Westford, USA, June 27, 2022 (GLOBE NEWSWIRE) -- The rising incidence of chronic diseases such as cardiovascular diseases, diabetes, and cancer is one of the major factors driving the growth of the implantable medical devices market. Globally, more than 17.9 million people died from cardiovascular diseases each year, which represents 32% of all deaths worldwide. In addition, WHO estimates that about 628 million people have diabetes mellitus and more than 1.5 million people die of the disease. It has been found that the premature mortality rate of diabetes if increasing 5% each year. These statistics highlight the increasing burden of chronic diseases globally, which is fueling the demand for various implantable medical devices such as pacemakers, defibrillators, insulin pumps, and artificial organs.
The prevalence of obesity is another major factor driving the growth of the implantable medical devices market. Obesity has been linked with several health complications such as heart disease, stroke, arthritis, and type II diabetes. According to Centers for Disease Control and Prevention (CDC), in 2020, more than one-third adults in the US were obese.
Pricing to Play Key Role in Determining the Position in Global Implantable Medical Devices Market
Pricing plays a key role in determining the position in global implantable medical devices market as it is one of the most important factors considered by consumers while making a purchase decision. Companies need to carefully consider all aspects related to pricing such as production costs, marketing expenses, and distribution costs while setting prices for their products. In addition, they need to keep track of competitor’s prices and offer discounts or promotions if needed so as to maintain their position in this highly competitive market. For instance, a pacemaker on average costs around $6,700 in the US and it may range from $5,000 to $10,800. This indicates the presence of number of companies and their strategies pricing. On the other hand, most of the companies in developing companies focuses on keeping prices low and undertake aggressive marketing to improve market revenue and gain more market share. For instance, average cost of pacemaker in India is around $650. This because the Indian government has already capped the pacemaker price. As a result, market players are struggling to make profit. They are finding it difficult to sustain the in the India Pacemaker industry. It has also been found that most of the leading players are trying to exist the market and making way for local manufacturers. This has further intensified the market competition and added fuel to the price war.
Looking at the global implantable medical devices market, pricing will play a key role in determining the position and attracting consumers to sustain in the market. However, with rapidly growing demand and limited supply, manufacturers are finding it difficult to maintain prices in the market. This has resulted in price wars between players in the market, with some companies resorting to offering discounts or free products to gain market share. In addition, some device manufacturers are also focusing on developing new products that can be more expensive to produce and thus command higher prices to gain market revenue.
This has led to a situation where there is significant variation in prices across different regions of the world. For example, while device prices in North America tend to be higher than those in Europe, this gap is narrowing as manufacturers attempt to gain an advantage over their competitors. In addition, while prices for high-end devices tend to be higher than those for lower-cost devices.
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Manufacturers are Eyeing to Seize the Opportunity By Expanding Manufacturing Capacity of Implantable Medical Devices
The aging population is the largest driver of the implantable medical devices market, as the number of people over the age of 65 is expected to nearly double by 2050. This increase in the elderly population will lead to a greater incidence of age-related diseases such as osteoarthritis, which often requires joint replacement surgery. In addition, as people live longer lives, there is an increasing need for cardiac pacemakers and other devices that can help maintain quality of life. Technological advances are also driving growth in the medical implantable device market. For example, 3D printing technology is being used to create custom implants that better fit each patient's individual anatomy. This results in fewer complications and a shorter recovery time for patients. In addition, new materials such as graphene are being developed that have superior strength and durability compared to traditional materials used in implants. These advances will continue to make implants more effective and safer for patients.
Considering the above advantages, the demand for implantable medical devices market is increasing and putting pressure on the existing manufacturing inventory. In fact, in most of the developing countries like India and China, there widening gap between demand and supply due to unfavorable government policies that had encouraged international players to limit their operation in the countries. As a result, local players are benefited and witnessed increased demand for their implantable medical devices.
One company that is expanding its manufacturing capacity of implantable medical devices is Medtronic, one of the leading players in the global implantable medical devices market. Medtronic recently announced that it was investing $50 million in a new facility in Puerto Rico that will manufacture cardiac rhythm management products such as pacemakers and defibrillators. The facility will be able to produce more than 1 million devices per year and will create approximately 500 jobs when it opens in 2019.
Another company that is expanding its manufacturing capacity of catheters is Zeus. Zeus has announced plans to invest undisclosed amount in a new facility building. The company already has done working in its California based plant.
Companies are Focusing on Strengthening Security of Smart Implantable Medical Devices to Avoid Data Leaks
Medical devices are becoming increasingly interconnected and reliant on software and firmware. This increased connectivity exposes patients to potential cyber security threats, as malicious actors could exploit vulnerabilities to gain unauthorized access to devices and the data they contain.
There have been a number of high-profile incidents in which data leaks or cyber-attacks have resulted in patient harm in the global implantable medical devices market. In one incident, a hospital was forced to shut down its computer systems after a ransomware attack encrypted sensitive patient data. The hospital was unable to access this data, putting patients at risk of delayed or incorrect treatment.
In another incident, hackers gained access to the medical records of over 150 million people by breaching the systems of a major healthcare provider. These records included sensitive information such as social security numbers and medical history. The hackers then demanded ransom from the healthcare provider in exchange for not releasing this information publicly.
These incidents highlight the need for improved cybersecurity measures in implantable medical devices market. Manufacturers must design devices with security in mind, and health care providers must ensure that proper procedures are in place to protect against these threats.
As a result, manufacturers have started taking extra steps to avoid such instances by encrypting the data that is stored on the device. This makes it much more difficult for someone to access the data without the proper key or password. Apart from this, they have started are using secure communication protocols when transmitting data from the device to another system. This ensures that only authorized systems can receive and decode the data and strengthen the implantable medical devices market. Finally, manufacturers are also working on developing new security technologies specifically for smart implantable medical devices. These technologies can help to prevent unauthorized access to the device and its data, as well as detecting and responding to attempts at cyber-attacks.
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Global Implantable Medical Devices Market is Flourishing thanks to Aging Population and Increasing Prevalence of Chronic Diseases
Global implantable medical devices market is expected to attain a value of $157 billion by 2028 at a CAGR of 6.90%. The Growth of the implantable medical devices market is mainly attributed to the rising prevalence of chronic diseases, increasing number of surgical procedures, and favorable reimbursement policies in developed countries. In addition, technological advancements, such as miniaturization of devices and development of new materials, are expected to fuel the market growth over the forecast period. However, product recalls & safety concerns associated with these devices are restraining factors for this market's growth.
The U.S., China, India, Europe, and Middle East are major regional implantable medical devices market globally. Of these regions, North America accounted for the largest share in terms of revenue in 2021 owing to the presence of large number of key players in this region and well-developed healthcare infrastructure. India is anticipated to be the fastest growing regional market over the forecast period primarily due to rapidly expanding economies such as China and India coupled with increasing aging population.
It has been found that India implantable medical devices market is majorly driven by aging population, which increases the need for medical care. Second, India has a large number of private hospitals and clinics that are increasingly able to provide high-quality care. Third, the Indian government is increasing its investment in health care, both in terms of infrastructure and in terms of access to care. Finally, there is a growing middle class in India that can afford to pay for better quality healthcare.
Apart from this, India has signed a bilateral deal with Russia worth over $30 billion by 2025. This will offer lucrative opportunity of over $5 billion across pharmaceutical, medical, medical devices, among other sectors. The government of India has already started attracting a large number of players to the manufacturing industry through production linked subsidy scheme. This is further supported by growing focus on reducing the import of major medical implants from countries like China, Germany, and the US. Moreover, the government is also planning to bring down medical implants under medicine category, which will further drive the market revenue in the country.
Top Players in the Global Implantable Medical Devices Market
- 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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