Enjoy complimentary customisation on priority with our Enterprise License!
The Implantable Medical Devices Market size is estimated to grow by USD 51.1 billion at a CAGR of 8.25% between 2022 and 2027.
There is an increasing focus on personal appearance across the globe. This trend is gaining popularity across the workplace as well as at social gatherings that fuel a person's self-confidence and self-esteem. As a result, there is an increasing adoption of aesthetic products, including facial implants to enhance a person's attractiveness and physical appearance. The main purpose of facial implants is to augment or correct the skeletal convexities and concavities of the face. There is increasing focus on jaw correction among both genders as a well-defined jawline is considered to amplify masculine appearance, whereas, among women, an angular jawline is preferred. Hence, such factors are positively impacting the market growth.
Technavio has segmented the market into Type, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
To learn more about this report, Request Free Sample
The orthopedic implants segment is estimated to witness significant growth during the forecast period. This segment comprises reconstructive joint replacements, ortho biologics, trauma and craniomaxillofacial, and knee, hip, and spine replacement implants. There is an increasing adoption of the orthopedic implants segment for the treatment of orthopedic conditions, including knee injuries, hip fractures, spinal injuries, joint disorders, and craniomaxillofacial defects.
Get a glance at the market contribution of various segments View a PDF Sample
The orthopedic implants segment was the largest segment and was valued at USD 35.76 billion in 2017. The main classification of orthopedic implants includes joint reconstruction implants, spinal implants, and craniomaxillofacial implants. For knee replacement, hip replacement, trauma, and extremities, joint reconstruction implants are widely used. Spinal implants are mainly adopted for the treatment of spinal disorders, such as spinal deformities, spondylolisthesis, and scoliosis whereas craniomaxillofacial implants are extensively used for the treatment of craniomaxillofacial defects related to the jaw and facial bones. The increasing demand for orthopedic implants is fuelled by factors such as the rising prevalence of orthopedic conditions, such as orthopedic fractures that are caused by sports injuries and falls, spinal deformities and scoliosis, tendon injuries, spine, hip, and shoulder fractures, and the degeneration of the disc. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
One of the main end-user segments contributing to the growth of the global implantable medical device markets is the hospitals segment as this segment is the prime location where implant procedures are carried out. Some of the main categories of implant medical devices include dental implants, orthopedic implants (such as hip and knee replacements), cardiovascular implants (such as stents and pacemakers), and other implants. Factors such as a rising knowledge of the advantages of implants over traditional treatment options, an aging population, a rise in the prevalence of chronic diseases, and technological breakthroughs in medicine. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
There are several medical procedures that are being carried out in clinics including the implantation of medical devices. Additionally, this segment is a prime location for patients to undergo implant procedures. There is a significant expansion of the clinic segment due to several factors such as a rise in outpatient operations, technological breakthroughs in implant devices, and improvements in healthcare infrastructure. Additionally, the clinic segment offers a more convenient and affordable choice for those patients who might not need the resources of a hospital setting. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
For more insights about the market share of various regions View PDF Sample now!
North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors which are significantly contributing to the growth of the implantable medical devices market in North America are the increasing prevalence of orthopedic and cardiovascular diseases and conditions, new product launches, favorable reimbursements for implant surgeries, and several initiatives by governments and non-profit organizations toward creating awareness about various healthcare conditions.
Additionally, there is an increase in demand for orthopedic implants due to the rising prevalence of orthopedic conditions, such as osteoporosis, arthritis, spinal disorders, and knee injuries. Furthermore, the growing number of cardiovascular diseases (CVDs) is further fuelling the demand for cardiovascular medical devices like stents and pacemaker devices in the region. Hence, such factors are expected to drive the global implantable medical devices market in NORTH AMERICA during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global implantable medical devices market witnessed a significant slowdown due to the postponement of most implant surgeries and a decline in medical tourism in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the recovery of the global implantable medical devices market. Additionally, there is a rise in the prevalence of orthopedic conditions among the population. Such factors are expected to drive the market during the forecast period.
Buy Now Full Report and Discover More
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers implantable medical devices such as AVEIR DR dual chamber leadless pacemaker system, AVEIR VR leadless pacemaker, and Assurity MRI pacemaker.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the implantable medical devices market growth is the rise in number of people with chronic illnesses. There is an increasing demand for joint reconstruction implants fuelled by the rise in the prevalence of orthopedic conditions, including osteoporosis, arthritis, hip and knee injuries, and bone deformities. For example, as per the Centers for Disease Control and Prevention (CDC), in the US, an estimated 54.4 million adults (22.7% of the total population) are diagnosed with some form of arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia every year.
Additionally, there is a rise in the incidence of heart disease across developed countries and it is expected to increase with the expanding aging population base in developed as well as developing countries. As a result, this will fuel the adoption of cardiovascular implant devices, including pacemaker devices and stent-related implants. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the implantable medical devices market growth is the strategic alliances and partnerships in implantable medical devices. The main advantage of strategic partnership is that it enables companies that manufacture medical devices to explore additional opportunities without incurring a considerable financial burden. Some of the key benefits of these strategic partnerships for product development and commercialization include cost containment, extended product lines, and a wider geographical reach.
As a result, it will positively impact the healthcare equipment market which in turn will fuel the growth of the global implantable medical devices market. For example, in 2021, Western Dental developed a strategic partnership with the Straumann Group to expand access to dental implants. Hence, such factors are expected to drive market growth during the forecast period.
High costs of product design and development are one of the key challenges hindering the implantable medical devices market growth. There is a significant cost and time involved in the new product development and design of implantable medical devices. Additionally, such kinds of new products need huge investments, as well as manufacturers, are required to adhere to frequent inspections.
Moreover, the cost of these implants is influenced by their applications and features as well as their type. For example, absorbable implants are much more expensive than metallic implants. Therefore, the high cost of orthopedic implants can contribute to the cost burden on end-users and patients. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
Buy Now Full Report and Discover More
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Implantable Medical Devices Market Customer Landscape
The implantable medical devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Implantable Medical Devices Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
181 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.25% |
|
Market growth 2023-2027 |
USD 51.1 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
7.18 |
|
Regional analysis |
NORTH AMERICA, EUROPE, Asia, and the Rest of the World (ROW) |
|
Performing market contribution |
NORTH AMERICA at 45% |
|
Key countries |
US, CANADA, GERMANY, UK, and CHINA |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Abbott Laboratories, AbbVie Inc., B.Braun SE, BIOTRONIK SE and Co. KG, Boston Scientific Corp., Cardinal Health Inc., Conmed Corp., Global Consolidated Aesthetics Ltd., Globus Medical Inc., Ideal Implant Inc., Institut Straumann AG, Johnson and Johnson, LivaNova Plc, Medtronic Plc, Nuvasive Inc., Orthofix Medical Inc., Osstem and Hiossen Implant UK, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
