USD 167008.16 million
Report ID:
SQMIG35A2510 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
130
|Figures:
77
Implantable Medical Devices Market size was valued at USD 96.11 Billion in 2023 and is poised to grow from USD 102.07 Billion in 2024 to USD 165.15 Billion by 2032, growing at a CAGR of 6.20% during the forecast period (2025-2032).
Devices or tissues that are inserted into or applied to the body's surface are known as implants. For the purpose of replacing lost body components, many implants are prostheses. A few more implants support tissues and organs, monitor physiological processes, or provide medicine. Controlled Permanent implants can be taken out when they are no longer useful, or they might be introduced for therapeutic and monitoring or diagnostic reasons. Adhered joints, on the other hand, have the additional challenge of working under complex and highly demanding conditions of stress, and the end of the devices’ life cycles is ever increasing. On the other hand, elements of long-term implants carry the benefit of being within constant temperature conditions.
Growing rates of chronic disease along with an ageing population, an increase in neurological and cardiovascular disorders, and advancements in active implanted medical devices are the main factors propelling the growth of the global implantable medical devices market. Further factors supporting the market's expansion include growing investments and funding for the development of technologically sophisticated goods, growing awareness of medical implants and technological developments in those fields, and an increase in the uses of neurostimulators. The medical surgery industry is anticipated to face growth challenges due to high implantation costs and a shortage of skilled personnel. The global implantable medical devices market, on the other hand, is expanding due to the rise in reimbursement schemes.
US Implantable Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 167008.16 million
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
7.2% CAGR
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Global Implantable Medical Devices Market is segmented by Product, Biomaterial, End Use, and region. Based on Product, the market is segmented into Cardiovascular Implants, Orthopedic Implants, Ophthalmology Implants, Dental Implants, Aesthetic Implants, and Neurology Implants. Based on Biomaterial, the market is segmented into Ceramic, Metallic, Polymers, and Natural. Based on End Use, the market is segmented into Hospitals, Outpatient Facilities, and Specialty Clinics & Centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Implantable Medical Devices Market Analysis by Product
As per categorization by product, the market is classified as breast implants, dental implants, orthopedic implants, cardiovascular implants, intraocular lens, and other implants. Among these, the cardiovascular implants earned the largest share and continue to dominate the market. While such devices have been in use for some years now, recent innovations in cardiovascular implants – for example, advanced stents, pacemakers, or heart valves – are realizing benefits in terms of reduced invasiveness and enhanced biocompatibility. These devices also incorporate newer technologies, such as drug-delivery systems or monitoring devices, which help in better management of the disease. The global implantable medical devices market is largely driven by the cardiovascular implants which is primarily attributed to the rising prevalence of cardiovascular diseases, growing aging population and increasing healthcare spending which creates a pressing need for treatment and progress in this area.
Among the various segments, implants for dentists are anticipated to become the highest revenue-generating segment in the global implantable medical devices market due to growing preference for cosmetic dentistry, rising population, especially geriatric, and increasing dental hygiene consciousness. New technologies such as 3D printing, use of more biocompatible materials, and less invasive surgery are contributing to the use of implants more effectively to the benefit of the patients. Furthermore, the increasing incidence of oral diseases coupled with growing per capita expenditure and dental tourism in developing countries is also anticipated to propel the market growth. All these reasons as well as the ones that will shorten the time of rehabilitation after surgery are contributing to the fast growth of the dental implants market in the world today.
Implantable Medical Devices Market Analysis by Type
The treatment type segment of the global implantable medical devices market is witnessing significant innovations, especially in relations to devices such as orthopedic implants, pacemakers, and neurostimulators. New materials, 3D printing, and robotics can dare new surgeries and enhance healing in patients. Also, the emergence of minimally invasive procedures is improving the recovery and satisfaction of patients. Treatment types are leading these markets owing to factors such as the growing incidence of chronic diseases, the geriatrics population that requires surgery, and enhanced funding for healthcare services. With these advances, the health care systems are becoming more effective in the management of diseases and enhancing the quality of life – hence the spiral escalation in the demand for innovative devices for treatment.
The diagnostic type of segment of the global implantable medical devices market is set to grow rapidly due to the increasing demand for continuous health monitoring and early disease detection. Advancements such as continuous transmission and improved precision have introduced advanced medical devices such as implantable loop recorders and continuous glucose monitors that allow for real-time diagnostic capabilities. The increase in chronic diseases such as diabetes and cardiovascular diseases is the main reason for the demand for such sophisticated diagnostics. In addition, the increased focus on preventive healthcare, individuals’ tailored treatment, sensor technology, and connectivity has been stimulating the diagnostic type of segment to develop into the most booming area in the market.
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North America dominates the global implantable medical devices market due to several key factors, including advanced healthcare infrastructure, significant investment in research and development, and a high prevalence of chronic diseases. There exists a strong regulatory environment in the region that stimulates creativity and facilitates rapid review processes for new products. Moreover, there is a viable healthcare system and a growing number of elderly people that create a need for implantable devices. Added healthcare costs, together with rising concern by patients about available treatment options and the rise in medical technological innovations, reinforces the stand of the north region as the market leader, creating an avenue for the innovation and use of implantable medical devices.
With rapid urbanization, a huge and elderly populace and rising disposable incomes, the Asia Pacific region has become the most lucrative for global implantable medical devices market. Chronic degenerative conditions such as steadily being on the increase diabetes and other cardiovascular diseases are boosting the need for better medical services. In addition, the enhancement of healthcare systems and the availability of advanced technologies are promoting the inventive approaches and use of implanted devices. Dedicated Government policies towards improving delivery in healthcare and boosting medical device production are also aiding the expansion of the market. As such, the Asia Pacific region is on the rise and able to attract investments in the field of research for the development of implantable medical devices.
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Implantable Medical Devices Market Driver
Increasing Prevalence of Chronic Diseases
Advancements in 3D Technology
Restraints
Risk of Complications and Rejections
Limited Awareness and Education
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The competitive landscape of the global implantable medical devices market is characterized by the presence of key players striving for innovation and market share. The industry is dominated by well-known corporations such as Medtronic, Abbott Laboratories, Boston Scientific, and Johnson & Johnson, which have sophisticated products and technologies. These companies carry out extensive research and development aimed at increasing the effectiveness of its devices and ensuring better health results for patients. Besides, these groups emphasize forming new alliances and taking over other firms to enlarge their product range and presence in developing countries.
Implantable Medical Devices Market Top Player’s Company Profiles
Implantable Medical Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global implantable medical devices market is witnessing significant growth driven by the increasing prevalence of chronic diseases, advancements in technology, and rising patient awareness. Cardiovascular implants remain dominant due to the high incidence of heart-related conditions and ongoing innovations enhancing treatment efficacy.
On the other hand, the demand for dental implants is expected to grow at a faster pace on the back of increasing inclination towards aesthetic procedures, technological innovations and the growing older population. However, the market remains buoyant, in North America and Asia-Pacific regions for instance, despite challenges such as risk of complications and lack of awareness. This has led to healthy competition with a lot of innovations and developments.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 96.11 Billion |
Market size value in 2032 | USD 165.15 Billion |
Growth Rate | 6.20% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Implantable Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Implantable Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35A2510
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