Wilmington, Delaware, United States, Transparency Market Research Inc.: The key growth drivers for the global implantable medical devices market include factors such as rising incidence of cardiovascular and neurological illnesses and aging population.
Wilmington, Delaware, United States, Transparency Market Research Inc.: The key growth drivers for the global implantable medical devices market include factors such as rising incidence of cardiovascular and neurological illnesses and aging population. In addition to that, investments to create technologically sophisticated products along with wider applications of neurostimulators are likely to drive sales in the global market. Besides, and attractive reimbursement situations for ENT surgeries in developed nations is expected to boost market growth.
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The global implantable medical devices market is expected to develop owing to a rise in chronic illnesses and improvements in active implanted medical devices. However, the industry is expected to be hampered by increased demand for non-invasive treatments, difficulties with implanted devices, and the high cost of the devices.
Single-chamber, biventricular pacemakers, and dual-chamber are the three main types of implanted pacemakers. The segment's rise can be ascribed to factors including less post-surgical problems and the existence of several leads to ensure normal cardiac physiology.
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According to the American College of Cardiology, cardiovascular disease claimed the lives of 800,000 Americans in 2017. Every 40 seconds, one person in the US dies from cardiovascular disease. The most common cause of CVD mortality is coronary heart disease (CHD), trailed by heart failure and stroke. Every year, cardiovascular disease (CVD) kills 3.9 million people in Europe and over 1.8 million people in the European Union, as per the European Heart Network (EU). The implanted pacemaker market is expanding rapidly, given the increasing spending on healthcare research and development and rising R&D trends in developing markets.
The key factors that are likely to drive expansion of the global implantable medical devices market are attractive reimbursement situations, increasing prevalence of cardiovascular illnesses, and high rate of obesity rates. Congestive heart failure affects approximately 5.7 million persons in the US, as per the American Heart Association (AHA).
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Heart failure is likely to emerge as a contributing factor in around one out of every nine fatalities. As per the Centers for Disease Control and Prevention (CDC), atrial fibrillation, the most prevalent kind of irregular cardiac rhythm, affects more than three million people in the US. In addition, as the aging population increases, the number is predicted to treble by 2050.
According to Transparency Market Research’s latest report on the global Implantable Medical Devices market for the historical period 2017–2018 and forecast period 2019–2027. Increase in prevalence of coronary arterial diseases (CADs), rise in demand for minimally invasive procedures and rise in geriatric population are projected to drive the global market during the forecast period.
According to the report, the global implantable medical devices market was valued at US$ 37,700.8 Mn in 2018 and is anticipated to expand at a CAGR of 4.6 % from 2019 to 2027. In terms of volume, the global implantable medical devices were accounted at 10,712,732 units in 2018.
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Rise in prevalence of coronary arterial diseases (CADs): Key Drivers
The number of patients suffering from chronic degenerative ailments such as arthritis and chronic cardiac disease is increasing rapidly
In many instances patients cannot be cured by pharmacological treatments. These implants can prove to be life savers. The baby boomers have increased with time. This will lead to high prevalence of chronic degenerative diseases, which in turn will increase demand for implantable devices
Rising incidences of Dental Problems: Key Drivers
Intake of junk/unhealthy food has increased across the globe in the past few years. This has had an adverse effect on the population’s overall health and even dental health. Hence, people are opting for dental implants. The dental implants are also utilized in orthodontics and periodontics as well.
Increase in Usage of Substitute Materials for Implants to Hamper Market
Development of substitutes of traditional materials used in the manufacture of implants will lead to intense competition among companies that manufacture medical implants. Ultra-high molecular weight polyethylene (UHMWE) or high density polyethylene are popularly being used in orthopedic implants.
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Global Implantable Medical Devices Market: Competitive Landscape
This report profiles major players in the global implantable medical devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global implantable medical devices market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global Implantable Medical Devices market are
- Abbott
- Boston Scientific Corporation
- Danaher Corporation
- Dentsply Sirona
- Institut Straumann AG
- Johnson & Johnson Services Inc
- Medtronic
- Smith & Nephew
- Stryker
- Terumo Corporation
- Zimmer Biomet
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