Global Medical Implant Market to Grow at a CAGR of 7.1% During 2024-2032, Aided by the Rising Public Spending in the Healthcare Sector

The medical implant market is driven by rising public spending on healthcare owing to easy access to medical facilities and growing health awareness. The growing cases of injuries among the geriatric population is anticipated to propel the market growth in the coming years. Furthermore, the rising cases of bone fracture, osteoarthritis and cardiovascular disease owing to the adventure-induced accidents, and  absence of exercise in the daily routine are likely to boost the demand for medical implants. However, the high cost of certain medical implants has the potential to be a restraining factor.

In October 2021, Boston Scientific Corporation (NYSE: BSX) announced the acquisition of Ontario-based Baylis Medical Co. for $1.75 billion. Under this acquisition, the company will be able to expand its cardiology business in various parts of Canada. Furthermore, the company has acquired three more companies this year which includes Lumenis, Preventice Solutions and Devoro Medical.

In terms of region North America is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The market in the region is driven by the technological advancements in the healthcare units, and rising healthcare expenditure in the United States and Canada. Additionally, the rising disposable income, coupled with the growing awareness about medical implants is likely to be a major driving factor. Furthermore, the rapid development of medical implants and the growing expansion of the major medical equipment manufacturers is anticipated to boost the market growth in the forecast period.

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Market Breakup by Product, Biomaterial Type and Region:

• The market is segmented based on product, into orthopaedic implants, cardiovascular implants, spinal implants, neurostimulators, ophthalmic implants, dental implants, facial implants, and breast implants, among others.

• Based on biomaterial type, the market is divided into metallic biomaterials, ceramic biomaterials, polymer biomaterials, and natural biomaterials.

• Region-wise, the global market for medical implant can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for medical implant is being driven by the rising cases of injuries, coupled with the increasing health awareness. 

• The rising geriatric population and the associated health problems is anticipated to boost the market growth in the forecast period. 

• The market is anticipated to be bolstered by the rising public spending on the healthcare owing to the enhanced medical facilities and growing awareness about the technological advancements in the medical devices. 

• The market will further be aided by the growing expansion of the major medical implant manufacturers in the emerging economies of the world.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for medical implant for the periods (2017-2023) and (2024-2032). 

• The report also offers historical (2017-2023) and forecast (2024-2032) market information for the products, biomaterial types, and regions of medical implant.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global medical implant market are Boston Scientific Corporation, Globus Medical, Inc., Institut Straumann AG, Johnson & Johnson Services, Inc., and NuVasive, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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