Medical implants are devices that are used to replace human body parts with artificial parts. Various materials are used to manufacture different body parts of humans which include ceramic, polymers, metallic and others. The increase in chronic diseases is expected to grow the market during 2017-2023. By the year 2023, the market value of this market is expected to reach 121386.6 million US$ with a CAGR of 7.55%. The developing regions of the world are expected to see the highest market growth due to the development of the market according to the report of Report Ocean. The high cost of implants can slow the growth of the market.
The market of medical implants is also divided based on the type which includes spinal implants, orthopedic implants, cosmetic implants, dental implants, cardiac implants, and others. As of the year, 2016 orthopedic implants held the largest market share in the global market. The metallic material is expected to see the largest market growth in terms of material. The end users of medical implants are used in clinics, research centers, hospitals, and others. The hospitals and clinic might see the growth rate of 7.44% during the forecast period.
The market is also divided based on the regions and major manufacturers. The regions covered in this report include Europe, Middle East & Africa, North America, Asia Pacific, and South America. North America holds the largest market share and its position is expected to remain the same. The international medical implants market is growing at a fast pace.