Artificial implants are used to augment or replace any bodily part or function. These are made of materials which are inert to the body’s immune mechanism, so as to not elicit allergic reactions.
Global Artificial Implants Market: Overview
Artificial implants are used to augment or replace any bodily part or function. These are made of materials which are inert to the body’s immune mechanism, so as to not elicit allergic reactions. They find use in not only chronic, long standing illnesses but also in acute conditions where the sudden failure of an organ can be difficult to manage and requires immediate supplementation with implants.
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Healthcare has advanced to levels unprecedented by early physicians. With innovative solutions to medical problems faced by the contemporary individual, more lives are being saved than ever. As per Transparency Market Research, the artificial implants market is due to witness increased growth over the forecast period of 2020 to 2030 owing to a demand for longer life spans among the world population.
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Global Artificial Implants Market: Competitive Landscape
A number of manufacturers supply a wide array of artificial implants. This makes the market scenario fragmented. Some of these players are:
- Cochlear Limited
- Exactech Inc.
- Aesculap Implant Systems
- Biomet
- Biomet 3i
- Boston Scientific Corporation
- Advanced Bionics Corporation
- DSM Biomedical
- Dentsply International
- Addition Technology
- DePuy Spine Inc.
- Abiomed Inc.
- GS Medical LLC
- Japan Medical Dynamic Marketing Inc
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Mergers of facilities manufacturing sub segments of an implant are expected to cater to increasing demand globally. Increasing market outreach to make people aware of new innovations should also help generate global demand.
Global Artificial Implants Market: Key Trends and Drivers
Chronic illnesses are on the rise. The World Health Organization estimates that 57% of the global population will be afflicted with one or more chronic illnesses by 2050. Such chronicity invites not only pharmaceutical but also surgical procedures and implants. The artificial implants market is set to benefit from this trend in the future.
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Healthcare spending is increasing globally, with most governments now allocating 10% of their GDP to this sector. This results in demands for advanced healthcare among the general population, increasing intervention with innovative solutions. Artificial implants currently find acceptance, and is set to continue to do so in the future owing to this upward trend.
Global Artificial Implants Market: Regional Analysis
North America and Europe are currently global leaders in the artificial implants market owing to the presence of a robust healthcare infrastructure that accepts innovations readily. A rise in geriatric population makes the incidence of chronic illnesses more in these regions, further giving impetus to this market.
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The Asia Pacific region (APAC) is expected to register the fastest growth in this market given the rise in healthcare spending expected in the future.
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