The latest report by IMARC Group, titled “India Implantable Medical Devices Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the India implantable medical devices market size reached US$ 102.3 Billion in 2022. Implantable medical devices are employed for diagnostic and therapeutic purposes, such as replacing damaged body organs and monitoring the functions of different organs and tissues. Some commonly implantable medical devices include contraceptive intra-uterine devices (IUDs), artificial joints, breast implants, and bone, muscle, and joint fusion hardware, and implanted vascular access devices. They are used in patients with poor peripheral venous access or who require frequent vein access for treatments like chemotherapy. These devices are implanted into the body through surgical procedures and can be removed later as per the requirement. They are generally made using ceramics, metals, body tissues, and plastics that help enhance the quality of the patient’s life. Nowadays, the growing incidences of chronic diseases and the rising awareness about healthcare devices are positively influencing the demand for implantable medical devices in India.
India Implantable Medical Devices Market Trends:
The market is primarily driven by the increasing prevalence of chronic diseases among individuals. In addition, the growing geriatric population, which is more susceptible to critical medical ailments, is contributing to market growth. Moreover, the rising awareness regarding the accessibility of implantable devices and the availability of advanced healthcare infrastructure represents another major growth-inducing factor. Apart from this, various technological advancements and the extensive integration of modern technologies in the healthcare sector are providing a positive thrust to market growth. Along with this, professionals are widely adopting miniaturized implantable medical devices. This, coupled with the increasing number of cosmetic surgeries due to the rising preference for maintaining an aesthetic appearance among the masses, is augmenting the market growth. Other factors, including rapid urbanization, inflating disposable income levels of the masses, extensive research and development (R&D) activities conducted by key players, and rising investments by private and public firms to upgrade the existing healthcare infrastructure, are also creating a positive market outlook across the country. Looking forward, IMARC Group expects the market value to reach US$ 151.0 Billion by 2028, exhibiting a CAGR of 6.5% during the forecast period (2023-2028).
- Based on the product, the market has been classified into orthopedic, dental, facial, breast, cardiovascular, and other implants.
- On the basis of the material, the market has been segmented into polymers, metals, ceramics, and biologics.
- Based on the end user, the market has been divided into hospitals, ambulatory surgery centers (ASCs), and clinics.
- On the geographical front, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report, with detailed profiles of key players operating in the industry.
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