Fort Collins, Colorado, May 03, 2024 (GLOBE NEWSWIRE) --
The implantable medical device industry is widely driven by the rise in the prevalence of chronic diseases.
The rising global prevalence of chronic diseases is a primary driver propelling market growth. As per data from the World Health Organization (WHO), chronic illnesses account for approximately 41 million fatalities, representing a staggering 74% of all global deaths. Among chronic diseases, cardiovascular ailments claim the highest toll, responsible for 17.9 million deaths, followed by cancer and respiratory conditions. With these diseases' increasing prevalence, a pressing need arises for advanced diagnostic and therapeutic technologies. Various cardiac implantable medical devices are deployed to manage or monitor cardiovascular chronic ailments, including pacemakers, implantable cardioverter defibrillators (ICDs), biventricular pacemakers, and cardiac loop recorders.
The expanding elderly population is a key driver of the global implantable medical device market. According to statistics from Japan's Ministry of Internal Affairs and Communication, nearly 29% of Japan's population was 65 years or older in 2022. Similarly, China is experiencing rapid growth in its elderly population, with individuals aged 60 years and above projected to reach 28% of its total population by 2040. This demographic shift underscores the increasing demand for medical devices catering to age-related health concerns, driving market growth in the orthopedics, dental, and neurostimulation sectors.
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Segmentation Overview:
The implantable medical device market has been segmented into product type, material, type, end-user, and region.
Orthopedics implants registered a significant market share in 2023.
- The implantable medical device market has been segmented based on application into cardiovascular implants, orthopedic implants, intraocular lenses, spinal implants, dental implants, and others. Orthopedics implants segment accounted for the greater market share in 2023.
The metallic segment accounted for a robust market share in 2023.
- The implantable medical device market has been segmented by material; ceramic, metallic, polymers, and natural. The metallic segment held the largest market share in 2023. Metallic implants are majorly used for orthopedic prostheses as they have superior load-bearing capacity compared to traditional ceramic and polymeric biomaterials.
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Implantable Medical Device Market Report Highlights:
- The implantable medical device market growth is anticipated at a CAGR of 7.3% by 2032.
- The growing prevalence of chronic diseases worldwide is a major factor driving growth in the implantable medical device market.
- North America will likely account for a significant market share in the forthcoming years. This can be attributed to sophisticated research infrastructure, substantial healthcare investments, and considerable investment in R&D of medical devices.
- Some prominent players in the implantable medical device market report include Abbott Laboratories, Biotronik SE & Co. KG, Johnson & Johnson, Medtronic plc, Boston Scientific Corporation, Cardinal Health, Inc., LivaNova PLC, Globus Medical, Inc., Integra Lifesciences Holdings Corporation, NuVasive, Inc., Smith & Nephew plc and InstitutStraumann AG.
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