Global Implantable Medical Devices Market Size, Share, Growth Analysis, By Type(Diagnostic, Treatment), By Product(Cardiovascular (Implantable Cardiac Defibrillators [ICDs], Stents), By Nature of Device(Active, Passive), By End-User(Hospitals, Multi-specialty Centers) - Industry Forecast 2022-2028

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.

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.

Driver

• The key factor that drives the industry growth includes the increasing prevalence of various disorders in the areas of cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and neurology. For an instance, heart diseases such as CVD, CHD (congenital heart disease), and stroke; among other heart diseases are the leading causes of mortalities across the globe. According to WHO, around 17.9 million fatalities occur each year due to these heart diseases, which is estimated to be around 31% of global fatalities. Amongst these fatalities, around 7.4 million had CHD, and approx. 6.7 million fatalities occurred due to a stroke. By 2030, it has been projected that CVDs will be responsible for approx. 23.6 million mortalities across the globe. An unhealthy diet, excessive consumption of alcohol and tobacco, and physical inactivity are the major factors that are giving rise to the incidence and prevalence rates of heart diseases. The rapidly increasing prevalence of heart diseases also leads to an alarming number of fatalities around the globe and the trend is expected to continue in the future. This is likely to create a wide scope for the growth of the market in the upcoming years.

Restraint

• The high implantation cost and lack of trained professionals in the medical surgeries sector are expected to hinder the market growth.

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.

Top Player’s Company Profiles

• Abbott Laboratories (US)
• Boston Scientific Corporation (US)
• C. R. Bard, Inc. (US)
• Globus Medical Inc. (US)
• Institut Straumann AG (Switzerland)
• Integra Lifesciences Holdings Corporation (US)
• Johnson & Johnson Inc. (US)
• LivaNova PLC (UK)
• MED-EL (Austria)
• Medtronic plc (Ireland)
• Nurotron Biotechnology Co., Ltd. (China)
• Nuvasive Inc. (US)
• Smith & Nephew Plc (US)
• Sonova Holding AG (Switzerland)
• St. Jude Medical Inc. (US)
• Stryker Corporation (US)
• William Demant Holding A/S (Denmark)
• Wright Medical Group N.V. (US)
• Zimmer Biomet Holdings, Inc. (US)

Recent Developments

• In February 2022, Abbott announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication for the company's CardioMEMS HF System to support the care of more people living with heart failure.
• In February 2022, Boston Scientific Corporation announced the completion of its purchase of Baylis Medical Company Inc., a provider of innovative transseptal access solutions as well as guidewires, sheaths, and dilators used in catheter-based left-heart surgeries.
• In January 2022, J&J Medical Devices Companies announced that it will work with Microsoft to better allow and grow J&JMDC's secure and compliant digital surgery environment. The Microsoft Cloud will assist JJMDC in realizing its mission of advancing skills, improving workflow, and improving surgical decision making for a better overall customer experience and greater patient and economic outcomes.

• One of the key trends in the global implantable medical devices industry is the introduction of connected medical devices. Connected devices are likely to deliver value and efficiency for healthcare providers. The rise in the number of connected medical devices, together with advances in the systems and software that support the capture and transmission of medical-grade data, connectivity technologies, and services, has created the Internet of Medical Things (IoMT). Increased trends in connected medical devices are likely to create ample new opportunities in the market in the upcoming years.

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.