Implantable Medical Devices Market by Type, End-user and Geography - Forecast and Analysis 2023-2027

Implantable Medical Devices Market Forecast  2023-2027

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.

What will be the size of the Implantable Medical Devices Market During the Forecast Period?

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Market Segmentation by Type, End-user, and Geography Analysis

Technavio has segmented the market into Type, End-user, and Geography

• The type segment is classified into orthopedic implants, cardiovascular implants, ophthalmic implants, dental implants, and other implants.
• The end-user segment is classified into hospitals, clinics, and others.
• The geography segment includes key regions such as North America, Europe, Asia, and Rest of the World (ROW)

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.

Type Analysis 

Orthopedic implants

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 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.

End-user Analysis

Hospitals

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.

Clinic

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.

Regional Analysis

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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 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.

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Key Implantable Medical Devices Market Players 

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.

• 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.
• 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.

Market Dynamics and Customer Landscape

The market is experiencing robust growth, fueled by technological advancements and the increasing prevalence of neurological disorders, cardiovascular conditions, and orthopedic illnesses. These devices, including implantable cardioverter defibrillators and neurostimulators, offer significant clinical benefits such as early disease detection and enhanced patient outcomes. With a growing elderly population and evolving healthcare reforms, there is a rising demand for advanced features like wireless technology and mobile connectivity in implantable devices. Investments in the medical devices sector are driving innovation, while reimbursement policies and public awareness initiatives are fostering market expansion. With the emergence of technologically advanced products and streamlined procedures, the implantable medical devices industry is poised for substantial growth in the foreseeable future. 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. 

Key Market Drivers

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.

Significant Market Trends

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.

Major Market Challenges

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.

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Key Market Customer Landscape

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 Market Customer Landscape

Segment Overview

The 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. 

• Type Outlook
  • Orthopedic implants
  • Cardiovascular implants
  • Ophthalmic implants
  • Dental implants
  • Other implants
• End-user Outlook 
  • Hospitals
  • Clinics
  • Others
• Geography Outlook 
  • North America
    • US
    • Canda
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Brazil

Market Analyst Overview

The market is witnessing robust growth, driven by advancements in technology and increasing prevalence of neurological disorders, cardiovascular conditions, and orthopedic illnesses. These devices, ranging from implantable cardioverter defibrillators to neurostimulators, offer clinical benefits such as early disease detection and improved patient outcomes. With the aging population and rising healthcare reforms, there's a growing demand for cutting-edge amenities like wireless technology and mobile connectivity in implantable devices. Investments and funds in the medical devices sector are fueling product innovation and utilization, while reimbursement scenarios and public awareness initiatives are further fostering market expansion. With technologically advanced products and one-day procedures becoming increasingly prevalent, the implantable medical devices industry is poised for substantial growth in the coming years.

Moreover, the market is experiencing significant growth, propelled by technological advancements and the increasing incidence of neurological disorders, cardiovascular conditions, and orthopedic ailments. From implantable cardioverter defibrillators to neurostimulators, these devices offer critical clinical advantages, including early disease detection and enhanced patient outcomes. As the aging population grows and healthcare reforms progress, there is a rising demand for state-of-the-art features like wireless technology and mobile connectivity in implantable devices. Substantial investments in the medical devices sector are driving innovation and utilization, while improved reimbursement scenarios and public awareness campaigns are fostering market expansion. With the prevalence of technologically advanced products and streamlined procedures, the implantable medical devices industry is poised for significant growth in the foreseeable future.

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 forecasting, 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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