The new report by Expert Market Research titled, ‘Global Medical Implants and Medical Alloys Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global medical implants and medical alloys market, assessing the market based on its segments like type, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 11.4 Billion
• Forecast CAGR (2021-2026): 9.5%
Ageing population is leading to an increase in the demand for medical implants. For instance, of the 100,000 hip replacements carried out in England, Wales, and Northern Ireland in 2017, 80% of them were for people aged above 60 years of age. Moreover, the market for medical implants is also driven by the rapid scientific developments taking place in terms of materials, miniaturisation of electronics, and battery capacity. For instance, titanium is often used to make implants for dental surgery, however, in recent times, it is also being used for other medical uses, such as for hip implants instead of stainless steel. In the historical period, Japanese scientists have developed titanium fibre plates for supporting broken bones instead of using conventional titanium plates as the former is much safer compared to the latter. Such developments are invigorating the market further.
Industry Definition and Major Segments
Special metal alloys are used in the health and medical industry for common treatments including joint replacement, pacemakers and stents. These medical alloys include titanium and stainless steel. Medical implants are devices made up of these synthetic materials to be placed inside the human body for medical purposes. They are utilized to replace body parts like hip or knees, for delivering medication or regulate body functions and provide support to organs and tissues.
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On the basis of type, the market is segmented into:
• Stainless Steel
• Cobalt Chromium
Based on applications, the market is divided into:
• Orthopaedic Applications
o Joint Reconstruction Devices
o Trauma Fixation Devices
o Spinal Implants
• Cardiovascular Applications
o Implantable Cardioverter Defibrillators
o Implantable Cardiac Pacemakers
o Mechanical Heart Valves
• Dental Applications
o Dental Implants
o Orthodontic Appliances
o Metallic Bridges and Crowns
• Craniofacial Implants
o Facial Implants
o Cranial Implants
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
Owing to factors such as growing percentage of geriatric and obese population, rising incidences of road accidents, and desirability for minimally invasive surgical procedures are together accelerating the market for metal implants and medical alloys, globally. The demand for titanium metal implants and medical alloys is expected to lead in terms of growth rate in the forecast period given its range of advantages such as high biocompatibility, strength, rigidity, higher strain-bearing, and corrosion resistance. Additionally, it also exhibits non-allergic, non-magnetic, and non-radio-opaque properties and rests along the bone without the need for an extra layer. Such factors stimulate the market for these advanced metal implants or alloys.
Key Market Players
The major players in the market are Carpenter Technology Corporation, Aperam S.A., Materion Corporation, Supra Alloys Inc., Questek Innovations LLC, Ametek Specialty Metal Products, ATI Specialty Alloys & Components, Fort Wayne Metals, Johnson Matthey PLC, Royal DSM, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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