Authored By: Sarah
11 Jul 2024

 Implantable Medical Devices Market Size to grow by USD 53.5 billion between 2024-2028

According to a research report “ Implantable Medical Devices Market” by Type (Orthopedic implants, Cardiovascular implants, Ophthalmic implants, Dental implants, Other implants) End-user (Hospitals, Clinics, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 53.5 billion, at a CAGR of  8.08% during the forecast period. The implantable medical devices market is poised for significant growth due to the rising prevalence of orthopedic conditions, particularly osteoporosis, arthritis, hip and knee injuries, and bone deformities. According to the Centers for Disease Control and Prevention (CDC), approximately 54.4 million adults in the US, equating to 22.7% of the population, are diagnosed with arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia annually. Osteoarthritis, a common joint disorder in the US, will drive the demand for joint reconstruction implants. The aging population further amplifies this trend, leading to a substantial increase in knee and hip replacement surgeries.

Browse market data tables, figures, and in-depth TOC on “Implantable Medical Devices Market” by Type (Orthopedic implants, Cardiovascular implants, Ophthalmic implants, Dental implants, Other implants) End-user (Hospitals, Clinics, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Type, the Orthopedic implants segment is projected to dominate the market size in 2024

The Implantable Medical Devices (IMD) market represents a significant growth opportunity for businesses in the healthcare sector. These devices, which include pacemakers, neurostimulators, and cochlear implants among others, offer innovative solutions for managing chronic conditions and improving patient outcomes. Market expansion is driven by an aging population, increasing prevalence of chronic diseases, and technological advancements. Strategic partnerships, regulatory approvals, and geographical expansions are key growth strategies for market participants.

By End-user, Hospitals  segment is expected to hold the largest market size for the year 2024

The Implantable Medical Devices (IMD) market represents a significant growth opportunity for businesses in the healthcare sector. These devices, which include pacemakers, neurostimulators, and cochlear implants among others, offer innovative solutions for managing chronic conditions and enhancing patient quality of life. Market expansion is driven by factors such as an aging population, increasing prevalence of chronic diseases, and technological advancements in device design and functionality. Businesses investing in IMDs can expect robust growth and a positive impact on healthcare outcomes.

North America is forecasted to hold the largest market size by region in 2024

The Implantable Medical Devices (IMD) market represents a significant growth opportunity for businesses in the healthcare sector. These devices, which include pacemakers, neurostimulators, and cochlear implants among others, offer improved patient outcomes and quality of life. Market growth is driven by an aging population, increasing prevalence of chronic diseases, and technological advancements. Companies investing in IMD research and development, as well as those focusing on regulatory compliance and cost-effective manufacturing, are poised to capture market share.

The Implantable Medical Devices Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Abbott Laboratories
  • AbbVie Inc.
  • B.Braun SE
  • BIOTRONIK SE and Co. KG
  • Boston Scientific Corp.
  • Cardinal Health Inc.
  • Conmed Corp.
  • Global Consolidated Aesthetics Ltd.
  • Globus Medical Inc.
  • Ideal Implant Inc.
  • Institut Straumann AG
  • Johnson and Johnson Services Inc.
  • LivaNova PLC
  • Medtronic Plc
  • Nuvasive Inc.
  • Orthofix Medical Inc.
  • Osstem and Hiossen Implant UK
  • Smith and Nephew plc
  • Stryker Corp.
  • Zimmer Biomet Holdings Inc.
.

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Research Analysis Overview

The Implantable Medical Devices (IMD) market is experiencing significant growth due to various factors, including healthcare reforms, an aging population, and the rise of chronic diseases. In developed countries, spending on IMDs for disease detection, early diagnosis, and disease management services is on the rise, particularly in areas such as Neurostimulation for neurological disorders like Epilepsy and Parkinson's disease. Neurostimulators, such as cochlear implants for ENT procedures, have seen increased adoption due to advancements in wireless technology and mobile connectivity. The reimbursement scenario for IMDs is evolving, with initiatives being taken to ensure better coverage for these devices. However, the high cost and risks associated with IMDs remain a concern for both patients and payers. The market is attracting significant investments and funds from both public and private sectors, driven by the potential for innovation and the growing need for effective disease management. Despite these opportunities, challenges remain, including regulatory hurdles, ethical concerns, and the potential for a dystopian future where IMDs become a necessity rather than a choice. The future of the IMD market lies in striking a balance between innovation, affordability, and patient safety, particularly in areas such as cardiovascular diseases and neurological disorders that disproportionately affect the elderly population.

Market Research Overview

The Implantable Medical Devices (IMD) market is witnessing significant growth due to advancements in wireless technology and the development of powerless transfer systems. Ventricular assist devices, pacemakers, neurostimulators, and implantable hearing devices are among the most commonly used IMDs. Surgeries for implanting these devices have become more common, but severe complications such as respiratory diseases, pelvic fractures, and pelvic disabilities can occur. The reimbursement scenario for IMDs varies by region and disease, impacting business development. Public awareness and product utilization are crucial for product adoption, and product innovation and postoperative outcomes are key factors in clinical benefits. IMDs include implantable sensors, shock absorbers, and cardioverter defibrillators. The nature of these devices requires moisture resistance, microelectronics, and mobile connectivity. Investments and funds are pouring into IMD research and development, with initiatives to address incidences of electrical shorts and other complications. The elderly population's growing need for early diagnosis and disease detection is driving demand for IMDs, with cutting-edge amenities offering clinical benefits for chronic illnesses and diseases such as epilepsy, Parkinson's disease, osteoarthritis, and cardiovascular disorders. Hospitals and healthcare reforms are also adapting to the non-active nature of IMDs, with external power supplies and one-day procedures becoming more common. Dystopia and dental implants are also part of the IMD market, with diameters and materials being key considerations. Overall, the IMD market is expected to continue growing, driven by advancements in technology, increasing awareness, and the aging population's needs.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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