MEDICAL IMPLANTS MARKET ANALYSIS

Market Challenges And Opportunities

However, factors such as high cost of treatment and stringent rules and regulations or stringent approval process are expected to hamper the market growth.

Global Medical Implants Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to augment the growth of the global medical implants market over the forecast period is the increase in prevalence of chronic disease, such as cardiovascular diseases (CVDs). Cardiac implantable electronic devices are designed to help control or monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure. In February 2022, Abbott announced the world\'s first patient implants of a dual-chamber leadless pacemaker system as part of the AVEIR DR i2i pivotal clinical study. Abbott\'s investigational Aveir dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial.

Growing geriatric population to propel market growth

Another factor which is driving the growth of the global medical implants market is the growing geriatric (aging) population around the world. For instance, increasing number of older individuals is accompanied by increasing health concerns, presenting unique demand for the medical devices. Cardiovascular disease, ischemic heart disease, vascular dementia, urinary incontinence, multiple sclerosis, and other diseases are more common among older adults. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). This in turn is expected to increase demand for medical implants.

Global Medical Implants Market Opportunities:

Rise in adoption or demand for medical implants across the globe is expected to provide significant growth opportunities for players in the medical implants market. For instance, with the increasing disease burden and increase in awareness among people, the demand for safe and effective medical implants is also increasing with the rapid pace. In February 2022, 4WEB Medical launched array of Hyperlordotic lateral spine implants, the Hyperlordotic Lateral Spine Truss System (LTST). A new addition to the LTST portfolio includes 18, 24, and 30⁰ lordotic angles in anterior longitudinal release procedures for spine correction.

Increasing prevalence/incidence of musculoskeletal disorders (MSD) around the world is expected to offer significant growth opportunities for players in the medical implants market. For instance, musculoskeletal disorders are injuries or disorders of the muscles, nerves, tendons, joints, cartilage, and spinal discs. Therefore, with the rise in burden of musculoskeletal disorders, the demand for medical implants is also growing. In February 2022, DeGen Medical, Inc. announced the launch of Impulse AM, a 3D-printed porous titanium implant for posterior interbody fusion. Impulse AM comes in a variety of sizes and anatomical designs to accommodate a range of patient anatomy.

Global Medical Implants Market Restraints:

High cost of treatment to hinder market growth

One of the key factors expected to hamper the growth of the global medical implants market is the high cost of treatment. High cost is associated with procedures involving medical implants such as heart valve replacement, joint reconstruction, dental implant, and breast implant. For instance, total knee replacement can cost around US$ 35,000 without insurance in the United States. Moreover, the cost for these surgeries increases if there are post-surgery complications and in cases where there is an increase in length of hospital stay.

Stringent rules/regulations to hamper market growth

Another factor which is hampering growth of the global medical implants market is the stringent rules/regulations or stringent approval process. Most counties worldwide have a stringent approval process for medical implants, as they are highly specialized devices that are implanted in the body. For instance, the U.S. Food and Drug Administration (FDA) is accountable for safeguarding public health by supervision of medical products, including medical implants. Manufacturers are required to obtain either Pre-Market Approval (PMA) or 510K clearance from FDA (in the U.S.) in order to introduce their product to the market.