The implantable medical devices market was estimated at US$ 90.5 billion in 2021 and is predicted to reach over US$ 130 billion by 2028, growing at a CAGR of 7% from 2021 to 2030.
The implantable medical devices market was estimated at US$ 90.5 billion in 2021 and is predicted to reach over US$ 130 billion by 2028, growing at a CAGR of 7% from 2021 to 2030.
The implantable medical devices are utilized for the operations such as surgeries or replacement operations. These types of medical devices are used on a large scale for critical surgeries. There is wide range of implantable medical devices available in the market. Those are dental implants, cardiovascular implants, spinal implants, orthopedic implants, and intraocular implants. The raw material or biomaterial used in the manufacturing of implantable medical devices is polymers, ceramic, and metallic.
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One of the key drivers driving the growth of the global implantable medical devices market is rising prevalence of chronic disorders. According to World Health Organization (WHO), the cases of chronic disorders and infectious diseases are rising at a rapid pace. In addition, the shortage of organ donors is also paving way for the expansion of the global implantable medical devices market. Thus, the implantable medical devices enable to replace tissues and organs in the body.
Moreover, the adoption of advanced and innovative technologies is also driving the implantable medical devices market growth. The computer aided designs (CAD) and 3D printing technologies are used for the manufacturing and design of implantable medical devices. In addition, these technologies are mostly used by developed regions’ market players. The government of developed and developing countries is heavily investing on the research and development activities for the launch of new implantable medical devices in the market.
Furthermore, the global implantable medical devices market is also being driven by the growing geriatric population. The old people suffer from wide range of disorders and infections. Therefore, this increases demand for surgeries and operations globally. This creates positive outlook for the expansion of the implantable medical devices market.
Report Scope
- Market Size: US$ 130 Bn by 2028
- Growth Rate: 7%
- Base Year: 2021
- Forecast Data: 2022 to 2030
- By Product Type: Cardiovascular Implants, Orthopedic Implants, Intraocular Lens, Spinal Implants, Dental Implants, Others
- By Biomaterial: Ceramic, Metallic, Polymers, Natural
- By Geography: North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights:
- Based on the product type, the orthopedic implantssegment dominated the global implantable medical devices market in 2020 with largest market share. The rising number of orthopedic surgeries and operations is driving the growth of the global implantable medical devices market. This is attributed to the rising demand for orthopedic implants.
- On the basis of biomaterial, the metallicsegment holds the largest market share the global implantable medical devices market in 2020.The metallic is largely used in the manufacturing and production process of implantable medical devices, which is driving the segment growth.
- North America is the largest segment for implantable medical devices market in terms of region.The factors such as rising technological advancements and innovation in the medical device sector as well as rising prevalence of chronic disorders are boosting the growth of the implantable medical devices market.
- Asia-Pacific region is the fastest growing region in the implantable medical devices market.The implantable medical devices market in Asia-Pacific region is being driven by the factors such as rising healthcare expenditure and growing geriatric population.
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Future of Implantable Medical Devices Market
The growth of the global implantable medical devices market is backed by the rising dental disorders globally. The implantable medical devices are largely used in dental surgeries. The surgical procedures for the treatment of dental disorders are quite risky and critical. That’s the reason the medical implants are used for such surgeries. As a result, the global implantable medical devices market is anticipated to expand in the coming years.
COVID-19 Impact Analysis:
- The impact of the COVID-19 pandemic on the growth of the global implantable medical devices market was positive.
- During the coronavirus outbreak, the demand for implantable medical devices increased due to the rising number of surgical procedures and operations.
- The market players saw substantial growth in the revenue of the implantable medical devices market.
Key Developments in the Marketplace:
- In January 2018, Zimmer Biomet declared that the Sidus Stem Free Shoulder System has received Food and Drug Administration approval. The authorization allowed the corporation to diversify the product offering, boosting its market position.
- Smith & Nephew PLC purchased EuroCiencia Colombia in March 2015, which had served as Smith & Nephew’s only distributor in Colombia for orthopedic reconstruction and sports medical products since 2006.
- The FDA designated Medtronic’s fully implantable left ventricular assist device for patients with progressive heart failure as an effective product in October 2019. The firm will be able to provide more effective therapy or diagnostics for life threatening diseases as a result of this certification, allowing it to grow its business.
- In September 2016, Zimmer Biomet agreed to buy the assets of Instratek, a manufacturer of orthopedic implants and endoscopic instrumentation. The company was able to strengthen its leadership in the forefoot and upper extremities area as a result of this purchase.
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