Implantable Medical Devices Market to Expand at CAGR of 4.6% during Forecast Period 2019 to 2027: as per TMR Study

Posted on 2024-03-05 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-05 — /EPR Network/ — Transparency Market Research Inc. –

Transparency Market Research’s latest report on the global Implantable Medical Devices market, covering the historical period 2017–2018 and forecast period 2019–2027, highlights the key drivers propelling market growth. Factors such as the increasing prevalence of coronary arterial diseases (CADs), growing demand for minimally invasive procedures, and the rise in the geriatric population are expected to fuel market expansion during the forecast period.

The report indicates that the global implantable medical devices market was valued at US$ 37,700.8 million in 2018 and is projected to grow at a CAGR of 4.6% to attain US$ 56,997.0 Mn from 2019 to 2027. Additionally, in terms of volume, global implantable medical devices accounted for 10,712,732 units in 2018.

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The key growth drivers for the global implantable medical devices market include factors such as rising incidence of cardiovascular and neurological illnesses and aging population. In addition to that, investments to create technologically sophisticated products along with wider applications of neurostimulators are likely to drive sales in the global market. Besides, and attractive reimbursement situations for ENT surgeries in developed nations is expected to boost market growth.

Key Drivers:

Rise in prevalence of coronary arterial diseases (CADs)

The number of patients suffering from chronic degenerative ailments such as arthritis and chronic cardiac disease is increasing rapidly
In many instances patients cannot be cured by pharmacological treatments. These implants can prove to be life savers. The baby boomers have increased with time. This will lead to high prevalence of chronic degenerative diseases, which in turn will increase demand for implantable devices

Rising incidences of Dental Problems

Intake of junk/unhealthy food has increased across the globe in the past few years. This has had an adverse effect on the population’s overall health and even dental health. Hence, people are opting for dental implants. The dental implants are also utilized in orthodontics and periodontics as well.

Competitive Landscape:

Abbott,Boston Scientific Corporation,Danaher Corporation,Dentsply Sirona,Institut Straumann AG,Johnson & Johnson Services Inc,Medtronic,Smith & Nephew,Stryker,Terumo Corporation,Zimmer Biomet

Segmentation:

Product

Orthopedic Implants

Spinal Implants
- Thoraco-lumbar Implants
- Inter-vertebral Spacers
- Non-bone Implants
Reconstructive Joint Replacement
- Shoulder Implants
- Elbow Implants
- Ankle Implants
- Hip Implants
- Knee Implants

Dental Implants

Cardiovascular Implants

Material

Stainless Steel
Cobalt-Chromium Alloys
Titanium
Titanium Alloys
Zirconium

End-user

Hospitals

500+ Beds
200-499 Beds
Less than 200 Beds

Ambulatory Surgery Centers

Key Developments:

In January 2018, Zimmer Biomet launched Sidus Stem-Free Shoulder system, a total shoulder arthroplasty solution that allows the restoration of a range of motions through its strong clinical performance. This enabled the company to expand its product offering to customers in shoulder arthroplasty
In September 2016, the company entered into an agreement to acquire the assets of Instratek, an orthopedic implants and endoscopic instrumentation manufacturer. This acquisition enabled the company strengthen its leadership in the forefoot and upper extremity segment
In March 2015, Smith & Nephew plc acquired EuroCiencia Colombia (ECC), which has been Smith & Nephew’s sole distributor for orthopedic reconstruction, trauma, and sports medicine products in Colombia since 2006

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Market Drivers and Challenges:

Key drivers fueling the growth of the implantable medical devices market include:

Increasing prevalence of chronic diseases
Technological advancements in implantable device design and manufacturing
Growing acceptance of minimally invasive procedures
Rising healthcare expenditure and infrastructure development

Challenges facing the market include:

Stringent regulatory requirements
High initial costs associated with implantable devices
Concerns regarding patient safety and efficacy

Market Trends:

Several trends are shaping the implantable medical devices market:

Shift towards personalized and customized implant solutions
Integration of advanced materials such as biodegradable polymers and nanomaterials
Adoption of remote monitoring and connectivity features in implantable devices
Focus on sustainability and eco-friendly manufacturing practices

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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