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.
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
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.