Global Implantable Medical Devices Market

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


Report ID: SQSG35A2006 | Region: Global | Published Date: October, 2022 | Pages: 165

Global Implantable Medical Devices Market Insights

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.

Market snapshot

Global Market Size

USD 98.45 Billion

Largest Segment

Hospitals

Fastest Growth

Hospitals

Growth Rate

6.90% CAGR

Global Implantable Medical Devices Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Implantable Medical Devices Market Size By End-User, 2021-2028 ($ Bn)
Global Implantable Medical Devices Market Size By End-User, 2021-2028 (%)

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Global Implantable Medical Devices Market Segmental Analysis

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.

Global Implantable Medical Devices Market By End-User, 2021 (%)

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Global Implantable Medical Devices Market Regional Insights

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.

Global Implantable Medical Devices Market By Geography, 2021-2028
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Global Implantable Medical Devices Market Dynamics

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.

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Global Implantable Medical Devices Market Competitive Landscape

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.

Global Implantable Medical Devices Key Market Trends

  • 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.

Global Implantable Medical Devices Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 98.45 Billion
Market size value in 2028 USD 157.07 Billion
Growth Rate 6.90%
Base year 2021
Forecast period 2022 - 2028
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Diagnostic, Treatment
  • Product
    • Cardiovascular (Implantable Cardiac Defibrillators [ICDs], Stents, Pacemaker, Implantable Cardiac Monitors [ICM], Ventricular Assist Devices, Cardiac Resynchronization Therapy Devices [CRT]), Ophthalmology (Intraocular Lenses, Glaucoma Implants), Orthopedic (Joint Reconstruction, Spinal Devices, Trauma Fixation Devices), Plastic Surgery (Breast Implants, Gluteal Implants), Dental (Dental Implants, Dental Crowns, Abutment), Neurology (Deep Brain Stimulators)
  • Nature of Device
    • Active, Passive
  • End-User
    • Hospitals, Multi-specialty Centers, Ambulatory Surgical Centers, Clinics
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
  • 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)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Implantable Medical Devices Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Implantable Medical Devices Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 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 Global Implantable Medical Devices Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

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.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

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).

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.'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)'

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.

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.

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.

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