Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Global Implantable Medical Devices Market, By Type, By Product, By Nature of Device, By End-User & By Region- Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.
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).
Implantable medical devices are those that are implanted inside or on the surface of the body. Many implants are prostheses, or artificial body parts, designed to replace missing body parts. Other implants help organs and tissues by delivering medication, monitoring biological function, or assisting in other ways.
The implants can be left in place indefinitely for diagnostic, monitoring, or therapeutic purposes, or they can be removed when they are no longer needed.
Segments covered in this report
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.
Driver
The increasing prevalence of various disorders in the areas of cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and neurology is a key factor driving industry growth. For example, heart diseases such as CVD, CHD (congenital heart disease), and stroke, among others, are the leading causes of death worldwide.
According to WHO, these heart diseases cause approximately 17.9 million deaths each year, accounting for approximately 31% of all global fatalities. Approximately 7.4 million of these fatalities were caused by CHD, and approximately 6.7 million were caused by a stroke. CVDs will be responsible for approximately 23.6 million deaths worldwide by 2030, according to projections.
Restraint
The high cost of implantation and the scarcity of trained professionals in the medical surgery sector are expected to stifle market growth.
Market Trends
The introduction of connected medical devices is one of the key trends in the global implantable medical device industry. Connected devices are likely to provide healthcare providers with value and efficiency.
The increase in the number of connected medical devices, combined with advancements in the systems and software that support the capture and transmission of medical-grade data, connectivity technologies, and services, has resulted in the creation of the Internet of Medical Things (IoMT). Increased trends in connected medical devices are expected to create numerous new market opportunities in the coming years.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 127 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $98.45 Billion |
| Forecasted Market Value (USD) by 2028 | $157.07 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Companies Mentioned:
- 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)
For more information about this report visit https://www.researchandmarkets.com/r/dttd6i
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