ALBANY, New York, July 18, 2018 /PRNewswire/ --
As per a market research report by Transparency Market Research (TMR), the global implantable medical devices market is likely to be worth US$ 49.8 bn by 2024 from US$ 32.3 bn in 2015. This alludes to a CAGR of 4.9% for the forecast period between 2016 and 2024. By material type, titanium currently displays the leading demand; however, titanium alloys and zirconium are poised to surpass in terms of demand over the forecast period. Geography-wise, North America is the leading region for implantable medical devices thanks to a modern healthcare infrastructure and favorable reimbursement scenarios for implantable medical devices. The U.S. is the leading domestic market for implantable medical devices in the region due to a large obese population, rising pool of geriatrics, high awareness about implantable devices, and high expenditure on healthcare.
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Growth of Medical Tourism Sector Stokes Demand in Eastern Economies
The rising incidence of bone and joint disorders has led to the demand for medical implantable devices. The demand for dental treatments have also been on the rise due to increasing consumption of food that causes oral maladies, and secondly, due to increasing importance on dental construction for looks and beauty. These factors are boosting the implantable medical devices market.
Moreover, cosmetic surgeries are increasingly becoming common as people give high importance to physical appearance and body aesthetics. The increasing incidence of congenital diseases is also fuelling demand for medical implantable devices, thus boosting this market.
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Over the past couple of years, medical tourism is booming predominantly in emerging economies. Several countries in the Eastern world have become favored destinations for medical tourism. Westerners travel to these destinations for complex surgeries such as hip replacement and joint replacement. Quality healthcare at affordable prices makes medical tourism destinations favored for a number of surgeries, which is indirectly benefitting the implantable medical devices market.
Ill-effects of Materials Used in Implants Challenges Growth
On the downside, materials such as nickel and chromium that are extensively used in medical implants are related to cause cancer. Medical implants that have cobalt alloys are said to cause health problems among recipients of implants with these materials. This is discouraging patients to opt for implants that have these materials. Moreover, the high cost of implants that may not be well received by the recipient's body and may lead to complications is challenging the market's growth. Nevertheless, recommendation by health experts and ongoing research for improved devices is likely to bolster the market's growth in the future.
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Amid a high degree of consolidation in the global implantable medical devices market, savvy players are hard-pressed on technological advancements for competitive gains. The research capabilities and technological expertise of leading players is making it difficult for small and medium-sized companies to establish themselves in the implantable medical devices market.
Top four companies that hold leading share in the implantable medical devices market are Institut Straumann AG, Stryker Corporation, Medtronic plc, Zimmer Biomet, and Johnson & Johnson. Some other prominent companies in the implantable medical devices market are Johnson & Johnson, Danaher Corporation, Smith & Nephew plc, Dentsply Sirona, Abbott Laboratories, and Boston Scientific Corporation.
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The review presented here is based on the findings of a TMR report, titled "Implantable Medical Devices Market (Product - Reconstructive Joint Replacement, Spinal Implants, Dental Implants, and Cardiovascular Implants; Material - Titanium, Stainless Steel, Titanium Alloy, CoCr Alloy, and Zirconium) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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