Medical Implants Market to See 7.50% CAGR Through 2023

Market Research Future (MRFR) Has Thoroughly Studied the Trends and Patterns in the Global Medical Implants Market. The Report offers insights into the Leading Market Players and Presents an Assessment of their Current Market Position.

Body:

The Medical Implants are devices or tissue that placed inside or outside the body to cure certain medical conditions. Medical implants are replacement of missing or damaged body part which supports or enhance an existing biological structure. These are mostly made up of metal, polymer and ceramic but some of them also contain electronics such as artificial pacemaker.

The Global Medical Implant Market is growing with the rapid pace mainly due to the burgeoning Healthcare Industry.  According to a recent study report published by the Market Research Future, The global market of Medical Implant is booming and expected to gain prominence over the forecast period.

Increasing number of orthopaedic patients and patient with heart diseases are driving the growth for the market. Number of dental treatment are leading the growth for dental implants while increasing cosmetic surgery is driving the growth for cosmetic implants. Increasing aging population, growing healthcare sector and technological advancement are the major drivers for the market. 

Manufacturers have been used to produce medical devices for more than a decade and the number of companies taking advantage of the technology for producing custom parts is on the rise. The technology allows implants to be produced out of high value materials like titanium, at a much lower cost than using traditional methods due to its additive nature. The medical technology industry is a natural fit implant manufacturers as it moves towards customisation, looks to improve efficiency and streamline production and delivery.

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Market Segmentation:

By type, the global medical implants market is segmented into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, and others. The cardiac implants segment is prognosticated to register a relatively higher CAGR of 7.63% over the forecast period.

By type of material, the medical implants market has been segmented into metallic material, ceramic material, polymers material, and others.

By end-users, the global medical implants market is segmented into hospitals & clinics, research laboratories, and others.

Regional Insights:

By region, the global medical implants market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is the largest market for medical implants and is expected to flourish in the forthcoming years. The factors responsible for favoring the growth of the market in the region are increasing patient pool, accelerated investments in researches, developed healthcare, advanced technologies, etc.

Europe holds the second spot in the global medical implants market due to exponential geriatric population, rising healthcare expenditure, increasing government support, etc. Asia Pacific is projected to be the fastest growing regional market over the assessment period. The presence of countries such as China and India are likely to favor the growth of the medical implants market in the region. Meanwhile, the Middle East & Africa region is poised to hold a comparatively lesser share of the global market owing to limited development in the healthcare sector. However, economically strong countries such as Qatar and Kuwait are poised to aid market expansion in the foreseeable future.

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