ALBANY, New York, August 29, 2016 /PRNewswire/ --
Transparency Market Research estimates that the global implantable medical devices market will witness expansion at a healthy 4.9% CAGR over the period between 2016 and 2024. At this pace, the market, which had a valuation of US$32.3 bn in 2015, is expected to rise to US$49.8 bn by 2024. Of the key materials used for manufacturing medical implants, titanium is presently the most preferred but is expected to lose its prominence to other options such as titanium alloys and zirconium. Over the period between 2016 and 2024, the market for titanium implants is expected to expand at a 4.7% CAGR. The markets for titanium alloy implants and zirconium implants are expected to expand at 5.5% and 6.4% CAGR over the same period, respectively.
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Rising Prevalence of Chronic Degenerative Disease and Dental Problems to Stimulate Demand for Implantable Medical Devices Globally
A plethora of factors are boosting the global consumption of medical implantable devices. Some of the chief ones of these are the rising numbers of people suffering from chronic degenerative diseases such as arthritis and cardiovascular issues and the high prevalence of dental problems, which could require orthodontic and periodontics interventions. While busy lifestyles, unhealthy dietary habits, lack of physical activities, and rising geriatric population are triggering chronic health diseases, the rising intake of junk/fast food is leading to the increased incidences of dental issues. Over the next few years, these factors are expected to arise as high-impact drivers of the global implantable medical devices.
Along with these factors, the rising prevalence of a number of congenital diseases and the increased awareness and consciousness regarding body's appearance, and the alleged boost to self-esteem that cosmetic surgeries bring, have also been underlined as the key drivers of the global implantable medical devices market. The increased awareness regarding body aesthetics has given a huge boost to the market for dental surgeries involving implantations, thus driving the global implantable medical devices market.
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Concerns Regarding Corrosion, Developments in Surgical Field Threaten to Hurt Demand for Conventional Implants
Studies have demonstrated that implants made from materials such as nickel and chromium are prone to corrosion and can trigger cancers. Implants made from cobalt alloy are known to pose risks to human health owing to in vivo ion release; polyethylene implants could be a potential trigger for bone lysis and localized tissue ruptures. Owing to the potential health issues that many varieties of implants cause, patients are more prone to opt for other alternatives. Along with this, the vast developments in the surgical field could also stimulate the consumer to prefer surgeries that promise minimal risk to health.
Moreover, the high costs of medical implants and the concerns regarding post-implantation infections, which may add to the overall cost of implanting a medical device in the body, are also restraining the overall growth prospects of the global implantable medical devices market to a certain extent.
The global implantable medical devices market features a largely consolidated competitive landscape, with the top five companies accounting for a share of more than 50% in 2015, reports TMR in a recent report. These companies, including Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Medtronic plc, Institut Straumann AG, hold sway owing to innovation, rapid introduction of newer and more effective product varieties, and presence across several key regional markets. Being a technology- and research-intensive field, governed by stringent approval regulations, the implantable medical devices market faces a low threat of new entrants in the next few years. However, the introduction of more promising substitutes to traditionally used materials is expected to intensify competition.
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This review is based on a recent report by Transparency Market Research, titled "Implantable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024."
For this study, the market has been segmented as follows:
Implantable Medical Devices Market, by Product Type
- Orthopedic Implants
- Spinal Implants
- Thoracolumbar Implants
- Intervertebral Spacers
- Non-bone Implants
- Reconstructive Joint Replacement
- Shoulder Implants
- Ankle Implants
- Elbow Implants
- Hip Implants
- Knee Implants
- Dental Implants
- Cardiovascular Implants
Implantable Medical Devices Market, by Material
- Stainless Steel
- Cobalt Chromium (Co-Cr) Alloy
- Titanium Alloy
Implantable Medical Devices Market, by End-user
- +500 Beds
- 200-499 Beds
- Less than 200 Beds
- Ambulatory Surgery Centers (ASCs)
Implantable Medical Devices Market, by Geography
- North America
- Western Europe
- Eastern Europe
- Asia Pacific Ex. Japan
- Middle East & Africa
- Latin America
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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