Global Implantable Medical Devices Market Size, Share, and COVID-19 Impact Analysis, By Type (Diagnostic, Therapeutic), By Product (Cardiovascular, Dental, Orthopedic, Ophthalmology, Spinal, Neurology & Others), By End-User (Hospitals, Multi-Specialty Centers, Ambulatory Surgical Centers & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The implantable medical devices market was valued at USD 90.6 Bn in 2021. The market is projected to grow USD 138.8 Bn in 2030, at a CAGR of 6.3%. Medical implants are devices or tissues that are implanted into or on the surface of the body. Many implants are prostheses, or replacements for missing bodily parts. Other implants are used to provide medication, monitor physiological activities, or support organs and tissues. The implants can be left in place indefinitely for diagnostic, monitoring, or therapeutic purposes, or they can be taken out when no longer required. Long-term implants benefit from being in a constant-temperature environment, whereas adhesive joints have additional challenges such as complex loading circumstances and ever-increasing device-lifetime requirements.
Implantable medical devices and systems have progressed over the previous six decades thanks to developments in science and engineering, particularly in microelectronics, biotechnology, and materials. Implantable medical devices are those that are physically or medically placed into the human body and are meant to stay there after the treatment. Medical experts have made valiant efforts to improve the quality of patients' lives with various medical devices such as the implantable cardiac defibrillator, cochlear implant, implanted bladder stimulator, and implantable wireless pressure sensor, from Zoll's first report on electrical heart stimulation in 1952 to Cardiomems' introduction of the first commercialised wireless blood pressure measurement system in 2010. This sort of implantable medical gadget was invented to detect physiological reactions in vivo or in the laboratory.
COVID-19 ANALYSIS
The outbreak of COVID-19 has impacted severely on the supply chain of the chemicals industry. The COVID-19 pandemic decelerated industry growth substantially, as demand for implantable medical devices fell as all regular implantable treatments were halted in countries suffering from the disease amid the pandemic as healthcare experts, support units, and patients who are undergoing implant procedures were all at high risk of cross-infection. As a result, the COVID-19 epidemic has had a negative influence on the market for implantable medical devices. Furthermore, the impact of the pandemic on society and the economy was seen as a result of global lockdowns, which impacted the butyric acid sector as procurement of raw materials was halted due to supply chain disruption. Safety, training, crisis management and response, awareness, re-forming business models, digitization and technological innovation, and other unforeseen effects have all been added to the global chemicals sector as a result of COVID-19.
LATEST TREND
Consumer Preference Towards Cosmetic Surgeries for Better Aesthetics
Plastic surgeries are becoming more common, fueled by a considerable rise in public interest in body aesthetics and physical attractiveness, fuelling demand for implantable medical devices. Furthermore, advancements in technology that allow a person to enhance his or her beauty, such as breast implants, dental implants, deltoid implants, pectoral implants, thigh augmentation, cochlear implants, and other devices, have added to the increased demand for the implantable devices.
DRIVING FACTORS
Rising Incidents of Dental Issues Among Population
Growing demand for dental implants for the betterment of facial appearances is likely to propel the growth of the global implantable medical devices market. Consumption of junk/unhealthy food has surged all across the world affecting the population's overall health, as well as their oral health. As a result, people are turning to dental implants creating the demand for sales of implantable medical devices.
Increasing Rate of Geriatric Population
The growing elderly population in both developed and developing countries has led in a growth in the prevalence of numerous chronic diseases, driving up demand for these products. The increased prevalence of chronic conditions such as heart failures, arthritis, motor, sensory, or cognitive modalities, and others that necessitate various types of implants to prolong a patient's life are also boosting market expansion.
RESTRAINTS
Concerns Pertaining to Fluctuating Prices of Raw Materials
The increasing prices of implantable device due to fluctuating prices of raw materials is likely to hamper the growth of the market. Due to a decrease in the number of patients admitted to hospitals for implant surgery, market players have lowered their expenditure in raw materials and resources. Increased demand for non-invasive therapies, challenges with implanted devices, and the high cost of the devices are projected to stymie the business.
SEGMENTATION
The global implantable medical devices market is segmented by Type (Diagnostic, Therapeutic), By Product (Cardiovascular, Dental, Orthopedic, Ophthalmology, Spinal, Neurology & Others), By End-User (Hospitals, Multi-Specialty Centers, Ambulatory Surgical Centers, & Others) and Region. Based on the type, the market is categorized into diagnostic, therapeutic. Based on product, the market is categorized into cardiovascular, dental, orthopedic & others. Based on end-user, the market is categorized into hospitals, multi-specialty centers, ambulatory surgical centers, and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Type Insights
Based on the type segment, the global implantable medical devices market is categorized into diagnostic & therapeutic. The diagnostic segment has dominated the market share in 2020 of global implantable medical devices market owing to the rising number of cases undergoing diagnostic and surgical procedures among the developing region.
Product Insights
Based on the product segment, the global implantable medical devices market is categorized into cardiovascular, dental, orthopedic, ophthalmology, spinal, neurology & others. The dental segment has dominated the market share in 2020 of global implantable medical devices market owing to the consumption of unhealthy dishes or junk foods to which leading to dental problems.
End-User Insights
Based on the end-user segment, the global implantable medical devices market is categorized into hospitals, multi-specialty centers, ambulatory surgical centers, and others. The multi-specialty centers segment is dominated the market share in 2020 of global implantable medical devices market owing to the community hospitals are becoming more common, especially in developing countries. Thus, the aforementioned factors, as well as the growing emphasis of healthcare organizations and the government on routine patient diagnosis and early treatment, have resulted in increased awareness among the general population which is driving the market's expansion over the projection period.
REGIONAL INSIGHTS
The global implantable medical devices market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is dominating the market share of global implantable medical devices market owing to the rising prevalence of cardiovascular and neurological illnesses, high accessibility to modern technologies, increased creation of novel and technologically advanced goods, and rising healthcare expenditure in the region. In order to effectively treat various chronic diseases, a large number of major manufacturers in the industry are launching sophisticated implantable medical devices in the United States. According to the American Academy of Implant Dentistry (AAID), around 3 million people in the United States have done dental implants, with the number predicted to rise by 500,000 every year. As a result, increased dental implant usage is expected to boost market expansion in the future years. However, Asia Pacific region is anticipated to grow over the next few years of global implantable medical devices market owing to rising geriatric population, rising chronic disease incidence, rising healthcare spending, healthcare reforms for infrastructure development, increasing need for innovative technologies to generate advanced products, and less stringent regulations. Sedentary lifestyle adoption, growing geriatric population, and significant investment in research and development. Osteoarthritis and orthopaedic injuries in the elderly are becoming more common, necessitating the use of implantable orthopaedic devices. Furthermore, the country's market income will be boosted by the availability of modern medical facilities and the growing adoption of high-end technologies.
Key Developments:
May 2022- Medtronic has acquired Intersect ENT to improve the product portfolio regarding sinus implant as well as strengthening the company's comprehensive ear, nose, and throat (ENT) portfolio with advanced products used in sinus procedures to improve post-operative outcomes.
December 2021- Koninklijke Philips N.V. has acquired Vesper Medical to offer innovate patient treatment as well as strengthen the portfolio of diagnostic and therapeutic devices with an advanced venous stent portfolio for the treatment of deep venous disease.
October 2019- GTX medical merged with NeuroRecovery Technologies focus on developing two technologies to improve the functional recovery of people with spinal cord injuries.
LIST OF KEY PLAYERS PROFILED:
· Abbott
· Boston Scientific Corporation
· Danaher Corporation
· Dentsply Sirona
· Institut Straumann AG
· Johnson & Johnson Services Inc
· Medtronic
· Smith & Nephew
· Stryker
· Terumo Corporation
· Zimmer Biomet
SEGMENTATION
By Type
- Diagnostic
- Therapeutic
By Product
- Cardiovascular
- Dental
- Orthopedic
- Ophthalmology
- Spinal
- Neurology
- Others
By End-User
- Hospitals
- Multi-Specialty Centers
- Ambulatory Surgical Centers
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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Global Implantable Medical Devices Market Size
- June-2022
- 1 4 0
- Global
- Healthcare-Medical-Devices-Biotechnology
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