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), By Nature of Device(Active, Passive), By End-User(Hospitals, Multi-specialty Centers) - Industry Forecast 2024-2031


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

Implantable Medical Devices Market Insights

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).

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.

US Implantable Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

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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

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