Medical Implants Market Size, Share, Industry Trends and Forecast to 2030

1. Market Size & CAGR of Medical Implants Market in 2021

The global medical implants market had a market size of USD 26.50 billion in 2021 and is expected to grow at a CAGR of 5.2% from 2021 to 2028. The market is projected to reach USD 38.21 billion by 2028.

2. COVID-19 Impact on the Medical Implants Market

The COVID-19 pandemic had a significant impact on the medical implants market. The outbreak led to disruptions in the global supply chain, delays in elective surgeries, and decreased patient visits to healthcare facilities, affecting the demand for medical implants. However, with the gradual recovery from the pandemic, the market is expected to bounce back with increasing demand for implants.

3. Medical Implants Dynamics

The medical implants market is driven by factors such as the increasing prevalence of chronic diseases, technological advancements in implantable devices, growing geriatric population, and rising healthcare expenditure. However, factors such as high cost associated with implants, regulatory challenges, and complications related to implant procedures act as restraints for market growth.

4. Segments and Related Analysis

The medical implants market is segmented based on product type, material, end-user, and region. The major segments include orthopedic implants, dental implants, cardiovascular implants, and others. Orthopedic implants dominated the market in 2021, driven by the increasing incidence of orthopedic disorders and musculoskeletal injuries.

5. By Region Analysis

Regionally, North America held the largest market share in the medical implants market in 2021, attributed to the presence of advanced healthcare infrastructure, high healthcare expenditure, and a well-established regulatory framework. Asia Pacific is expected to witness significant growth due to increasing healthcare investments and a growing patient pool.

6. Key Market Players and Competitive Landscape

Some of the key players in the medical implants market include Johnson & Johnson, Medtronic, Stryker Corporation, Zimmer Biomet Holdings, Inc., and Boston Scientific Corporation. These companies focus on product innovation, strategic collaborations, and mergers and acquisitions to maintain their competitive edge in the market.

7. Recent Happenings in the Medical Implants Market

In a recent development, Johnson & Johnson announced the launch of a new knee implant technology that offers better stability and range of motion for patients undergoing knee replacement surgery. This innovation is expected to revolutionize the orthopedic implants market. Additionally, Medtronic acquired a leading provider of spinal surgery implants to expand its product portfolio and strengthen its market position in the spine surgery segment.