The Next Generation Implant Market is expected to register a CAGR of 7.5% over the forecasts period (2022-2031).
The COVID-19 pandemic has shut down population movements and transport systems across large parts of the world due to rising covid cases. Most of the countries have also implemented the travel restriction which has lead to a decline in medical services. The number of visits to hospitals and clinics has decreased. Hence, the decline in the surgical procedures and thereby next-generation medical implants. Also, implants manufacturers are encountering a plethora of challenges, including scarcity of resources, shifts in supply and demand chain, and revenue decline as compared to the growth rate in the past decades. Implants market is hindered by the COVID-19 pandemic in the short term; however, it will resume strong growth once conditions improve, driven by improving economic conditions of the world, raising awareness of implant surgery, and the growing number of practitioners trained in implantology, which further increases the demand for the next generation implants and is expected to witness notable growth rate post-covid-19 pandemic.
The growing aging population, higher life expectancy, and an increase in the number of age-related disorders are all contributing to the growth of the next-generation implants market. According to the World Health Organization (2020), the number and proportion of people aged 60 years and older globally are increasing at the rate of 34%. In 2019, the number of people aged 60 years and older was 1 billion globally and this number is projected to increase to 1.4 billion by 2030 and 2.1 billion by 2050. This increase is occurring at an unprecedented pace and will accelerate in the coming decades, particularly in developing countries. According to World Population Ageing 2020, the largest increase is projected to occur in Eastern and South-Eastern Asia, growing from 261 million in 2020 to 573 million in 2050. The fastest increase in the number of older persons is expected in Northern Africa and Western Asia, rising from 29 million in 2020 to 96 million in 2050.
Another factor is the growing prevalence of degenerative disease and the burden of chronic disease globally. According to National Health Institute, 2020, the global prevalence of degenerative diseases is 8.7% of the worldwide population and the projected number of people with degenerative diseases is around 196 million in 2020, which is expected to increase to 288 million in 2040. Age-related macular degeneration makes a significant contribution to degenerative disorders.
Additionally, technological advancements have been resulting in the development and introduction of medical implants that are more simplified than earlier available products. Various companies are currently offering more advanced implants such as bioabsorbable stents, cardioverter-defibrillators, personalized joint replacements, and leadless pacemakers, which offer improved operation, extended battery life, and allows patients to continue normal activities after implantation.
Moreover, the younger population is also a consumer group of these implants due to lifestyle changes. The increasing prevalence of obesity, physical inactiveness, and consumption of fast food increases the burden of chronic diseases, thereby rising the the demand for implants. Thus, all the above factors are anticipated to drive the need for next-generation implants.
However, major restraining factors for the growth of the studied market are the high cost of next-generation implants and stringent regulatory policies for implants.
Key Market Trends
Orthopedic Implants Segment is Expected to Occupy a Significant Share of the Market Over the Forecasts Period
Orthopedic implants are artificial bones or joints that are designed to replace or support a missing or injured bone or joint. These implants are designed to correct abnormalities and improve body posture. The rise in the geriatric population, which raises the risk of osteoporosis, osteoarthritis, and other musculoskeletal problems is one of the major factors for the growth of the segment market. According to the report of e-Clinical Medicine published in The Lancet journal, 2020, the global prevalence of osteoarthritis was 16 % (aged 15 and over), and 22⋅9% (aged 40 and over). Similarly, the global incidence of osteoarthritis was 203 per 10,000 person-years in individuals aged 20 and over, in 2020 worldwide. Also, according to the Arthritis Research report of United Kindom “The State of Musculoskeletal Health 2018,” 17.8 million individuals in the United Kingdom live with a musculoskeletal condition, accounting for 28.9% of the total population. According to these statistics, the number of orthopedic surgeries is expected to increase, thus driving the demand for orthopedic implants in the coming years.
Additionally, several factors drive the segmental growth such as advances in joint replacements, and increased investment by key market participants in orthopedic implant research and development activities. For instance, the Osseoanchored Prostheses for the Rehabilitation of Amputees (OPRA) Implant System of Integrum AB, was approved by the United States Food and Drug Administration in December 2020. The orthopedic implants segment, on the other hand, is expected to expand rapidly during the analysis period, owing to increased demand for innovative therapies, minimally invasive procedures, and increased patient knowledge of orthopedic implants.
North America is Expected to Dominate the Next-generation Implant Market During the Forecasts Period
North America currently dominates the next generation implants market and is expected to follow the same trend over the forecast period. The rising trend in the geriatric population, the rising prevalence of chronic disease, changing lifestyle, availability of advance medical facilities is anticipated to boost the growth of the next generation implants market. According to National Health Institute (2020), there are more than 1 million joint surgeries performed in the United States annually. This number is expected to increase to nearly 4 million by 2030. Also, according to the Centres for Disease Control and Prevention with the National Institute of Health survey in 2020, by the year 2040, an estimated 78.4 million (25.9% of the projected total adult population of United States) adults aged 18 years and older are estimated to report arthritis compared with the 54.4 million adults in 2017.
Similarly, technological advancement and improvement in the existing product will boost the growth in the region. For instance, in May 2020, GC Aesthetics Inc. (GCA), a privately-held medical technology company providing aesthetic solutions for global healthcare markets launched its next generation breast implants, PERLE. Thus, owing to the above mentioned factors, the studied market in North American region is expected to propel over the forecast period.
The next generation implants market is mostly fragmented with a large number of market players focusing on advancement in the technology to deliver more efficient and cost-effective implant devices to leverage growth opportunities in the market. Some of the major players are vigorously making collaborations, mergers, and acquisitions to consolidate the market position across the world. The several players in the next-generation implants market are Abbott Laboratories, Smith & Nephew plc, Johnson & Johnson, Boston Scientific Corporation, C.R. Bard, Inc., Wright Medical Group N.V, Stryker Corporation, Globus Medical Inc, DENTSPLY SIRONA Inc., and Zimmer Biomet Holdings Inc.
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