Demand for Minimally Invasive Procedures to Fuel Medical Implants Market Growth
Increasing inclination towards minimally invasive implant procedures are a crucial factor driving growth of the medical implants market. Shift towards minimally invasive surgeries is mainly owing to less post procedure trauma followed by quick recovery owing to technological advances in medical science. That said, minimally invasive procedures are performed for a wide range of ailments such as fractures, degenerative spinal disease, tumours, spondylosis, herniated discs with CES (Cauda Equina Syndrome), and cord compression. As compared to open surgeries, minimally invasive procedures are less risky, less traumatic, and have low complications and low mortality rates. For instance, as per Clinical Orthopaedics and Related Research, risk of SSIs (Surgical-Site Infections) is about 5.7 times higher in open surgeries as compared to minimally invasive procedures. Other advantages such as less pain, less blood loss, and short post-surgical recovery time have fuelled demand for minimally invasive procedures, which is expected to bolster the growth of medical implants market.
Orthopaedic Implants to Witness an Upswing in Adoption on the Global Front
Rising orthopaedic procedures worldwide owing to increasing prevalence of arthritis and osteoarthritis backed by growing geriatric population continue to influence use of orthopaedic implants. In the medical implants space, orthopaedic counterparts held a significant contribution share in the market and are expected to continue with the status quo. Rapid increase in musculoskeletal diseases and orthopaedic injuries are primary causes of severe pain and restricted mobility, profoundly impacting the individual’s life quality. Moreover, burden associated with treatment costs is another pressure addition for the patient suffering from these ailments. This aspect has driven the need for orthopaedic implants on the global front. According to WHO (World Health Organization), globally, around 1.7 billion individuals suffer from musculoskeletal conditions. They are one of the leading contributors to YLDs (years lived with disability) globally, with over 145 million cases. This factor has fuelled the demand for orthopaedic implants, in turn contributing towards value growth of the medical implants market.
North America Expected to Reign Supreme
Growing incidences of ailments such as arthritis coupled with increasing number of orthopaedic procedures remain instrumental in driving growth of the medical implants market in North America. Moreover, developed nations in the region are equipped with advanced medical care facilities and infrastructure along with established medical insurance policies. This aspect is likely to fuel adoption of medical implants and associated procedures, making North America a leading region in the implant space. In addition, increasing cosmetic dental procedures are contributing towards value growth of the market. For instance, as per American Dental Association, in 2020, over 5 million individuals in the age range of 65 to 74 years in the United States suffer from complete tooth loss. Tooth loss is a common problem among the older population as around 91% of individuals aged from 20 to 64 years suffer from dental caries off which 27% go untreated. Also, tooth loss is also associated with tooth decay which is observed among the geriatric population. In this backdrop, companies are investing in the region to gain competitive edge in the medical implants market. For instance, in September 2020, a dental space major – Ditron Dental – expanded its commercial operations in United States for dental implant services and products portfolio.
Additionally, since past couple of years, the region has witnessed increasing count of arthritis patients. For instance, in 2018, according to ORSI (Osteoarthritis Research Society International) about 4.1% individuals developed arthritis which is expected to increase in the coming years. Similarly, according to CDC (Centres for Disease Control and Prevention), 24% of the adult population in the United States or approximately 58 million individuals suffer from arthritis. Arthritis in the US is considered as the main root of problems associated with work disability. This is poised to influence orthopaedic procedures in the North America, consequently complementing medical implants market growth in the region.
Medical Implants Market: Competitive Landscape
Key players in the medical implants market are focusing on developing and launching new products to strengthen their market position. For instance, in 2022, 4WEB Medical introduced new line of hyperlordotic lateral implants for spine referred to as LSTS (Hyperlordotic Lateral Spine Truss System). Likewise, same year in March, SurGenTec received clearance from US FDA (Food and Drug Administration) for its standalone fixation implant for spine – the ION Screw. This minimally invasive implant is a cost effective solution that can be used in the treatment of various pathologies in the spine while minimising trauma.
A few of the major players in the market include Smith & Nephew PLC, Boston Scientific, Zimmer Biomet, Dentsply Sirona, CONMED Corporation, Stryker Corporation, Straumann AG, Medtronic, and Integra LifeSciences Corporation.
The Global Medical Implants Market Is Segmented As Below:
By Product Type
By Biomaterial Type
Key Elements Included In The Study: Global Medical Implants Market
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