MEDICAL IMPLANTS MARKET ANALYSIS

Medical Implants MarketSize and Trends

The global medical implants market was valued at US$ 102.52 Bn in 2022 and is forecast to reach a value of US$ 178.79 Bn by 2030 at a CAGR of 7.2% between 2023 and 2030. The global medical implants market is experiencing strong growth due to the increase in prevalence of chronic disease and growing geriatric (aging) population around the world. Moreover, increase in burden of musculoskeletal disorders and rise in adoption or demand for medical implants is expected to boost the market growth. 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 Trends:

Rise in demand for orthopedic implants is a recent trend

Orthopedic implants are used to replace missing joints and/or bones or to support damaged bones. These implants have seen a shift from conventional surgical procedures to modern fixation and prosthetic devices, and the increased risk of osteoporosis, osteoarthritis, and other musculoskeletal disorders of the senior population has significantly increased the demand for orthopedic implants. This trend is expected to continue over the forecast period, driving the market growth.

Rise in awareness among people is another trend

The Medical Device Innovation Consortium (MDIC) is trying to increase the awareness for latest technology among patients and surgeons by conducting seminars and conferences where they can showcase their novel technologies and devices. Moreover, rise in awareness among people about these implants and associated benefits as well as established infrastructure is expected to increase demand for medical implants. This trend is also expected to continue during the forecast period, driving the growth of the global medical implants market.