Implantable Medical Devices Market to Reap Excessive Revenues by 2024
Transparency Market Research (TMR) has published a new report titled, ‘Implantable Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global implantable medical devices market was valued at US$ 37,700.8 Mn in 2018 and is projected to expand at a CAGR of 4.6% from 2019 to 2027. In terms of volume, the implantable medical devices were accounted at 10,712,732 units in 2018.
- An implantable device, according to the U.S. FDA, is “a device that is placed into a surgically or naturally formed cavity of the human body, if it is intended to remain there for a period of 30 days or more”.
- Metals and their alloys have been utilized in the manufacture of implants since the development of first implantable device
- Rise in demand for minimally invasive procedures, aging population, high obesity rates, and high purchasing power of the population are anticipated to drive demand for implantable medical devices during the forecast period.
- North America dominated the global implantable medical devices market in 2018 and the trend is anticipated to continue during the forecast period. Well-established health care infrastructure, availability of reimbursements, and introduction of the Affordable Care Act in the U.S. are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for implantable medical devices and it is expected to expand at a high CAGR during the forecast period
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Rise in Demand for Minimally Invasive Procedures to Driven the Market
- Patients prefer minimally invasive surgery as it includes lesser post-surgery complications and side effects, and shorter recovery time. Therefore, minimal invasive nature of interventional cardiology acts as a driver of the market
- The minimal invasive nature of these surgery procedures influences the decision making of patients to undergo interventional cardiac treatments
Orthopedic Implants Segment Accounted for Significant Market Share
- In terms of product type, the global implantable medical devices market has been segmented into orthopedic implants, dental implants and cardiovascular implants. The orthopedic implants segment is categorized into spinal implants and reconstructive joint replacement implants. The spinal implants segment is further divide into thoraco-lumbar implants, inter-vertebral spacers and non-bone implants. The reconstructive joint replacement segment is further divide into shoulder implants, elbow implants, ankle implants, hip implants, and knee implants
- The orthopedic implants segment is expected to continue to lead the market from 2019to 2027 due to increase in geriatric population, changing lifestyles leading to a high prevalence of obesity and high acceptance of implants such as knee & hip reconstructive joint replacement implants
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Titanium Segment Accounted for Significant Market Share
- In terms of material, the global implantable medical devices market has been segmented into stainless steel, cobalt chromium (CoCr) alloy titanium, titanium alloy, and zirconium
- The titanium segment held the largest share of the global implantable medical devices market in terms of revenue in 2018owing to increase in utilization of titanium in the implantable products
Clinics to be Promising Segment
- In terms of end-user, the global implantable medical devices market has been classified into hospitals, ambulatory surgical centers, and clinics. The hospitals segment held major share of the global market in 2018. The hospitals segment is categorized into +500 beds, 200-499 beds and less than 200 beds
- Growth of the hospitals segment can be attributed to the high preference among patients for their implantation surgeries within a hospital and presence of large number of hospitals providing implantation facilities especially in some of the developed countries
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North America to Dominate Global Market
- In terms of region, the global implantable medical devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global implantable medical devices market in 2018,followed by Europe
- The market in the North America is driven by highly developed health care sector, increasing purchasing power of the people and high demand for superior-quality implants
- The implantable medical devices market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period due to geriatric population, high prevalence of orthopedic disorders and increase in awareness about implantable medical devices for therapeutics
- The global implantable medical devices market is highly fragmented in terms of number of players providing different products. Key players in the global market include Abbott, Boston Scientific Corporation, Danaher Corporation, Dentsply Sirona, Institut Straumann AG, Johnson & Johnson Services Inc., Medtronic, Smith & Nephew, Stryker, Terumo Corporation, and Zimmer Biomet
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