Description :
An implant is a medical device that is surgically transplanted in the body to replace or support damaged body organs , enhance their functionalities , or detect flaws in functioning of organs . Medical devices can be placed either permanently or temporarily in the body , and can be removed when they are time-worned . These implantable devices are composed of bones , tissues , skin , ceramics , metals , and other natural materials .
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The global implantable medical devices market was valued at $ 72,265 million in 2015 , and is estimated to reach $ 116,300 million by 2022 , registering a CAGR of 7.1 % during the forecast period . The market is driven by factors such as rise in prevalence of chronic diseases and rapid increase in geriatric population . Moreover , increased awareness among individuals and rapid technological advancements in the medical implants sector fuel the market growth . However , high cost of implantation and dearth of skilled workforce hamper the market growth . Even then , this market is poised to grow at a CAGR of 10.7 % from 2016 to 2022 ( in terms of volume ).
The global implantable medical devices market is segmented based on product type and geography . Based on product type , the market is categorized into orthopedic implants , dental implants , breast implants , cardiovascular implants , intraocular lenses , and other implants . The orthopedic implants segment contributed the highest revenue to the global market in 2015 , owing to the large pool of patients undergoing orthopedic implants due to hyperactive lifestyle , unhealthy food habits , rise in geriatric population , and advancements in medical technologies . The other implants category was the fastest growing segment in 2015 , due to increase in prevalence of neurological diseases , craniomaxillofacial deformities , and eye disorders ; increase in the rate of cosmetic surgeries ; and rise in geriatric population .
The market is segmented on the basis of four regions , namely North America , Europe , Asia- Pacific , and LAMEA . North America held the largest share ( nearly half ) in the global implantable medical devices market in 2015 due to advancements in implantable medical devices and increase in prevalence of chronic diseases .
The Asia-Pacific region is expected to grow at the highest CAGR of 9.1 % during the forecast period . The developing countries in the Asia-Pacific region , such as China and India , provide significant growth opportunities to market players , owing to the large population base and increase in awareness about the benefits of medical implants . Moreover , the report provides comprehensive analyses of the key players operating in the implantable medical devices market .
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