PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1127107
PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1127107
The Global Implantable Medical Devices Market Size was valued at USD 98.45 Billion in 2021, and it is expected to reach a value of USD 157.07 Billion by 2028, at a CAGR of 6.90% over the forecast period (2022 - 2028).
Implantable medical devices are those that are implanted inside or on the surface of the body. Many implants are prostheses, or artificial body parts, designed to replace missing body parts. Other implants help organs and tissues by delivering medication, monitoring biological function, or assisting in other ways. The implants can be left in place indefinitely for diagnostic, monitoring, or therapeutic purposes, or they can be removed when they are no longer needed.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Implantable Medical Devices Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The Global Implantable Medical Devices Market is segmented on the basis of type, product, nature of device, end-use, and region. Based on the type, the market is segmented into diagnostic and treatment. Based on the product, the market is segmented into cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and neurology. The cardiovascular segment further includes implantable cardiac defibrillators [ICDs], stents, pacemakers, implantable cardiac monitors (ICM), ventricular assist devices, and cardiac resynchronization therapy devices (CRT). The ophthalmology segment includes intraocular lenses and glaucoma implants. The orthopedic segment includes joint reconstruction, spinal devices, and trauma fixation devices. The plastic surgery segment includes breast implants and gluteal implants. The dental segment includes dental implants, dental crowns, and abutments. Neurology consists of deep brain stimulators. Based on the nature of the device, the market is segmented into active and passive. Based on end-user, the market is segmented into hospitals, multi-specialty centers, ambulatory surgical centers, and clinics. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
The increasing prevalence of various disorders in the areas of cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and neurology is a key factor driving industry growth. For example, heart diseases such as CVD, CHD (congenital heart disease), and stroke, among others, are the leading causes of death worldwide. According to WHO, these heart diseases cause approximately 17.9 million deaths each year, accounting for approximately 31% of all global fatalities. Approximately 7.4 million of these fatalities were caused by CHD, and approximately 6.7 million were caused by a stroke. CVDs will be responsible for approximately 23.6 million deaths worldwide by 2030, according to projections.
The high cost of implantation and the scarcity of trained professionals in the medical surgery sector are expected to stifle market growth.
The introduction of connected medical devices is one of the key trends in the global implantable medical device industry. Connected devices are likely to provide healthcare providers with value and efficiency. The increase in the number of connected medical devices, combined with advancements in the systems and software that support the capture and transmission of medical-grade data, connectivity technologies, and services, has resulted in the creation of the Internet of Medical Things (IoMT). Increased trends in connected medical devices are expected to create numerous new market opportunities in the coming years.