Micro-Electronic Medical Implants Market Increasing burden of cardiovascular, neurological and hearing diseases is expected to boost the market growth over the years
According to The Insight Partners market research study titled ‘Micro-Electronic Medical Implants Market - Global Analysis and Forecasts by Product, Technology, Material, Application, and End User. The global micro-electronic medical implants market is expected to reach US$ 59,561.4 Mn in 2027 from US$ 27,461.2 in 2018. The market is estimated to grow with a CAGR of 9.4% from 2019-2027. The report highlights the trends prevalent in the global micro-electronic medical implants market and the factors driving the market along with those that act as deterrents to its growth.
The increasing technological advancements have opened more opportunities of developing new and innovative medical implant devices with advanced electrical properties that can improve diagnosis and treatment of previously intractable conditions such as, cardiovascular diseases, neurological disorders, hearing disorders and others. Medical implantable devices like pacemakers, cochlear implants, ventricular assist devices, spinal cord stimulators and others, are used to treat these conditions. In 2017, according to the World health organization, the increasing prevalence of cardiovascular diseases is the major cause of death all over the world. Moreover, it was mentioned that 17.9 million people across the globe died due to cardiovascular diseases in 2016. Furthermore, rising neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy and others, drive the demand for microelectronic medical implants. According to the Alzheimer's Association in 2017, around 44 million people have Alzheimer’s or other related dementia worldwide. According the World Health Organization (WHO), nearly 466 million people have disabling hearing loss worldwide, in 2018. It also predicted that by 2050, over 900 million people will suffer from disabling hearing loss. Thus, such high prevalence of cardiovascular diseases, neurological disorders and hearing disorders globally is anticipated to lead the market growth in the coming years.
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Micro-Electronic Medical Implants Market Competitive Landscape and Key Development
Some of the prominent players operating in micro-electronic medical implants market are Medtronic, Abbott (St. Jude Medical, Inc.), Boston Scientific Corporation, Zimmer Biomet, BIOTRONIK, Inc., NeuroPace, Inc., Sonova, LivaNova PLC, Cochlear, Ltd., and ABIOMED among others.
The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in 2018, Medtronic received United States Food and Drug Administration (FDA) approval for its HVAD System. HVAD System is the smallest commercially available left ventricular assist device (LVAD) for patients with advanced heart failure. It is the only LVAD approved in the U.S. for implant via thoracotomy. The developments performed by the companies are helping the market to grow in the coming years.
Increasing Technological Advancements
In an aging society where chronic diseases is a leading factor in the health system, technical advancements are necessary to preserve the quality of life through keeping the affordable prices. Microelectronic implants are playing a pioneering role that help to detect specific medical parameters. Additionally, these implants are able to take immediately autonomous therapeutic measures, combining diagnosis and treatment in a single system.
Microelectronic medical implant is an emerging field in the medical industry and has led to various developments of the products, in the field of cardiology, neurology and otology. Many of the market players are developing novel products in order to minimize the burden of cardiovascular diseases, neurological disorders and hearing disorders. For instance, Boston Scientific Corporation in September 2017, launched the Resonate family of Implantable Cardioverter Defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems. This product is powered by EnduraLife battery technology, which has double battery capacity as compared to other devices. On the other hand, cochlear implants are used by more than 200,000 patients across the globe. Thus, the rate of widespread diseases such as, cardiac & renal failure, hearing disorders, and neurological disorders are increasing therefore, the demand for new products and innovative technologies is high.
Micro-Electronic Medical Implants Market Segmentation Review
The micro-electronic medical implants market by product is segmented into pacemakers & defibrillators, neurostimulators, implantable drug pumps, cochlear implants, ocular implants, retinal implants, and others. In 2018, the pacemakers and defibrillators segment held a largest market share of 32.0% of the micro-electronic medical implants market, by product. This segment is also expected to dominate the market in 2027 due to the increasing incidence of cardiovascular diseases and rise in cardiac-implant procedures. On the other hand, the cochlear implants segment is anticipated to witness the fastest growth rate of 10.1% during the forecast period, 2019 to 2027 owing to the rising demand of products and technological development in hearing aids and implant technology.
The global micro-electronic medical implants market based on material is segmented into metals, polymers and ceramics. In 2018, the metals segment held a largest market share of 64.3% of the micro-electronic medical implants market, by material. This segment is also expected to dominate the market in 2027 as metals and metal alloys are the most preferred material used to construct micro-electronic medical implants due to their properties corrosion resistance, radiopacity, and several other electrical properties. The segment is also likely to witness the fast growth exhibiting a robust CAGR of 9.7% in the coming years.
In 2018, the cardiology segment held a largest market share of 41.1% of the micro-electronic medical implants market, by application. This segment is also expected to dominate the market in 2027 due to the increasing adoption of pacemakers, implantable heart pumps, cardioverter defibrillators. Moreover, the increasing incidence of cardiovascular diseases are also expected to be responsible for the dominant share of the market in the coming years.
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