2017–18 National Health Survey (NHS). Rheumatoid arthritis represented 13% of all arthritic conditions in 2017–18.

According to the Arthritis Research, UK report on “The State of Musculoskeletal Health 2018â€, it is estimated that 17.8 million people live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population. The statistics show that the number of orthopedic surgeries is increasing, which leads to an increase in the demand for orthopedic implants.

Also the number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to increase, due to an increase in the aging population. The rise in the osteoporosis-related fractures and musculoskeletal diagnoses are driving the demand for orthopedic implants among the population aged 65 years or older, that helps in boosting the market growth.

North America is Expected to Dominate the Medical Implants Market During the Forecasted Period

North America currently dominates the global medical implants market and is expected to follow the same trend throughout the forecast period. This is due to factors such as the rising incidence of chronic diseases like arthritis in the country, well-established insurance policies, and the availability of advanced healthcare infrastructure.

Amid the COVID-19 crisis, several medical institutions have issued a rule that all the non-emergency Medical procedures have to be postponed by the healthcare practitioners as patients are at high risk of cross–infections. Therefore, this has affected medical services in the country. The broader economic consequences of COVID-19 may also affect medical implant access. Hence, this may significantly affect market growth.

Furthermore, medical visits have been observed to increase in the United States. According to the Centres for Disease Control and Prevention, in 2017 there are around 64% of the adult population (between 18 years and 64 years.) visited clinics for Medical purposes. the increases in medical visits are due to the rising burden of chronic diseases like diabetes, obesity etc.

The medical implants market in Asia Pacific is also expected to grow at a high rate in the next few years. This is attributed to the increasing aging population, growing awareness about therapeutic applications of medical implants, increasing prevalence of chronic diseases, increasing disposable income, and developing health care infrastructure in the region.

Competitive Landscape

The medical implants market is fragmented and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the major companies operating in the global medical implants market include Abbott Laboratories, 3M company, Strauman AG, Dentsply Sirona, Johnson & Johnson Limited, Stryker and Boston Scientific Corporation among others. The various number of product launches and mergers & acquisitions with local as well as established international players are the trends prevalent in the market.

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