According to the latest report by IMARC Group, titled "Implantable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global implantable medical devices market reached a value of US$ 120.5 Billion in 2021. Implantable medical devices are generally used for improving the functioning of body organs. These devices include coronary stents, implantable cardiac defibrillators (ICDs), hip implants, insulin pumps, interocular lenses and pacemakers. They can either be implanted inside the body temporarily or permanently for performing therapies, monitoring and diagnostic. As a result, these devices aid in supporting the function of other devices for treating ailments, infection control, drug delivery and tracking physiological factors or biomolecules. There has also been a considerable rise in the demand for implantable medical devices due to the increasing preference for maintaining an aesthetic appearance among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Implantable Medical Devices Market Trends:
The global market is primarily driven by the rising prevalence of chronic illnesses among the masses. In line with this, the increasing geriatric population, which is more susceptible to critical medical ailments, is one of the key factors contributing to the market growth. Along with this, various technological advancements across the globe and the widespread integration of the healthcare sector with modern technologies are creating a positive outlook for the market. Moreover, the rapid miniaturization of implantable medical devices is gaining prominence across the globe. Furthermore, rising investments by private and public firms to upgrade the existing the healthcare infrastructure is acting as another growth-inducing factor. Other factors, including rapid urbanization, inflating disposable income levels of the masses, and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 168.3 Billion by 2027.
- On the basis of the product type, the market has been segmented into orthopedic implants, dental implants, facial implants, breast implants, cardiovascular implants and others.
- Based on the material, the market has been categorized into polymers, metals, ceramics, and biologics.
- On the basis of the end-user, the market has been segregated into hospitals, ambulatory surgery centers (ASCS) and clinics.
- Based on the region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America. Among these, North America region holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Abbott Laboratories, Biotronik, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Conmed Corporation, Globus Medical, Inc., Integra Lifesciences Holdings Corporation, Johnson & Johnson, LivaNova PLC, Medtronic plc, Nuvasive, Inc., Smith & Nephew Plc, St. Jude Medical, Inc., Institut Straumann AG., Stryker Corporation, Wright Medical Group N.V. and Zimmer Biomet Holdings, Inc.
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