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The global implantable medical devices market size is estimated to grow by USD 53.5 billion, at a CAGR of 8.08% between 2023 and 2028. Market growth is driven by an increasing population with chronic illnesses, a rise in implantable medical product launches by vendors, and a growing number of cosmetic implants. These factors underscore a burgeoning demand for advanced medical solutions aimed at improving patient outcomes and quality of life. The uptick in chronic illnesses necessitates continuous innovation in medical technologies, including implantable devices that enhance treatment efficacy and patient convenience. Simultaneously, the expanding market for cosmetic implants reflects evolving aesthetic preferences and technological advancements in the healthcare sector. Together, these trends shape a competitive landscape where innovation, patient care, and market expansion converge to meet the diverse needs of global healthcare markets. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 - 2022 , besides analyzing the current market scenario.
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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 key companies, including:
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 Services Inc., 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.
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.
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.
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The orthopedic implants segment was the largest segment and was valued at USD 38.00 billion in 2018. 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.
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North America is estimated to contribute 43% 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 that are significantly contributing to the growth of the 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 market in North America during the forecast period.
The market is poised for growth, driven by an aging elderly population and rising incidences of neurological disorders such as Parkinson's disease, Epilepsy, and Dystopia. Innovations in neurostimulation technology, coupled with advancements in wireless technology and mobile connectivity, enhance chronic disease management services and enable early diagnosis and disease detection. Increased investments and funds support the development of neurostimulators, addressing reimbursement scenarios and driving adoption in ENT procedures. Healthcare reforms in developed countries aim to bolster public awareness and mitigate healthcare spending risks associated with neurological diseases. The market's future hinges on overcoming regulatory hurdles and optimizing implantable medical devices for effective treatment and improved quality of life for patients worldwide.
One of the primary drivers propelling the market growth is the escalating number of individuals afflicted with chronic illnesses. The surge in demand for joint reconstruction implants is particularly influenced by the increasing prevalence of orthopedic conditions such as osteoporosis, arthritis, hip and knee injuries, and bone deformities. For instance, in the US alone, an estimated 54.4 million adults are diagnosed annually with various forms of arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia, according to the Centers for Disease Control and Prevention (CDC).
Furthermore, there is a notable uptick in the incidence of cardiovascular diseases across developed nations, a trend expected to intensify with the expanding aging population base worldwide. Consequently, this surge will drive the adoption of cardiovascular implant devices, encompassing pacemaker devices and stent-related implants. These factors collectively are anticipated to fuel market growth throughout the forecast period.
A key factor shaping the 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 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 market growth. There is a significant cost and time involved in the new product development and design. 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.
The market forecast report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. The market growth and forecasting report focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market forecasting and growth strategies.
Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is expanding significantly, particularly in addressing cardiovascular conditions and chronic diseases with advanced technologies like implantable cardioverter defibrillators (ICDs) and ventricular assist devices (VADs). These devices provide clinical benefits by improving postoperative outcomes and managing conditions such as heart pacemakers and implantable hearing devices. Innovations in microelectronics enhance the nature of device functionality, minimizing risks such as electrical shorts and moisture interference. The market sees continuous product innovation to cater to diverse needs, from orthopedic illnesses like osteoarthritis to interventional surgeries for pelvic fractures and knee rupture. Strategic initiatives focus on regional business development and customer base expansion tactics, supported by favorable reimbursement scenarios and advancements in wireless & powerless transfer technologies. As the industry evolves, emphasis remains on cutting-edge amenities and one-day procedures to enhance product adoption and utilization among patients and medical professionals alike.
Market Scope |
|
Report Coverage |
Details |
Page number |
192 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.08% |
Market growth 2024-2028 |
USD 53.5 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.28 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Germany, Canada, 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 Services Inc., 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, Market condition analysis for forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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