The global implantable medical devices market reached a value of US$ 103.3 Billion in 2019. 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. 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. Looking forward, the market value is projected to reach US$ 151.5 Billion by 2025, exhibiting a CAGR of 6.6% during 2020-2025.
This report provides a deep insight into the global implantable medical devices market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the implantable medical devices industry in any manner.
The global implantable medical devices market was worth around US$ 103.3 Billion in 2019.
The spread of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries have halted the operations of numerous industries. It has also disrupted the supply chain of the implantable medical devices industry.
According to the estimates by IMARC Group, the global implantable medical devices market will exhibit moderate growth during the next five years.
The demand for implantable medical devices is escalating on account of the rising prevalence of chronic diseases, such as heart failures, arthritis, and motor, sensory or cognitive modality, that require different types of implants to sustain the life of the patient.
One of the major trends in the market is the rising preference for cosmetic surgeries among individuals to enhance their physical appearance.
On the basis of the product, the market has been segmented into the orthopedic, dental, facial, breast, cardiovascular and other implants.
Based on the material, the market has been categorized into polymers, metals, ceramics and biologics.
The market has been analyzed on the basis of the end user into hospitals, ambulatory surgery centers (ASCs) and clinics.
On the geographical front, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Leading industry players are Abbott Laboratories, Biotronik, Inc., Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., CONMED Corporation, Globus Medical, Inc., Integra Lifesciences Holdings Corporation, Johnson & Johnson Services, Inc., 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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