Medical implants are devices that are used to insert or graft into a patient’s body to function as a part or whole organ. As per U.S. FDA, an implant can be defined as a device or tissue that can be placed on the surface or inside the body. These devices provide support to the existing organs or replace them or substitute the missing parts. Some implants are permanent in nature and stay lifelong in the patient’s body while others may be temporary. Permanent implants include pacemakers, stents, heart valves etc. Temporary implants such as screws are removed when no longer needed. Some of these provide functional & structural support such as joint replacement implants, and cardiac valves, while others can be life supporting systems such as implantable defibrillators & pacemakers. The younger population is also using these types of implants due to lifestyle changes. Increased physical inactiveness, obesity, and increased consumption of fast food are also contributors to such diseases and hence add to the demand for implant devices.
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The global next generation implants (NGI) market is expected to grow substantially due to factors such as rising aging population, resulting in increase in the prevalence of age related degenerating diseases. As per World Health Organization (WHO), the number of people aged 60 years & above will rise to 1.4 billion by 2030. The number of age related diseases has also increased due to this improved life expectancy and increase in the geriatric population. On the other hand, technological advancements, recent trends, and regulatory aspects of the market also drives the growth of the Next Generation Implants (NGI) Market.
The global next generation implants (NGI) market is segmented based on applications, raw materials, and region. On the basis of various applications, the global next generation implants (NGI) market is segmented into orthopedic, dental, cardiovascular, ocular and other implants. The Next Generation Implants (NGI) Market is also segmented in terms of row materials, which includes metals and its alloys, ceramics, polymers, biologicals and others. Based on raw material, metals and its alloys are dominating the next generation implants (NGI) implants market
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Geographically, the next generation implants (NGI) market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The market in each geography is sub-divided into specific countries such as the U.S., Canada, Germany, U.K., Brazil, China, India, Japan, and GCC countries. North America dominated the global next generation implants (NGI) market because of rising geriatric population, increased prevalence of diseases, and large amount of money invested in R&D and advanced product development. Asia Pacific is considered to be the most attractive market by region over the forecast period due to rising healthcare expenditure, and the technological advancement and evolution of implants.
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Key players operating in the next generation implants (NGI) market are Smith & Nephew plc, Abbott Laboratories, Boston Scientific Corporation, Medtronic Public Limited Company, Johnson & Johnson, Wright Medical Group N.V, Stryker Corporation, C.R.Bard, Inc., Globus Medical Inc., Dentsply Sirona Inc., and Zimmer Biomet Holdings Inc among others. In order to gain competitive advantage in the industry, the major players are actively involved in various growth strategies. Collaborations, partnerships, agreements, and new product launches are some of the important strategies which are followed by the market players.