Global Implantable Medical Devices Market

Implantable Medical Devices Market Size, Share, Growth Analysis, By Type(Diagnostic, Treatment), By Product(Cardiovascular (Implantable Cardiac Defibrillators [ICDs], Stents, Pacemaker, Implantable Cardiac Monitors [ICM]), By Nature of Device(Active, Passive), By End-User(Hospitals, Multi-specialty Centers, Ambulatory Surgical Centers, Clinics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2510 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 130 | Figures: 77

Implantable Medical Devices Market Dynamics

Implantable Medical Devices Market 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.

Implantable Medical Devices Market Restraint

  • The high implantation cost and lack of trained professionals in the medical surgeries sector are expected to hinder the market growth.
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Implantable Medical Devices Market size was valued at USD 167008.16 million in 2019 and is poised to grow from USD 334722.99 million in 2023 to USD 179032.75 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

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. 'Medtronic Plc', 'Johnson & Johnson', 'Abbott Laboratories', 'Boston Scientific Corporation', 'Zimmer Biomet Holdings, Inc.', 'Stryker Corporation', 'Smith & Nephew PLC', 'Becton, Dickinson and Company', 'LivaNova PLC', 'Edwards Lifesciences Corporation', 'Terumo Corporation', 'Cochlear Limited', 'Allergan Plc', 'Straumann Holding AG', 'Integra LifeSciences Holdings Corporation', 'Dentsply Sirona Inc.', 'Globus Medical, Inc.', 'Olympus Corporation', 'NuVasive, Inc.', 'Cyberonics, Inc.'

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

One of the key trends in the 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.

The 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.

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Global Implantable Medical Devices Market

Product ID: SQMIG35A2510