Medical Implants Market - Forecasts from 2021 to 2026
|出版商||Knowledge Sourcing Intelligence||商品編碼||1023204|
|出版日期||內容資訊||英文 112 Pages
|醫療植入物市場:2021年∼至2026年的預測 Medical Implants Market - Forecasts from 2021 to 2026|
|出版日期: 2021年07月09日||內容資訊: 英文 112 Pages||
The global medical implants market is evaluated at US$ 108.209 billion for the year 2019 growing at a CAGR of 6.77% reaching a market size of US$171.175 billion by the year 2026.
Medical implants are artificial devices or tissues, which are used to replace damaged biological structures or enhance an existing biological structure. Examples of implantable devices include orthopedic rods, pins, and screws used to repair fractured bones; artificial hip joints used to replace hip bones worn by arthritis; and cardiac pacemakers used to restore an irregular heart rhythm. The growing global geriatric population along with a rising number of road accidents augments the demand for medical implants worldwide. The increasing prevalence of various chronic diseases further fuels the demand for medical implants. However, the high cost associated with implants and lack of skilled healthcare professionals hinders the growth of the medical implants market. Moreover, inadequate reimbursement policies and the risk of post-surgical genetic disease further challenge the market growth. North America holds a significant share of the global medical implant market followed by Europe due to advancements in medical technologies and rising healthcare expenditure.
According to a report by the AARP Public Policy Institute the market for implantable devices such as hip replacements and heart valves, is a growing market and a key segment of the overall healthcare sector. Medical implants provide substantial benefits. Cardiac pacemakers save lives and artificial hips help people recover function and relieve pain.
Few other factors are playing pivotal roles in accelerating the medical implants market, which includes the hike in disposable income among people, technological advancements in the field of implants, availability of better medical facilities, and a growing number of cases involving damaged limbs or organs caused by various accidents.
The advent of COVID-19 had an adverse impact on the market of medical implants during the period. With the rising number of COVID-19 cases, many countries found themselves in lockdown and have suspended trade with other countries. They have also implemented travel restrictions, which have led to a decline in medical services. The number of visits to hospitals and clinics for medical purposes decreased, leading to a subsequent decrease in the demand for surgeries and thereby, medical implants. Also, the manufacturers have thus seen a significant decline in their revenue, as compared to the growth rates in the past decade. However, as these restraining factors were only for a short-term basis in 2020, the market is expected to witness notable growth rates post the COVID-19 pandemic. Furthermore, as the COVID-19 pandemic has burdened the healthcare system, there has been a decrease in the number of orthopedic surgeries being performed, restricting the demand for medical implants. However, post-pandemic, the demand is expected to increase during the forecast period.
The rise in the number of orthopedic implants in recent years is expected to fuel the market during the forecast period as well.
Orthopedic implants are medical implant devices that are used to replace missing joints or bones or to give support to damaged bones. These devices are manufactured using titanium alloys and stainless steel for strength, while plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopedics, which involves the implementation of implants, in order to repair the damaged bone. These implants are also intended to treat deformities, stabilize body posture, and restore normal skeletal function. Orthopedic implants have thus witnessed a shift from conventional surgical procedures to modern fixation and prosthetic devices. The demand for orthopedic implants has increased significantly, owing to the increase in the geriatric population that increases the risk of osteoporosis, osteoarthritis, and other musculoskeletal disorders.
The steep increase in the number of arthritis patients at a global is anticipated to be a tailwind to the market during the forecast period.
The market is significantly driven due to a steep rise in the number of arthritis cases being registered in recent years. There are also increased osteoarthritis and rheumatoid arthritis cases that result in elbow pain and disability and lead patients and their doctors to consider elbow joint replacement surgery. About 458,000 Australians have rheumatoid arthritis, based on self-reported data from the Australian Bureau of Statistics (ABS) 2017-18 National Health Survey (NHS). Rheumatoid arthritis represented 13% of all arthritic conditions in 2017-18.
According to the Arthritis Research, UK report on "The State of Musculoskeletal Health 2018", it is estimated that 17.8 million people live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population. The statistics show that the number of orthopedic surgeries is increasing, which leads to an increase in the demand for orthopedic implants.
Also, the number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to grow due to an increase in the aging population. The rise in the number of osteoporosis-related fractures and musculoskeletal diagnoses is driving the demand for orthopedic implants among the population aged 65 years or above, thus boosting the growth of the market.
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