USD 98.45 Billion
Report ID: SQSG35A2006 | Region: Global | Published Date: October, 2022 | Pages: 165
The Global Implantable Medical Devices Market Size was valued at USD 98.45 Billion in 2021, and it is expected to reach a value of USD 157.07 Billion by 2028, at a CAGR of 6.90% over the forecast period (2022 - 2028).
Devices that are implanted inside or on the surface of the body are known as implantable medical devices. Many implants are prostheses or artificial body components that are meant to replace missing bodily parts. Other implants help organs and tissues by delivering medication, monitoring biological functioning, or providing assistance. 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 extra challenges such as complex loading circumstances and ever-increasing device-lifetime requirements. There has been an increase in the number of age-related diseases as people's lifespans have increased. This has raised a demand for life-extension medical aids such as novel therapies, implants, prostheses, and long-term pharmacological use. Tissues, metals, bones, polymers, skin, ceramics, and other materials are used to make implantable devices; which is expected to increase in near future.
Global Market Size
USD 98.45 Billion
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The Global Implantable Medical Devices Market is segmented on the basis of type, product, nature of device, end-use, and region. Based on the type, the market is segmented into diagnostic and treatment. Based on the product, the market is segmented into cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and neurology. The cardiovascular segment further includes implantable cardiac defibrillators [ICDs], stents, pacemakers, implantable cardiac monitors (ICM), ventricular assist devices, and cardiac resynchronization therapy devices (CRT). The ophthalmology segment includes intraocular lenses and glaucoma implants. The orthopedic segment includes joint reconstruction, spinal devices, and trauma fixation devices. The plastic surgery segment includes breast implants and gluteal implants. The dental segment includes dental implants, dental crowns, and abutments. Neurology consists of deep brain stimulators. Based on the nature of the device, the market is segmented into active and passive. Based on end-user, the market is segmented into hospitals, multi-specialty centers, ambulatory surgical centers, and clinics. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
In 2021, the diagnostic segment held the most lucrative share of more than 40% of the global implantable medical devices market. The segmental growth of the market is attributed to the increased demand for diagnostic equipment and devices for the early diagnosis of the disease among patients.
Analysis by Product
In 2021, the cardiovascular segment held the most lucrative share of more than 30% of the global implantable medical devices market. The segmental growth of the market is attributed to the increased prevalence of various cardiovascular diseases among the population globally. Heart disease is the leading cause of mortality across the globe, and about 370,000 Americans lose their lives every year. In addition, the rise in the number of geriatric populations, technological advancement, and increasing investment by major players are expected to provide a significant growth rate to the market in the future years. Hence, the increased prevalence of these diseases is likely to create a wide scope for the growth of the market.
Analysis by Nature of Device
In 2021, the active segment held the most lucrative share of more than 30% of the global implantable medical devices market. The segmental growth of the market is attributed to the increased demand for active implantable devices. Pacemakers, infusion pumps, ventricular assist systems, and defibrillators are among some of the instances of active implantable medical devices. The market demand will be fueled by rising cases of disorders including Parkinson's disease, spasticity, and other neurological problems.
Analysis by End-User
In 2021, the hospital segment held the most lucrative share of more than 30% of the global implantable medical devices market. The segmental growth of the market is attributed to the increased preference of the people for hospital care. The dominance of hospitals is supported by increased investments in healthcare infrastructure development, more purchasing power, the availability of well-equipped operating and diagnostic rooms, and better health coverage for hospital-based healthcare services. Hence, such aforementioned factors are likely to contribute to the segmental growth of the market during the forecast period.
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The Global Implantable Medical Devices Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the high prevalence of cardiovascular and orthopedic diseases among the population, high government funding in research and development, a growing number of new product launches by key market players, and a well-established healthcare sector in the region.
According to the American Heart Society, Cardiovascular disease (CVD) was the major cause of around 800,000 mortalities in the US. Direct and indirect costs associated with CVDs are estimated to be around $316 billion. Around 2,200 Americans lost their lives due to CVDs each day. CVDs claim to take more lives each year than all forms of cancer and chronic lower respiratory diseases altogether. This thus creates a wide scope for the growth of the market during the forecast period. Further, the Asia-Pacific region is also likely to hold a significant share in the market during the forecast period. The regional growth of the market is attributed to the increased geriatric population in the region along with the risks of CVDs.
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, among the type, the diagnostic segment is projected to hold a dominating share during the period. Among the product, the cardiovascular segment is projected to hold a dominating share during the period. Among the nature of the device, the active medical devices segment is projected to hold a dominating share during the period. Among the end-user, hospital segment is projected to hold a dominating share during the period.
|Market size value in 2021||USD 98.45 Billion|
|Market size value in 2028||USD 157.07 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Implantable Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Implantable Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35A2006