Medical implants are man-made devices or biomedical tissues surgically transplanted either into the body or on the surface of the body. Majority of implants are prosthetic, designed for replacing missing or damaged body parts whereas other implants are designed either to deliver certain drugs into the body or to provide extra support to organs. These implants are transplanted either on permanent or temporary basis and can be detached from body whenever required. For instance, stents and hip implants are transplanted on permanent basis whereas screws which are used to repair broken bones can be removed when they are no longer needed. Depending on part of the body on which implant is used, implants are of different types such as dental implants, cardiovascular implants, brain implants, spine implants, orthopedic implants, and cosmetic implants to name a few.
Increasing geriatric population, growing incidence of chronic diseases (such as respiratory diseases, cardiovascular diseases, and endovascular diseases), and rising demand for technologically advanced products (such as bio absorbable stents) are set to drive the medical implants market. Increasing awareness among people about advantages of medical implants to improve quality of life will lead to increase adoption of these implants in coming years. Furthermore, rapidly evolving healthcare infrastructure especially in emerging economies such as India and China will drive the market. However, inadequate insurance coverage policy, high cost of implants, and strict approval guidelines for medical implants is expected to hamper the market growth.
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There has been rapid increase in demand for cardiovascular implants owing to rise in prevalence of cardiovascular disorders. Cardiovascular disorders are conditions characterized dysfunctional of heart and blood vessels. These diseases are mainly caused by high cholesterol level, excessive smoking, and unhealthy lifestyle habits. According to a study conducted by American Heart Association in 2017, around 92.1 million American adults are living with some or other type of cardiovascular condition. These diseases can be prevented either through drugs or by use of advanced implantable devices such as pacing devices (CRT with pacemaker function), stents (bioabsorbable stents) and structural cardiac implants (biventricular assist devices). These implants are transplanted in heart or blood vessel to restore normal functioning of heart. For instance, pacemaker is used to regulate irregular heartbeats by using electrical pulses from small device placed on chest or abdomen to improve heartbeats.
Another major application of these implants is used in treating orthopedic injuries to replace fractured or missing bones. Orthopedic injuries are injuries to bone, muscle or joint due to accident, trauma or severe illness. These implants are made up of stainless steel and titanium alloys that act as artificial cartilage for giving support to damaged bone. Although majority of implant manufacturers still depend on traditional coatings for implants, however, new technologies are being developed to improve overall efficiency of orthopedic implants.
Neurostimulators is another segment witnessing rise in demand owing to increasing prevalence of neurological disorders. Neurostimulators are implants used to regulate or modify neural activities either by using invasive or non-invasive methods. These implantable devices work either by stimulating nerve cells or by stopping pain signals to reach various target sites (such as central nervous system and peripheral nervous system). Developments such as injectable neurostimulators (which are under clinical trial) will provide growth opportunities for the market players in coming years. These implants are used to minimize complications such as discomfort, high risk of infections and post-surgery trauma associated with the use of traditional neurostimulators. Moreover, there will be surge in demand for facial implants due to increase in number of aesthetic procedures performed annually and rise in geriatric population requiring aesthetic facial implants for body shaping and tightening. According to a study conducted by International Society of Aesthetic Plastic Surgery (ISPAS) in 2015, around 31,337,924 aesthetic/ cosmetic procedures were performed worldwide escalating demand for facial implants.
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Some of the major players operating in the global market include Medtronic plc., Zimmer Biomet, Stryker Corporation, Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson, Institut Straumann AG, Dentsply Sirona, Edwards Lifesciences Corporation, Orthofix International, Smith & Nephew plc., and Tornier N.V.
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