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- 16 January 2020 21:28
Implantable Medical Devices Market Reach Valuation of US$ 153.8 Billion
The global implantable medical devices market is expected to grow at a CAGR of around 7.3% from 2019 to 2026 and reach the market value of around US$ 153.8 billion by 2026.
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.
Medical implants are devices that are used to replace or act as a fraction for a particular body part or for the whole biological structure. Every year thousands of people enhance the quality of their lives by going through surgical procedures that involve the fixing or removal of implantable medical devices.
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At present, implants are used for various parts of the body for different functions such as orthopedics, pacemakers, cardiovascular stents, defibrillators, neural prosthetics or drug delivery system. Implants are introduced either completely or partially via surgical or medical methods into the human body. The device can be implanted permanently or temporarily, depending upon the need and can be removed later on.
There has been an increase in the number of age-related diseases with concurrent rise in the life-span of people. This has further increased the demand of various life prolonging medical aids such as new treatments, implants, prostheses, and long-term pharmaceutical usage. Implantable devices are made up of various types of materials such as tissues, metals, bones, plastics, skin, ceramics, etc.
Catalyzed by a strong growth of consumers' inclination towards body aesthetics and physical appearance, cosmetic surgeries are becoming increasingly common, driving the demand of implantable medical devices. Moreover, advancing technological innovations that enable an individual to enhance his/her beauty such as dental implants, pectoral implants, deltoid implants, thigh augmentation, breast implants, cochlear implants, etc. have further added to the rising demand of these devices.
Additionally, rising occurrence of chronic diseases such as heart failures, arthritis, motor, sensory or cognitive modality, etc. that require various types of implants to sustain the life of a patient are also creating a positive impact on the growth of the market. Moreover, an increase in the geriatric population across both developed and developing regions has resulted in a rising prevalence of various chronic diseases which is further propelling the demand of these products.
The implantable medical devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of implantable medical devices market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted implantable medical devices forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major implantable medical devices companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of implantable medical devices upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of implantable medical devices and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
Market By Product
Middle East & Africa
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.
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.
Global implantable medical devices market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of implantable medical devices market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Some of the key market players operating in the implantable medical devices industry 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., InstitutStraumann 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.
- In October 2019, NeuroRecovery Technologies merged with GTX Medical to develop two technologies for spinal cord injury patients: Targeted Epidural Spine Stimulation (TESS), a spinal cord implant which is a stimulation system with real-time motion feedback and Transcutaneous Spinal Cord Stimulation (tSCS). The merged entity is now known as GTX medical BV.
- In May 2019, Abbott launched new generation heart implantable monitor for accurate detection of arrhythmia. The Confirm Rx insertable cardiac monitor (ICM), an implantable device offers more accurate monitoring of heart rhythm for 24*7.
- In May 2019, Murj launched implantable cardiac device management software, Murj 2.0. This provides a 360-degree view of cardiac implant patient data. The Murj 2.0 is cloud-based software that manages all cardiac implants such as the defibrillator, pacemakers, and loop recorders.
- In April 2019, Biotronik launched the entire Acticor device family including Acticor DX and CRT-DX devices, single pass and dual chamber defibrillation systems.
- In September 2018, Johnson & Johnson acquired Emerging Implant Technologies (EIT) GmbH to expand its portfolio in minimally invasive and open fusion surgeries spinal implants. EIT is a Germany based private firm that manufactures 3D-printed titanium interbody implants used for spinal fusion surgery.
- In July 2018, SCHOTT acquired Primoceler to expand its electronic implantable devices portfolio by using Primoceler’s hermetic packaging technology. Primoceler has a micro bonding method which uses laser technology to manufacture ultra-miniature electronic, vacuum-tight, and optical devices without any added material or heat.
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