Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Implantable medical devices are the devices that are either completely or partially implanted into the body. These medical devices are often implanted during surgical procedures by physicians. Implantable medical devices, as compared to surgical medical devices, remain in the body after the surgery.
According to our new research study on “Implantable Medical Devices Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Nature Type (Active Implant and Passive Implant), Product Type (Diagnostics and Treatment), Material Type (Metallic, Ceramic, and Polymers), Application (Orthopedic Implants, Cardiovascular Implants, Breast Implants, Brain Implants, and Others), and End Users (Hospitals, Specialty Clinics, ASCs, and Others),” the global implantable medical devices market is expected to grow from $80.15 billion in 2022 and is expected to reach a value of $138.47 billion by 2030; it is anticipated to record a CAGR of 7.1% from 2022 to 2030.
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Global Implantable Medical Devices Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 80.15 Billion in 2022 |
| Market Size Value by | USD 138.47 Billion by 2030 |
| Growth rate | CAGR of 7.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| No. of Pages | 207 |
| No. of Tables | 139 |
| No. of Charts & Figures | 65 |
| Historical data available | Yes |
| Segments covered | Nature Type, Product Type, Material Type, Application, and End Users |
Global Implantable Medical Devices Market: Competitive Landscape and Key Developments
Abbott Laboratories, Boston Scientific Corp, Dentsply Sirona Inc, Johnson & Johnson, Medtronic Plc, Institut Straumann AG, Smith & Nephew Plc, BIOTRONIK SE & Co KG, LivaNova Plc, and MED-EL Elektromedizin Gerate GmbH are a few key companies operating in the implantable medical devices market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in the implantable medical devices market. A few of the recent developments in the global implantable medical devices market are mentioned below:
In July 2023, Abbott announced that the US Food and Drug Administration (FDA) has approved the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms. With more than 80% of people who need a pacemaker requiring pacing in two chambers of the heart (both the right atrium and right ventricle), the approval significantly increased access to leadless pacing for millions of people across the US.
In June 2023, Smith+Nephew announced that it received 510(k) clearance from the US Food and Drug Administration (FDA) for its AETOS Shoulder System.
In January 2023, Abbott announced that the US Food and Drug Administration (FDA) has approved its Proclaim XR spinal cord stimulation (SCS) system to treat painful diabetic peripheral neuropathy (DPN), a debilitating complication of diabetes. The Proclaim XR SCS system can relieve DPN patients needing alternatives to traditional treatment approaches, such as oral medication. People who receive therapy from the Proclaim XR SCS system can also use Abbott's NeuroSphere Virtual Clinic. This connected care app allows people to communicate with physicians and receive treatment adjustments remotely.
In January 2022, Smith+Nephew announced the acquisition of Engage Surgical, owner of the only cementless unicompartmental (partial) knee system commercially available in the US. This acquisition strongly supports Smith+Nephew’s strategy for growth by transforming its business through innovation while also providing differentiation for its customers.
Growing Areas of Application of Implantable Medical Devices Drives Global Implantable Medical Devices Market Growth:
Medical implants are devices positioned inside the body; these devices are used to replace missing body parts, deliver medication, monitor body functions, or support organs and tissues. Implantable medical devices are important to healthcare as they completely increase patients’ safety and quality of life. Many implantable medical devices monitor blood pressure and irregular heartbeat, which help alert medical specialists for signs of criticality and also direct individuals toward appropriate care. A few widely used implants are pacemakers, defibrillators, cardiovascular stents, neural prosthetics, and drug delivery systems.
According to an article titled "Bone Health 2022,” osteoporosis causes more than 8.9 million fractures every year, leading to an osteoporotic fracture every 3 seconds worldwide. Patients suffering bone fractures in different body parts require implants that will enable a function similar to that of the natural bone they are replacing. Joint diseases (rheumatoid arthritis and osteoarthritis) also require surgical intervention with hip and knee replacement implants. Biomaterial implants are used to fix fractures or replace parts of the body. For most of these implant cases, either metal or polymer biomaterials are preferred for their similar functional capacity to the original bone material.
Moreover, according to the WHO, nervous disorders contribute to ∼6.3% of the global disease burden. Also, according to the same source, nervous disorders are one of the leading causes of death worldwide. They cause 13.2% of deaths in developed countries and 16.8% in low- and middle-income countries. High mortality and disease burden necessitate the clinical urgency for integrating long-term solutions. Furthermore, growing awareness regarding the tremendous burden of neurological disorders has increased the demand for neurostimulators.
Per World Cancer Research Fund International, breast cancer is the most common cancer in women in developed and developing countries. In 2020, there were more than 2.2 million new breast cancer cases in women 2020. Per the Breast Cancer Research Foundation, it is projected that in 2023, in the US, ~297,000 women are likely to be diagnosed with breast cancer, making it the most common type of cancer in American women. Breast implants are medical devices that are implanted under the breast tissue or chest muscle to boost breast size (augmentation) or replace breast tissue removed due to cancer. Therefore, the rising application of medical implant devices in breast cancer, neurological disorders, and osteoporosis drives the growth of the implantable medical device market.
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Global Implantable Medical Devices Market: Segmental Overview
The global implantable medical devices market is categorized on the basis of nature type, product type, material type, application, and end user. Based on nature type, the implantable medical devices market is bifurcated into active implant and passive implant. Based on product type, the implantable medical devices is divided into diagnostics and treatment. Based on material type, the market is segmented into metallic, ceramics, and polymers. In terms of application, the implantable medical devices market is segmented into cardiovascular implants, orthopedic implants, cardiovascular implants, breast implants, prosthetics implants, brain implants, and others. In terms of end user, the market is categorized into hospitals, specialty clinics, ASCs, and others.
Go through further research published by The Insight Partners:
Active Implantable Medical Devices Market - Global Analysis and Forecast to 2030
Wearable And Implantable Medical Devices Market - Global Analysis and Forecast to 2030
Implantable Sensor Market - Global Analysis and Forecast to 2030
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