Implantable Medical Devices Market
Implantable Medical Devices Market Forecasts to 2030 - Global Analysis By Product (Intraocular Lens, Orthopaedic Implants, Dental Implants, Cardiovascular Implants, Breast Implants and Other Products), Type (Diagnostic and Treatment), End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $124.8 BN |
|
Projected Year Value (2030) |
US $259.2 BN |
|
CAGR (2023 - 2030) |
11.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Implantable Medical Devices Market is accounted for $124.8 billion in 2023 and is expected to reach $259.2 billion by 2030 growing at a CAGR of 11.0% during the forecast period. Medical implants are objects or tissues that are inserted beneath the skin or inside the body. The purpose of implants is to replace missing body parts with prostheses. The implants may be inserted permanently for therapeutic, diagnostic, or monitoring purposes, or they may be withdrawn after their function has been met. Implants are utilized in numerous sections of the body for a variety of purposes, including drug delivery systems, neural prosthetics, orthopedics, pacemakers, cardiovascular stents, and defibrillators. Implants are inserted into the human body either fully or partially through surgical or medicinal procedures. Health care benefits from implantable medical devices include increased patient safety and quality of life.
According to the WHO, in 2022, the US recorded 50 million epilepsy cases; 1 billion migraine cases; and 400,000 spinal cord injury cases.
Market Dynamics:
Driver:
Increasing focus on personal appearance
This method is becoming increasingly common in the workplace and during social gatherings that boost one's self-confidence and self-esteem. In order to improve one's beauty and physical appearance, aesthetic products like facial implants are being adopted more frequently. Additionally, facial implants are primarily used to enhance or correct the skeletal concavities and convexities of the face. Both genders are placing more emphasis on jaw correction since a well-defined jaw line is thought to accentuate a man's attractiveness, while an angular jaw line is preferred by women. As a result, these elements are having a beneficial effect on market expansion.
Restraint:
High cost
The high initial cost of implantable medical devices can be a deterrent for both patients and healthcare systems. Implantable medical devices frequently carry a hefty price tag that includes not only the cost of the device itself but also costs for the surgery, aftercare, and prospective device replacements or revisions in the future. However, these costs can be very expensive for many people, especially if they don't have proper health insurance or coverage. As a result, some patients could skip implantable treatments because they are unable to pay for them. The high cost of implantable medical devices is a significant barrier to market expansion.
Opportunity:
Increased prevalence of chronic diseases
Implantable medical devices are in high demand due to the increased prevalence of chronic diseases like diabetes, cardiovascular disease, and neurodegenerative disorders. These disorders can be managed and treated with the aid of devices like neuro stimulators, cardiac implants, and insulin pumps. Furthermore, implantable medical devices offer patients a higher quality of life and lessen the stress of ongoing care or frequent hospital visits by delivering a long-lasting and sustainable solution for controlling chronic disorders. These factors expand market demand.
Threat:
Device compatibility
As it might be difficult to make sure that implantable devices are properly integrated with a patient's individual anatomy and medical conditions, device compatibility is a significant barrier in the market for implantable medical devices. Each person has a unique anatomy and physiology. However, due to this variation, implanted medical technology must be customized to meet the unique requirements and traits of each patient. This problem is more obvious when gadgets need to be fitted specifically for a patient or when individualized treatment is needed. Therefore, it is a barrier to market demand.
Covid-19 Impact
The COVID-19 pandemic significantly slowed the industry's expansion as demand for implantable medical devices fell and all routine implantable surgeries were suspended in countries with the disease during the pandemic because of the high risk of cross-infection for medical personnel, auxiliaries, and patients undergoing implant procedures. The market for implantable medical devices has suffered as a result of the COVID-19 epidemic.
The metallic segment is expected to be the largest during the forecast period
The metallic segment is estimated to hold the largest share, due to both the expanding desire for minimally invasive surgeries among patients and the increasing number of traffic accidents and trauma cases around the world. Additionally, the rising use of metal implants in orthopaedic operations to offer sturdy support to broken bones or joints is responsible for this market's dominance. Therefore, this market is anticipated to continue expanding as more people throughout the world have arthritis.
The orthopaedic implants segment is expected to have the highest CAGR during the forecast period
The orthopaedic implants segment is anticipated to have lucrative growth during the forecast period. Orthopaedic implants are widely utilized around the world to support broken bones and replace missing bones or joints. The expansion of this market is being boosted by the increasing number of accidents that result in broken bones and damaged joints. Additionally, the prevalence of rheumatoid arthritis is increasing, leading to an increase in elbow joint replacement surgery. As a result, there are currently more orthopaedic procedures being performed, which could spur the development of orthopaedic implants in the years to come.
Region with largest share:
North America commanded the largest market share during the extrapolated period. Numerous chronic diseases are now more common in North America, and the number of elderly people is rising. Additionally, the availability of an advanced healthcare infrastructure, an increase in the use of minimally invasive procedures, and rising consumer healthcare spending are the key factors anticipated to propel the growth of the regional medical implant market. Furthermore, in the past, growing consumer awareness of the availability of different medical implants among North American residents has greatly aided market expansion.
Region with highest CAGR:
Asia Pacific is expected to witness profitable growth over the projection period, due to the expansion of the R&D industry, surge in healthcare reforms, improvement in healthcare infrastructure, increase in the number of hospitals with cutting-edge equipment, and technological developments in the field of implants. The vital role that medical devices play in the identification, monitoring and management of several illnesses contributes to an expanding need for them. The region is linked to a number of prominent medical equipment manufacturers and research centers.
Key players in the market
Some of the key players in the Implantable Medical Devices Market include Zimmer Biomet, Stryker, Dentsply Sirona, Terumo Corporation, Medtronic, Johnson & Johnson, Smith & Nephew, Danaher Corporation, Institut Straumann AG, Boston Scientific Corporation, Abbott, Alcon Laboratories, POLYTECH Health & Aesthetics, MicroPort Scientific Corporation, Bausch & Lomb, Cochlear Limited, Advanced Bionics Corporation and Henry Schein, Inc.
Key Developments:
In February 2022, Abbott announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication for the company's CardioMEMS HF System to support the care of more people living with heart failure.
In February 2022, Boston Scientific Corporation announced the completion of its purchase of Baylis Medical Company Inc., a provider of innovative transseptal access solutions as well as guide wires, sheaths, and dilators used in catheter-based left-heart surgeries.
Products Covered:
• Intraocular Lens
• Orthopaedic Implants
• Dental Implants
• Cardiovascular Implants
• Breast Implants
• Other Products
Types Covered:
• Diagnostic
• Treatment
Nature of Devices Covered:
• Non-active
• Active
Materials Covered:
• Cobalt Chromium Alloy
• Titanium Implants
• Stainless Steel
• Titanium Alloy
• Zirconium
• Polymers
• Biologics
• Metallic
End Users Covered:
• Hospitals
• Clinics
• Ambulatory Surgery Centers
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Implantable Medical Devices Market, By Product
5.1 Introduction
5.2 Intraocular Lens
5.3 Orthopedic Implants
5.3.1 Trauma Fixation Devices
5.3.2 Joint Reconstruction
5.3.3 Spinal Devices
5.4 Dental Implants
5.4.1 Dental Crowns & Abutment
5.5 Cardiovascular Implants
5.5.1 Implantable Cardiac Defibrillators
5.5.2 Pacemaker
5.5.3 Stents
5.5.4 Cardiac Resynchronization Therapy
5.5.5 Ventricular Assist Devices
5.5.6 Implantable Cardiac Monitors
5.6 Breast Implants
5.7 Other Products
6 Global Implantable Medical Devices Market, By Type
6.1 Introduction
6.2 Diagnostic
6.3 Treatment
7 Global Implantable Medical Devices Market, By Nature of Devices
7.1 Introduction
7.2 Non-active
7.3 Active
8 Global Implantable Medical Devices Market, By Material
8.1 Introduction
8.2 Cobalt Chromium Alloy
8.3 Titanium Implants
8.4 Stainless Steel
8.5 Titanium Alloy
8.6 Zirconium
8.7 Polymers
8.8 Biologics
8.9 Metallic
9 Global Implantable Medical Devices Market, By End User
9.1 Introduction
9.2 Hospitals
9.3 Clinics
9.4 Ambulatory Surgery Centers
10 Global Implantable Medical Devices Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Zimmer Biomet
12.2 Stryker
12.3 Dentsply Sirona
12.4 Terumo Corporation
12.5 Medtronic
12.6 Johnson & Johnson
12.7 Smith & Nephew
12.8 Danaher Corporation
12.9 Institut Straumann AG
12.10 Boston Scientific Corporation
12.11 Abbott
12.12 Alcon Laboratories
12.13 POLYTECH Health & Aesthetics
12.14 MicroPort Scientific Corporation
12.15 Bausch & Lomb
12.16 Cochlear Limited
12.17 Advanced Bionics Corporation
12.18 Henry Schein, Inc
List of Tables
1 Global Implantable Medical Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global Implantable Medical Devices Market Outlook, By Product (2021-2030) ($MN)
3 Global Implantable Medical Devices Market Outlook, By Intraocular Lens (2021-2030) ($MN)
4 Global Implantable Medical Devices Market Outlook, By Orthopedic Implants (2021-2030) ($MN)
5 Global Implantable Medical Devices Market Outlook, By Trauma Fixation Devices (2021-2030) ($MN)
6 Global Implantable Medical Devices Market Outlook, By Joint Reconstruction (2021-2030) ($MN)
7 Global Implantable Medical Devices Market Outlook, By Spinal Devices (2021-2030) ($MN)
8 Global Implantable Medical Devices Market Outlook, By Dental Implants (2021-2030) ($MN)
9 Global Implantable Medical Devices Market Outlook, By Dental Crowns & Abutment (2021-2030) ($MN)
10 Global Implantable Medical Devices Market Outlook, By Cardiovascular Implants (2021-2030) ($MN)
11 Global Implantable Medical Devices Market Outlook, By Implantable Cardiac Defibrillators (2021-2030) ($MN)
12 Global Implantable Medical Devices Market Outlook, By Pacemaker (2021-2030) ($MN)
13 Global Implantable Medical Devices Market Outlook, By Stents (2021-2030) ($MN)
14 Global Implantable Medical Devices Market Outlook, By Cardiac Resynchronization Therapy (2021-2030) ($MN)
15 Global Implantable Medical Devices Market Outlook, By Ventricular Assist Devices (2021-2030) ($MN)
16 Global Implantable Medical Devices Market Outlook, By Implantable Cardiac Monitors (2021-2030) ($MN)
17 Global Implantable Medical Devices Market Outlook, By Breast Implants (2021-2030) ($MN)
18 Global Implantable Medical Devices Market Outlook, By Other Products (2021-2030) ($MN)
19 Global Implantable Medical Devices Market Outlook, By Type (2021-2030) ($MN)
20 Global Implantable Medical Devices Market Outlook, By Diagnostic (2021-2030) ($MN)
21 Global Implantable Medical Devices Market Outlook, By Treatment (2021-2030) ($MN)
22 Global Implantable Medical Devices Market Outlook, By Nature of Devices (2021-2030) ($MN)
23 Global Implantable Medical Devices Market Outlook, By Non-Active (2021-2030) ($MN)
24 Global Implantable Medical Devices Market Outlook, By Active (2021-2030) ($MN)
25 Global Implantable Medical Devices Market Outlook, By Material (2021-2030) ($MN)
26 Global Implantable Medical Devices Market Outlook, By Cobalt Chromium Alloy (2021-2030) ($MN)
27 Global Implantable Medical Devices Market Outlook, By Titanium Implants (2021-2030) ($MN)
28 Global Implantable Medical Devices Market Outlook, By Stainless Steel (2021-2030) ($MN)
29 Global Implantable Medical Devices Market Outlook, By Titanium Alloy (2021-2030) ($MN)
30 Global Implantable Medical Devices Market Outlook, By Zirconium (2021-2030) ($MN)
31 Global Implantable Medical Devices Market Outlook, By Polymers (2021-2030) ($MN)
32 Global Implantable Medical Devices Market Outlook, By Biologics (2021-2030) ($MN)
33 Global Implantable Medical Devices Market Outlook, By Metallic (2021-2030) ($MN)
34 Global Implantable Medical Devices Market Outlook, By By End User (2021-2030) ($MN)
35 Global Implantable Medical Devices Market Outlook, By Hospitals (2021-2030) ($MN)
36 Global Implantable Medical Devices Market Outlook, By Clinics (2021-2030) ($MN)
37 Global Implantable Medical Devices Market Outlook, By Ambulatory Surgery Centers (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 2 North America Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 3 US Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 4 Canada Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 6 Europe Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 7 Germany Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 8 UK Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 9 Italy Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 10 France Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 11 Spain Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 14 Japan Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 15 China Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 16 India Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 17 Australia Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 21 South America Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 24 Chile Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 28 UAE Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Implantable Medical Devices Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Implantable Medical Devices Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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