Prevalence of Diseases Globally:
It has been confirmed that the world geriatric population is increasing and as per World Health Organization (WHO), the population comprising 60 years and above will reach 1.4 billion by 2030. Hence, the prevalence of age-related degenerating diseases has increased, adding to the woe is the rising life-expectancy which makes the diseases prolonged. As a result of these factors, the medical device implant market is flourishing and is witnessing a huge demand for the devices. These devices are grafted or inserted into a patient’s body to function as a part or whole organ. Some of the implants are permanent, such as stents, pacemakers, heart valves etc.
The younger population is also a consumer of the implant devices industry as the problems related to joints and heart have become prominent in the modern lifestyle of the population. The increased prevalence of obesity, physical inactiveness, and increased consumption of fast food are also contributors to such diseases and hence, add to the demand for implant devices. Due to such high demand, the people are now looking for non-invasive techniques for implant and the healthcare sector is continuously innovating in this field. One of the results is the next generation implant devices, which do not require bone grafting and have minimal procedures, unlike conventional implants.
Future of Next Generation Implants:
The conventional implants market is expected to grow over $103 billion in 2023, whereas global next generation implants market is estimated to grow over $3.9 billion by 2023. The next generation implants market comprises of various sections based on application, viz. orthopedic, cardiovascular, dental, ocular and other implants. Among these, cardiovascular contributed the highest share of revenue in the global market. Among the segmentation based on raw materials, the metals and its alloys are dominating the conventional implants market with an estimated value of $25 billion in 2016.
Regional Development of the Next Generation Implants Market:
North America was the leader in the global conventional implants market in 2016, with a market value of $30 billion, which was a result of rising geriatric population and increased prevalence of diseases in the region. However, in the coming years, the highest growing market is expected to be Asia-Pacific, which is projected to grow at a CAGR of 8.7% from 2017 to 2023. The new innovations and technological advancements of the implants are predominantly driving the market. The use of better materials, automated surgeries, biological materials, personalized implants, better care, and decreased risk of infection are contributing to increased patients’ and physicians’ interest in the market.
BIS Healthcare has conducted an extensive market research on ‘Global Next Generation Implants (NGI) Market –Analysis and Forecast (2017-2023) ‘. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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