Global Medical Implant Market Research Report—Forecast till 2027
Global Medical Implant Market is anticipated to exhibit a CAGR of 7.60% during the review period of 2020 to 2027, to surpass USD 279,418.06 Million by 2027. Medical implants are tissues or instruments placed on the body surface for various reasons. The major applications of medical implants are to monitor body functions, give support to body parts and tissues. These implants are made up of different types of body parts such as skin, bone, or other body tissues and various artificial elements such as metal, plastic, ceramic or other materials. The medical implants can be placed permanently, or they can be removed once they are no longer needed.
The global medical implant market is estimated to register notable market growth during the review period during the forecast period. The global market expansion is attributed to the focus of major market players to provide the best treatments with economic prices and advanced technology. The success rate of these products is one of the major factors, which boosts the demand for medical implants during the review period.
Global Medical Implant Market has been classified into Type, Type of Material, and End User.
Based on type segment, the global medical implant market has been classified into orthopedic implants, cardiac implants, spinal implants, dental implants, ophthalmic implants, cosmetic implants, others. In terms of the type of material segment, the global medical implant market has been segmented divided into metallic material, ceramic material, polymers material, others.
Based on End User type the market has been segmented into Hospitals & Clinics, Research Laboratories, and Others.
Geographically, the Global Medical Implant Market, based has been classified into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to drive the global market owing to the highest market in the US and Canada. The regional market growth is driven by the high prevalence of chronic diseases, product launches, and technological advancement.
The European medical implant market has been segmented into Western Europe and Eastern Europe. The Western Europe medical implant market has further been divided into Germany, France, the UK, Italy, Spain, and the rest of Western Europe. Furthermore, an increase in the number of patients undergoing knee and hip replacement surgeries is expected to propel the regional market growth.
The medical implant market in Asia-Pacific has been spread across China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is anticipated to register the highest market growth potential over the forecast period owing to the population of age 65 and above is estimated to grow dramatically over the next 50 years. Additionally, the rising per capita disposable income of middle-class families results in individuals spending more on health is likely to set the market growth in the region.
The Key Players in the Global Medical Implant Market include Boston Scientific Corporation (US), Johnson & Johnson (US), Stryker Corporation (US), 3M (US), and Zimmer Biomet (US).
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