Medical Implants sector is projected to create huge opportunities in the overall implant market. Here's your chance to get an extensive understanding of this market.
The Global Medical Implants Market was valued at USD 85.4 Bn in 2020 and is expected to grow at a CAGR of about 7.5% during the forecast period. The market is expected to grow at a significant rate in the coming years due to increasing orthopedic cases, increasing prevalence of chronic diseases, and ongoing advancements in technologies in healthcare industry.
Countries in the Asia Pacific and Latin America such as China, India, and Brazil are projected to observe the highest growth in coming years. North America held about ~45.0% share of the global market in 2020 due to the local presence of major market players, supportive reimbursement scenario, and presence of healthcare infrastructure.
The Global Spinal Implant and Devices Market was a significant contributor to the market in 2020 and is estimated to reach USD 23.2 Bn by 2027 at a CAGR of 6.0%. Major players such as Roche, Philips, Mylab, Medtronic and Abbott proved to be leaders in the implant ecosystem due to large volume of implant development and product launches which are further taking advantage of maintaining a leading position in the market. Penetration of artificial intelligence and machine learning in medical implants are further expected to create opportunities for market leaders as well as new entrants.