The global implantable medical devices market is expected to grow at a CAGR of around 7.3% over the forecast period 2019 to 2026 and expected to reach the market value of around US$ 153.8 Bn by 2026.
An implant is a medical device, manufactured to support or replace any damaged organs in the body, treat imperfections in normal body functions, or enhance the functioning of body organs. These can be implanted by surgery either temporarily or permanently in the body, and can be removed after its use. These devices comprise bones, skin, tissues, ceramics, plastics, metals, and other natural materials. Some of the implantable medical devices examples include implantable cardiac defibrillators (ICDs), cardiac pacemakers, intraocular lenses, hip implants, implantable insulin pumps, and coronary stents.
Demand for implantable medical devices is rising continuously during the forecast period due to increased safety owing to technological advancement and growing awareness about the same. Furthermore, a lack of alternative treatment for chronic diseases is anticipated to boost the implantable medical devices market in the coming years.
Investment by market players for the development, commercialization, and in emerging regions such as the Asia Pacific and Latin America are likely to propel the market growth. For instance, in February 2017, Dentsply Sirona opened a new production facility in Tokyo, Japan. The facility manufactured a complete company’s implant digital solutions portfolio at one and the same site to provide faster and better service to customers. The inaugural of the new facility strengthens the Simplant and Atlantis presence in the Asia market. Rise in the geriatric population across the world responsible for the increasing number of bone and joint disorders that demand implantable medical devices. For instance, according to the data published by the OECD, the number of knee and hip replacements has increased speedily since 2000 in most OECD countries. On average, the rate of hip replacement increased by 30% between 2000 and 2015 and the rate of knee replacement nearly doubled.
Based on the product, the market has been segmented into dental implants, breast implants, orthopedic implants, cardiovascular implants, intraocular lenses, and other implants. In 2018, the orthopedic devices segment accounted for the largest share of the market and is expected to maintain its share during the forecast period. This can be attributed to safety enhancements due to technological advancement in the field. Furthermore, lifestyle changes responsible for the growing prevalence of musculoskeletal disorders, increasing sports and accidental injuries, and the development of minimally invasive surgeries. The cardiovascular implantable devices segment is anticipated to boost the market growth during the forecast period. This can be attributed to the high focus of market players for developing new generation pacing devices that significantly improve the patient’s quality of life and reduce mortality in greater pricing flexibility. Others segment include neurostimulator, orthobiologics, facial implants, and trauma & craniomaxillofacial implants.
North America accounted for the largest share of the implantable medical devices market in 2018. This can be attributed to the local presence of major market players, technological advancement and development of next generation implantable devices that increase the provider as well as the patient’s confidence in products. The demand of implants is expected to increase continuously during the forecast period due to an increase in chronic condition patient’s population including chronic heart failure and osteoarthritis. However, the insurance provider’s tight control over implantation costs is anticipated to limit the growth of the market in the region. Asia Pacific is expected to propel the market growth at the fastest rate over the forecast period due to investment by market players, a large number of the targeted patient population, and increasing disposable income. Medical centers and hospitals along with research institutes collaborated with implantable devices companies around the world.
The market research study on “Implantable Medical Devices Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global implantable medical devices market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global implantable medical devices market, its products and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global implantable medical devices market size and segment markets by product and geography along with the information on companies operating in the market. The implantable medical devices market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.
The players profiled in the report include Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Cardinal Health, Inc., C. R. Bard, Inc., CONMED Corporation, Globus Medical, Inc., Integra Lifesciences Holdings Corporation, LivaNova PLC, Johnson & Johnson, NuVasive, Inc., Medtronic plc, Smith & Nephew plc, St. Jude Medical, Inc., Institut Straumann AG., Wright Medical Group N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc. The development, approval, and commercialization of technologically advanced products along with the geographical expansion are the key strategies being adopted by the players in the industry to increase their footprints in the market.
Market By Product
Some of the implantable medical devices are implantable cardiac defibrillators (ICDs), cardiac pacemakers, intraocular lenses, hip implants, implantable insulin pumps, and coronary stents.
Increased safety owing to technological advancement is main driver of the implantable medical devices market.
According to Acumen Research and Consulting, the implantable medical devices market value is anticipated to be worth around US$ 153.8 billion by 2026.
The implantable medical devices market is anticipated to grow over 7.3% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for implantable medical devices market.
Asia Pacific is projected to grow at a fast pace during forecast period in the implantable medical devices market.
Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Cardinal Health, Inc., C. R. Bard, Inc., and CONMED Corporation are the players operating in the implantable medical devices market.