Implantable Medical Devices Market Summary
According to report, the global implantable medical devices market generated $91.8 billion in 2020, and is projected to reach $179.03 billion by 2030, witnessing a CAGR of 7.2% from 2021 to 2030.
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The global implantable medical devices market is primarily driven by high prevalence of chronic diseases along with rapidly growing aged population, increasing cardiovascular & neurological complications and advancements in active implanted medical devices. However, Implantation cost high and no trained professionals available in the medical surgeries sector restricts the growth to some extent. But the increase in the investments and funds to build advanced technologically products will provide lucrative opportunities for the growth of this industry.
It is an implantable medical device that is implanted in the human body by surgery or other clinical] intervention for some specific function. Devices that fall under the group of active implantable medical devices are generic for Class III, and thus all active implantable medical devices have been made subject to the strictest regulatory controls. A heart patient, for example, might require a pacemaker — a small wireless implantable medical device that helps the heart beat in a normal rhythm — or an implantable cardioverter defibrillator (ICD), a battery powered device inserted underneath the skin to monitor the heart’s rhythm.
The orthopedic implants segment accounted for the largest share
By product, the orthopedic implants segment captured the largest share in 2020, accounting for more than one-fourth of the global implantable medical devices market. On the other hand, the dental implants segment is anticipated to showcase fastest CAGR of 8.1% throughout the forecast period, owing to rise in cardiovascular & neurological disorders and advancements in active implanted medical devices.
North America held the largest share-
Region wise, North America dominated the market with highest share in 2020, contributing to more than two-fifths of the global implantable medical devices market, a result of high demand for implantable medical devices for treating several diseases & disabilities and availability of advanced healthcare facilities with trained medical professionals. However, Asia-Pacific is anticipated to report the maximum CAGR of 8.6% during the forecast period, owing to surge in incidence of different diseases & increase in research and development investments in developing nations like China and Japan.
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Prominent market players-
- Biotronik SE and Co. KG
- Boston Scientific Corporation
- C. R. Bard, Inc.
- Cardinal Health, Inc.
- CONMED Corporation
- Abbott Laboratories
- Integra LifeSciences Holdings Corporation
- LivaNova PLC
- Johnson and Johnson
- Globus Medical Inc.
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