The global implantable medical devices market exhibited moderate growth during 2015-2020. 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, IMARC Group expects the global implantable medical devices market to reach a value of US$ 160.3 Billion by 2026.
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 size was valued at US$ 112.3 Billion in 2020.
According to the estimates by IMARC Group, the global implantable medical devices market is expected to witness a CAGR of 6% from 2021 to 2026.
The increasing geriatric population who are more prone to numerous chronic diseases, such as cardiac arrest, arthritis, motor, sensory or cognitive modality, etc., is currently driving the demand for implantable medical devices.
The prevalent trend of device miniaturization that has led to the development of compact and advanced implantable medical devices suitable for minimally invasive surgeries, represents one of the key trends in the global implantable medical devices market.
Sudden outbreak of the COVID-19 pandemic had negatively impacted the demand for implantable medical devices due to the decline in hospital visits and postponement of several elective surgical procedures to mitigate the risk of disease transmission.
On the basis of the product type, the market has been classified into orthopedic implants, dental implants, facial implants, breast implants, cardiovascular implants, and others. Amongst these, orthopedic implants represent the most popular product type.
On the basis of the material, the market has been classified into polymers, metals, ceramics, and biologics. At present, polymer-based implantable devices exhibit a clear dominance in the market.
On the basis of the end-user, the market has been classified into hospitals, ambulatory surgery centers, and clinics. Amongst these, hospitals currently account for the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global implantable medical devices market are 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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