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The global implantable medical devices market to reach a value of US$ 160.3 Billion by 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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