Market Size of Medical Implants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Medical Implants Market Analysis
The Global Medical Implants Market size is expected to grow from USD 111.33 billion in 2023 to USD 157.62 billion by 2028, registering a CAGR of 7.20% during the forecast period (2023-2028).
COVID-19 significantly impacted the medical implants market's growth initially due to supply chain restrictions and reduced hospital patient visits. As the COVID-19 cases started to decline, surgical operations have restarted in most clinics through operating suites and recovery beds for elective treatments in 2021. In addition, the long wait times for various replacement surgeries during and after the pandemic significantly impacted the market. For instance, as per the report published by the Canadian Institute for Health Information in March 2023, longer wait times continued for joint replacements like hip and knee due to the pandemic. Hence, these long wait times increase the number of pooled patients, which likely increases the demand for orthopedic implants and is expected to grow significantly in the market over the coming years.
The major factors contributing to the growth of the medical implants market are the increasing geriatric population, the burden of chronic diseases, the growing demand for cosmetic dentistry, and technological advancements in medical implants.
The geriatric population has a weaker immune system. As a result, the body is more prone to autoimmune diseases like arthritis. Thus, the rising geriatric population is associated with an increased risk of orthopedic and other chronic diseases, thereby driving the growth of the studied market. For instance, as per the World Social Report 2023 published in January 2023, between 2021 and 2050, the number of adults 65 and older is expected to more than quadruple, going from 761 million to 1.6 billion globally. The number of people aged 80 years or older is growing even faster. This increase in the number of older adults is found to augment the number of orthopedic disorders, which subsequently helps boost the demand for medical implants and is expected to boost the market over the forecast period.
Furthermore, the rising incidence of breast cancer likely increases the demand for breast implants, which is expected to drive the market over the forecast period. For instance, according to the report published by the American Cancer Society in 2023, 297,790 new cases of invasive breast cancer will be diagnosed in women in the United States compared to 287,850 new breast cancer cases in 2022. Thus, the increasing incidence of breast cancers raises the demand for breast augmentation using breast implants, thereby driving the market growth. A few other factors are playing pivotal roles in accelerating the medical implants market, including the hike in disposable income among people, technological advancements in the field of implants, the availability of better medical facilities, and a growing number of cases involving damaged limbs or organs caused by various accidents.
However, the high cost of medical implants and stringent regulatory policies are expected to restrain the market for the forecast period.
