Wilmington, Delaware, United States, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The U.S. implantable medical devices market is slated to reach US$ 30.7 billion by 2023. From 2023 to 2028, the industry is forecast to expand at a 9.5% CAGR to reach US$ 48.3 billion. Demand has risen as a result of an increasing number of key surgical procedures.
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Competitive Landscape
Key players in the implantable medical devices market in the U.S. are expanding their market positions by adopting various strategies such as mergers & acquisitions and research collaborations with other companies to launch innovative products and consolidate their market positions across the world.
Some prominent implantable medical device manufacturers operating in the United States include:
- Abbott Laboratories
- Alcon Laboratories
- Biomet Incorporated
- Bausch and Lomb Incorporated
- Boston Scientific Corporation
- Johnson and Johnson
- Medtronic Plc.
- St. Jude Medical Incorporated
- Smith and Nephew plc
- Stryker Corporation
- Synthesis Incorporated
- Zimmer Biomet Holdings Incorporated
Key Market Developments
- In October 2019, Medtronic received breakthrough device designation from the FDA for fully implantable left ventricular assist device (LVAD) for patients with advanced heart failure. This designation will help the company to provide treatment that is more effective or diagnosis for life-threatening diseases, thereby expanding its business size.
- In January 2018, Zimmer Biomet announced the FDA clearance of the Sidus Stem Free Shoulder System. The clearance helped the company in expanding its product portfolio, thereby strengthening its market position.
The rise in demand for minimally invasive procedures, the high purchasing power of the population, the aging population, and high obesity rates are anticipated to steer the growth of the U.S. implantable medical devices market during the forecast period. Well-established healthcare infrastructure, availability of reimbursements, and the introduction of the Affordable Care Act in the U.S. are expected to drive the market.
Orthopedic, diabetic, and cardiovascular patients with high comorbidities are becoming key focus points for U.S. implantable medical device manufacturers. Manufacturers are taking advantage of government stimulus packages to keep economies flowing during the pandemic.
Robust innovations in vascular stents, from the preservation of blood flow to advancements made in electrostimulation devices that regulate heart rhythm, all are contributing to the growth of the U.S. implantable medical devices market.
Single-chamber, biventricular pacemakers, and dual-chamber are three main types of implanted pacemakers. The segment’s rise can be ascribed to factors including less post-surgical problems and the existence of several leads to ensure normal cardiac physiology. In addition, investments to create technologically sophisticated products, along with wider applications of neuro-stimulators are likely to drive sales in the U.S. implantable medical devices market. Besides, attractive reimbursement programs for ENT surgeries in the U.S. is expected to boost market growth.
Key Takeaways from the Market Report
- As of 2022, the implantable medical devices market in the U.S. stood at over US$ 28 billion.
- By product type, orthopedic implants are experiencing heightened uptake
- Based on procedure, demand for implantable medical devices is likely to soar in the orthopedic sector
- From 2023 to 2028, the market for implantable medical devices in the U.S. is forecast to expand by almost 1.6x
Prominent Trends in the U.S. Implantable Medical Devices Landscape
- The per capita income of the U.S. population is high. Moreover, the availability of better and more advanced healthcare facilities has resulted in people spending more on healthcare.
- The population of the U.S. is more conscious about their health and is inclined toward spending on the best care possible. This has resulted in patients preferring technically evolved implantation procedures against conventional pharmacological therapies.
- Nanotechnology is the future of implantable devices. Increase in sophistication will improve the efficacy of the devices.
- Manufacturers of implantable devices are working toward developing technologically advanced products. If they are successful in the early launch of the products, they will be highly successful in tapping a large market share in their domain and becoming market leaders.
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High Cost of Implantable Devices: Key Restraint
- Advanced implantable devices are costlier. Especially in case of cardiac implants, the price of such products goes on an upward curve with the increase in technical sophistication of the device. With the Affordable Care Act of 2010, also called “Obamacare”, coming into effect from 2013, it is estimated that the medical devices industry will probably be one of the highest tax paying sectors in the U.S.
- This could adversely affect the prices of the implantable devices with the patients having to shell out extra money for implantation procedures. This is likely to hamper the demand for implantable devices, especially the technically advanced products.
Market Segmentation
Product Type
- Orthopedic Implants
- Reconstructive Joint Replacement
- Spinal Implants
- Cardiovascular Implants
- Dental Implants
- Intraocular Lens
- Breast Implants
- Other Implants
Procedure
- Orthopedic Procedures
- Cardiovascular Procedures
- Other Procedures
Related Reports:
Active Implantable Medical Devices Market (Product - Cardiac Pacemaker, Implantable Cardioverter Defibrillators (ICD), Nerve Stimulators, Insertable Cardiac Monitor (Implantable Monitoring Devices), Cochlear Implants, and Ventricular Assist Devices (VAD); Procedure - Cardiovascular Implants, Neurological Implants, and Hearing Implants; End User - Hospitals, Ambulatory Surgery Centers, and Specialty Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast, 2017 - 2025
Smart Implantable Pumps Market (Type: Micro Pump and Perfusion Pump; and Application: Pain & Spasticity and Cardiovascular) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
Cardiac Implantable Electronic Device Market (Product: Pacemakers, Implantable Cardioverter Defibrillators, and Implantable Cardiac Loop Recorders) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
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