SAN FRANCISCO, Feb. 14, 2019 /PRNewswire/ -- Global Medical Implant Market is estimated to grow at a substantial CAGR in the forecast period as the scope, product types, and its applications are increasing across the globe. Medical implants imply devices/tissues placed on/inside the body. Majority of the implants are prosthetics (replacing missing body parts). The factors that propel the growth of the Medical Implant Market include increased disposable income and consciousness about aesthetic value of teeth, and growing demand for Absorbable Heart Stents. On the other hand, there are factors that may hamper the growth of the market including high price of medical implants, insufficient compensation policies, and post/during operation difficulties.
Medical Implant Market could be explored by type, materials, and geography. Medical Implant Market may be explored by Type as [Orthopedic Implant (Spine, Hip, Knee), Cardiac Implant (Coronary Stent, Pacemaker,), Neurostimulators (Sacral Nerve, Vagus Nerve Spinal Cord, Deep Brain)]. The "Neurostimulation" segment led the Medical Implant Market in 2016 and is anticipated to maintain its dominance by 2022 owing to increasing consumer consciousness, innovative technical developments, growing neurological illnesses in the aged populace, profitable products, rising FDA supports for clinical trials, growth of progressive implantable neurostimulation devices.
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Medical Implant Market could be explored based on materials as Polymers Biomaterials, Ceramic Biomaterials, Natural Biomaterials, and Metallic Biomaterials. Medical Implant Market is categorized based on geography into North America, Latin America, Japan, Middle East and Africa, Western Europe, Asia Pacific, and Eastern Europe. North America accounted for the major share of the Medical Implant Market Size in 2016 and will continue to lead in the forecast period. This is owing to developments in medical skills, rising aged population, growing occurrence of chronic diseases, increase in health care spending, and enhanced health care organization in the region. North America is followed by Asia-Pacific region.
The key players contributing in the robust growth of the Medical Implant Market comprise Johnson & Johnson, Medtronic plc, Stryker Corp., St. Jude Medical, Inc., Zimmer Biomet Holding, Inc., Edwards Lifesciences Corp., Boston Scientific Corp., Straumann Holding AG, Abbott Laboratories, Osstem Implants Co. ltd., Neuropace, Inc., and Smith & Nephew. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry. Medical Implants are medical devices or tissues that are surgically transplanted inside the body. These implants are used to replace any damaged body organs to enhance function of body organ, and also detect errors in normal body function. The global medical implant industry report analyzes the global markets for medical implants across all the given segments on global as well as regional levels presented in the research scope.
As per Radiant Insights report "Global Medical Implant Market By Type [Orthopedic Implant (Knee, Spine, Hip), Cardiac Implant (Pacemaker, Coronary Stent), Neurostimulators (Spinal Cord, Sacral Nerve, Deep Brain, Vagus Nerve)], By Material (Polymer, Ceramics, Metal), Forecast till 2022" the global medical implant market is anticipated to witness a high growth during 2016-2022. The growth of the market is likely to be driven by increasing incidence of chronic diseases, growing aging population and increasing affordability. However, high cost of medical implants, inadequate reimbursement policies and post/during surgery problems are some of the factors inhibiting the growth of the global medical implant market. The report provides insight about the major drivers and challenges, along with the latest innovations in this industry. In addition, the report also highlights various opportunities available for growth of the global medical implant market.
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The global medical implant market has been segmented on the basis of type of implants, such as cardiac implants, orthopedic implants, dental implants, ophthalmic implants neurostimulator and others. The orthopedic segment was estimated as the largest segment of global medical implant market, followed by the cardiovascular implants. The large size of orthopedic implants market is attributed to increasing sports injury and incidences of osteoarthiritis. Furthermore, the global medical implants market has also been segmented on the basis of their biomaterial, such as ceramic, polymer and others. Polymers implants is highly penetrating the implant market because they are lower in cost and lighter weight as compared to other biomaterials
Based on geography, the report divides the market into North America, Europe, and Asia-Pacific. In 2016, North America was accounted for the largest share. Asia-Pacific region is expected to witness the highest growth in coming years. The high growth of the market is likely to be driven by increasing focus of major players in this market, coupled with increasing awareness regarding medical implants. Moreover, the report also highlights various mergers and acquisitions taking place in the global medical implant industry. The last section of the report discusses about the prominent players in global medical implant market. A brief business overview and financial information about each of these players has been provided, along with their product portfolios. The recent developments of every player have also been presented in the report. Overall, the research contains exhaustive information that will help clients in formulating market strategies and assessing opportunity areas in the global medical implant market.
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