The Medical Implants Market Is Estimated To Witness High Growth Owing To Trends In 3D Printed Implants

 
Medical Implants Market 

The Medical Implants Market is estimated to be valued at US$ 109.9 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical implants are medical devices that are placed inside the body surgically to replace missing biological structures, support a weak or damaged area or enhance an existing bodily function. Medical implants include dental implants, orthopedic implants, breast implants, ocular implants and cardiovascular implants among others. Medical implants offer advantages like restoring physical structures and functions, enhancing comfort and quality of life. The growing prevalence of chronic diseases and rising demand for advanced medical treatment options drive the need for medical implants globally.

Market key trends:
3D printed implants are emerging as key trend in the medical implants market. 3D printed implants can be customized as per individual patient's requirement which increases biocompatibility. 3D printed implants have complex internal architecture mimicking the properties of natural bone. They facilitate faster healing time and improved integration with surrounding tissues post surgery. Major companies are investing in developing capabilities for 3D printing of orthopedic, dental and cranial implants using advanced materials like metals, polymers and composites. The growing acceptance of 3D printed surgical models for pre-surgery planning and 3D printed implants themselves is expected to propel the medical implants market growth over the forecast period.

Porter's Analysis

Threat of new entrants: Low entry barrier exists with new material science and digital advancements. However, established brands have strong portfolio and relationships with healthcare providers and patients.

Bargaining power of buyers: Individual buyers have low bargaining power but group purchasing organizations have some influence over pricing due to consolidated demand.

Bargaining power of suppliers: A few major companies dominate the supply of raw materials and components used in implants. This gives them pricing power over device manufacturers.

Threat of new substitutes: Technology advancements have increased substitutes like bioresorbable implants and 3D printed implants. However, substitutes are still limited in applications.

Competitive rivalry: Intense competition exists among major players due to differentiated products and technologies. Companies compete on technology, quality, service and price.

SWOT Analysis

Strengths: Growing aging population drives demand. Technological advancements enable minimally invasive procedures. Increase in chronic diseases and trauma cases propel the market.

Weaknesses: High costs of implants limit market growth. Stringent regulatory approvals delay new product launches.

Opportunities: Untapped potential in emerging economies offer lucrative opportunities. Rise in medical tourism attracted by quality care and availability augment demand.

Threats: Threat of substitute treatment methods and stringent regulations associated with device failure. Greater emphasis on alternative therapies in certain countries.

Key Takeaways

The Global Medical Implants Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of chronic diseases and trauma cases. North America dominates the global medical implants market due to growing number of orthopaedic and cardiovascular procedures in the region.

Regionally, Asia Pacific is estimated to be the fastest growing market for medical implants during the forecast period. This is attributed to rising healthcare spending, availability of low-cost alternatives, and growth in medical tourism in the region.

Key players operating in the medical implants market include Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. Major players are focusing on new product launches, mergers, acquisitions and collaborations to gain a competitive advantage in the market.

Read More - https://www.rapidwebwire.com/the-rapid-growth-in-medical-tourism-is-anticipated-to-openup-the-new-avenue-for-medical-implants-market



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