Implantable Medical Devices Market Size to Worth USD 207 Bn by 2033

Ottawa, May 22, 2024 (GLOBE NEWSWIRE) -- The global implantable medical devices market size was valued at USD 105.7 billion in 2023, According to Precedence Research. The implantable medical devices market is driven by increasing chronic disorders, consumer awareness, and advanced technologies.

The implantable medical devices market refers to the sector within the healthcare industry that involves the design, manufacturing, and distribution of medical devices intended to be implanted into the human body for diagnostic, therapeutic, or cosmetic purposes. An equipment inserted into the body and frequently used during surgery is called an implanted medical device.

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Pacemakers, blood pressure monitors, and corneal implants are a few examples. The FDA must approve these devices or provide 510k clearance. They are essential to healthcare because they monitor vital signs like blood pressure and heartbeat, which improve patients' safety and quality of life. They point people in the direction of the right care and notify medical experts of possible problems. Implantable medical devices are, therefore, crucial to healthcare.

Implantable Medical Devices Market Key Insights

• North America led the market with the largest revenue share of 40.91% in 2023.
• By product type, the orthopedic implants segment has held a major revenue share of 45.12% in 2023.
• By Biomaterial, the metallic segment has generated the biggest revenue share of 49.73% in 2023.
• By End User, the hospital segment has held the maximum revenue share of 55.22% market share in 2023.

U.S. Implantable Medical Devices Market Size and Growth 2024 to 2033

The U.S. implantable medical devices market size accounted for USD 37.64 billion in 2024 and is projected to hit around USD 65.12 billion by 2033, growing at a CAGR of notable 6.3% from 2024 to 2033.

North America dominated the global implantable medical devices market in 2023. Several factors, including the rise in orthopedic and cardiovascular disorders, the introduction of new products, the advantageous reimbursement for implant procedures, and the efforts of non-profit organizations and governments to increase public awareness of healthcare issues, are driving the growth of the North American market. Conditions like osteoporosis, arthritis, spinal abnormalities, and knee injuries are contributing to an increase in demand for orthopedic implants. The need for cardiovascular medical devices, such as pacemakers and stents, is being driven by the rise in cardiovascular disorders. Implantable microsystems are made possible by integrated circuits, tiny transducers, and MEMS and NEMS technologies. Clinical healthcare, industry, and biomedical research have all embraced wireless remote monitoring and control systems.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. China is expected to rule the region, as it utilizes advanced medical devices for disease treatment and screening. This growing healthcare expenditure is influencing the development of new diagnostic tests and surgical tools.

• For instance, in October 2023, the surgical process of replacing damaged or malformed joints with prosthetics or implants is known as artificial joint replacement. It seeks to prolong a healthy life expectancy, lessen joint pain, and enhance quality of life. Joint replacement operations are rising in Japan as the country's population ages. Mitsubishi Chemical Group is attempting to add value in medical settings by utilizing its cutting-edge knowledge and extensive global network. Mitsubishi Chemical Group provides engineering polymers for prosthetic joints and surgical tools.
  

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Scope of Implantable Medical Devices Market

Implantable Medical Devices Market Highlights

Product Type Insight

The orthopedic implants segment dominated the implantable medical devices market in 2023. Orthopedic implants improve range of motion and strength depending on the type of implant used (metal vs. ceramic), relieve chronic pain brought on by diseases or traumas, and restore mobility in areas affected by age-related degenerative conditions, including rheumatoid arthritis and osteoarthritis. They are an important tool for patients looking to improve their quality of life because they also shorten recovery times when compared to non-implant operations.

The dental segment is estimated to be the most opportunistic segment during the forecast period. When crowned, dental implants are strong and closely resemble natural teeth in appearance and texture. Compared to alternatives, they have many advantages, such as stability, longevity, maintenance of bone structure, natural feel, and aesthetic restoration. As the gold standard for replacing lost teeth, titanium dental implants have a success rate of over 97% over ten years. Since tooth loss results in the loss of 30% of the alveolar ridge, dental implants help prevent bone loss. They also keep neighboring teeth from drifting, which contributes to their stability. Dental implants can also correct cosmetic issues with the face, including depressed features, sagging skin, collapsed cheekbones, and misaligned bites. All things considered, dental implants have many advantages over other dental procedures.

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Biomaterial Insights

The metallic segment dominated the global implantable medical devices market in 2023. Biomaterials for joint replacement are becoming more dependent on metallic implants; available options include stainless steel, CoCr alloys, and Ti and Ti alloys. These materials are perfect for total joint replacement because they have great strength, biocompatibility, hardness, corrosion resistance, and fracture toughness. Low frictional resistance alloys like CoCrMo and CoNiCrMo are favored because of their cobalt basis.

Ti-based materials, such as CPTi and Ti-6Al-4V, are more biocompatible and have superior corrosion resistance than other metallic implants, but they are also softer and more prone to wear. Refractory metal zirconium exhibits strong chemical and thermal resistance, rendering it a viable option for joint prostheses. Surface topography and chemical composition influence how the surface responds to implants. To enhance surface properties, coatings such as growth factor, hydroxyapatite, titanium oxide, diamond-like carbon coatings, collagen, RGD peptides, zirconium oxide, and fibronectin are applied.

Implantable Medical Devices Market Dynamics

Driver: Rising use of implantable medical devices

The rise in usage of implantable devices is fueling the growth of the implantable medical devices market. Most used implantable devices are implantable drug delivery devices. By regulating the rate, timing, and location of drug release, the implantable drug delivery system (IDDS) is a medical device that can be surgically inserted into patient tissues to introduce a therapeutic material and enhance safety and efficacy. IDDSs are combination items that combine two or more regulated elements to form a single unit, such as pharmaceuticals, medical equipment, or biological products.

IDDS has several benefits, such as accurate medication distribution without bioavailability, low side effects, and extended, dose-controlled administration that eliminates the need for patient compliance for therapy. Smart IDDS with feedback-controlled drug release and sensors have several uses, including insulin pumps equipped with glucose level monitors and the prevention of epileptic seizures. Hormone-containing pellets were used as the initial IDDS application in cattle and poultry.

Restraint: High Cost

Because of their complexity and invasiveness, implantable sensors can be out of reach for many patients and healthcare systems, even though they are cost-effective for the global healthcare system. For patients with long-term monitoring needs due to chronic diseases, this is especially difficult. Conversely, wearable sensors are less costly but have limits on accuracy and usage time.

The decision between implanted and wearable sensors is based on the objectives of healthcare interventions and personal demands. Medical device development costs can exceed $100 million for certain devices and typically comprise R&D, regulatory, manufacturing, marketing, sales, and legal and patent expenses. Because of this, only major medical device corporations with ample funding can commercialize these inventions.

Opportunity: Wireless charging system

A wireless charging device that might greatly increase the powering capacity of implantable biomedical devices, including pacemakers, insulin pumps, and neurostimulators. The apparatus can concurrently gather energy from ultrasonic and magnetic field sources and transform it into electricity to power implants. This is the first gadget that operates within the safety limits for human tissue while simultaneously harvesting these dual-energy sources with excellent efficiency. The device's 300% power generation above current state-of-the-art devices could open next-generation biomedical applications.

Smaller than a millimeter, battery-free bioelectronic devices may be implanted with ease and enable dispersed networks of sensors and actuators to monitor and control physiological activity across the body. This would allow for accurate and adaptable bioelectronic therapy with little danger or disruption to day-to-day activities. With implants getting smaller, conventional wireless charging technologies for electric cars and cell phones might not be the best option. At lower frequencies, magnetic fields and ultrasonic energy present appealing alternatives for implant wireless powering or charging.

Browse More Insights:

• Ambulatory Surgical Center Market: The global ambulatory surgical center market size was estimated at USD 92.79 billion in 2022 and is expected to reach over USD 152.6 billion by 2030 and is poised to grow at a CAGR of 6.4% from 2022 to 2030.
  
• Portable Medical Devices Market: The global portable medical devices market size was valued at USD 40.06 Billion in 2020 and is expected to reach USD 85.05 Billion by 2027 and is poised to grow at a CAGR of 11.35% during the forecast period from 2020 to 2027.
  
• Microcontroller (MCU) Market: The global microcontroller (MCU) market was valued at USD 27 billion in 2022 and is expected to reach USD 69.08 Billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 9.9% during the forecast period 2023 to 2032.
  
• Medical Affairs Outsourcing Market: The global medical affairs outsourcing market size was estimated at USD 1.82 billion in 2023 and is expected to be worth around USD 3.66 billion by 2033, expanding at a CAGR of 7.3% from 2024 to 2033.
  
• Medical Devices Vigilance Market: The global medical devices vigilance market size was valued at USD 80.40 billion in 2023 and is anticipated to reach around USD 176.80 billion by 2033, growing at a CAGR of 8.19% from 2024 to 2033.
  
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• 3D Printing Medical Devices Market: The global 3d printing medical devices market size reached USD 3.41 billion in 2022 and it is projected to be worth around USD 17.76 billion by 2032, expanding at a CAGR of 17.94% from 2023 to 2032.
  
• IoT Medical Devices Market: The global IoT medical devices market size reached USD 63.48 billion in 2023 and is projected to hit around USD 614.99 billion by 2032, registering a CAGR of 28.70% from 2023 to 2032.
  
• Smart Medical Devices Market: The global smart medical devices market size was valued at USD 46.80 billion in 2023 and is anticipated to reach around USD 152.30 billion by 2033, growing at a CAGR of 12.52% from 2024 to 2033.
  

Recent Developments:

• In April 2024, researchers in China created a novel battery that runs on oxygen that is found naturally in the body. This battery can greatly increase the longevity of implanted medical equipment, such as pacemakers and neurostimulators. By utilizing the body's oxygen-rich blood, the novel, flexible, and biocompatible battery produces power that lasts noticeably longer than traditional batteries.
  
  
• In February 2024, researchers at Penn State created a wireless charging mechanism that can greatly increase implantable biomedical devices' powering capacity. The apparatus can concurrently gather energy from ultrasonic and magnetic field sources and transform it into electrical power for implants. This is the first gadget that operates within the safety limits of human tissue while harvesting these dual-energy sources with high efficiency.
  
  
• In January 2024, electrostatic materials responsive to weak ultrasonic impulses were produced by a Pohang University of Science and Technology research team, opening the door for biomedical implants of electronic devices. The team selected ultrasonography because of its track record of safety in medical diagnosis and therapy. Through interlayer friction, the material generates efficient electrical energy with low output impedance. This results in static electricity.
  

Implantable Medical Devices Market Key Players

• Abbott Laboratories
• Biotronik SE & Co. KG
• Boston Scientific Corporation
• C. R. Bard, Inc.
• Cardinal Health, Inc.
• CONMED Corporation
• Globus Medical, Inc.
• Integra Lifesciences Holdings Corporation
• Johnson & Johnson
• LivaNova PLC
• Medtronic plc
• NuVasive, Inc.
• Smith & Nephew plc
• St. Jude Medical, Inc.
• InstitutStraumann AG
  

Market Segmentation

By Product Type

• Cardiovascular Implants
• Orthopedic Implants
• Opthalmology Implants
• Dental Implants
• Cochlear Implants
• Microchip Implants
• Others
  

By Biomaterial

• Ceramic
• Metallic
• Polymers
• Natural

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
  

By Geography

• North America
  
• Europe
• Asia Pacific
• Latin America
• Rest of the World

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