Albany, NY -- (SBWIRE) -- 05/19/2018 -- The global market for implantable medical devices market is experiencing an increased demand due to rampant technological advancements. The market is highly consolidated as the top four players account for a little over 50% of the market share making it difficult for new players to enter the market. Moreover, the research excellence attained by these established players overpowers the ability of other small and medium sized players to innovate and introduce newer products in the market. Since the market is categorized under the head of technology and research, the government has imposed intractable regulations with regards to licensing, production, and adherence standards which makes it all the more difficult for new players to try their fortunes in the market. The four major firms that dominate the market include Institut Straumann AG, Zimmer Biomet, Stryker Corporation, Johnson & Johnson, and Medtronic plc.
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The research by Transparency Market Research (TMR) estimates that the market would rise to a valuation of US$49.8 bn by 2024 as compared to the figure of US$32.3 bn in 2015. The research also prognosticates that the CAGR over the period from 2016 to 2024 would stand at 4.9%. On on segmentation grounds, the key materials segment has titanium at the forefront of demand currently. However, it is expected to be replaced by other materials such as titanium alloys and zirconium, thus, lowering the demand for titanium. The market for titanium implants is expected to register a CAGR of 4.7% from 2016 to 2024. On the other hand, the market for zirconium implants and titanium alloy implants is expected to grow at a CAGR of 6.4% and 5.5% respectively over the forecast period.
Quest for Fundamental Improvements in Healthcare Facilities to Uptick Demand
The medical fraternity has seen a storm of new trends that have led to the rise in the market for implantable medical devices. The increasing toll of neurodegenerative diseases such as arthritis has made it imperative for medical circles to introduce medical implantation facilities in their framework. Moreover, dental treatments have also been on a rise due to dual factors, first the consumption of food that causes oral adversities has been on a arise, and second the vitality of grooming and oral care as a part of physiological sanity. This has directly influenced the demand for medical implantable devices globally. Moreover, cosmetic surgeries have cascaded into the medical treatments as people have become more conscious of their physical appearance and body aesthetics. The prevalence of congenital diseases is also triggering the need of medical implantable devices, thus, giving a boost to the entire market or these products.
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The medical tourism industry has flourished in recent years as medical researchers from across the globe are making concerted efforts to dispel the pros of medical advancements across the globe. The inflow of foreign professionals into the third world countries who inform and educate about the new technologies is expected to magnify the demand for medical implantable devices. Asia Pacific is peculiarly the brightest regional prospect in this regard because of the unmet medical needs here and a corresponding increase in investments in healthcare by the government.
Ill-Effects of Materials Used in Implants Could Obstruct Growth
Chromium and Nickel have been extensively used for implants and are believed to cause cancer in humans. Even the implants involving cobalt alloys make human health vulnerable to diseases by releasing vivo ions. This discourages the patients from using these implants and brings the alternatives under the spotlight. Moreover, the high cost of implants which can offer cause ill effects post execution is hindering the progress of the market. However, recommendation by practitioners and better research initiatives is expected to continue bolstering the market.
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