NEW
YORK, July 4, 2024 /PRNewswire/ -- The global
implantable medical devices market size is estimated to grow by
USD 53.5 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 8.08% during the forecast period. Rise in number of people with
chronic illnesses is driving market growth, with a trend
towards 3D printing of implantable medical devices.
However, high costs associated with implant surgeries poses a
challenge. Key market players include Abbott Laboratories, AbbVie
Inc., B.Braun SE, BIOTRONIK SE and Co. KG, Boston Scientific Corp.,
Cardinal Health Inc., Conmed Corp., Global Consolidated Aesthetics
Ltd., Globus Medical Inc., Ideal Implant Inc., Institut Straumann
AG, Johnson and Johnson Services Inc., LivaNova PLC, Medtronic Plc,
Nuvasive Inc., Orthofix Medical Inc., Osstem and Hiossen Implant
UK, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings
Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Orthopedic
implants, Cardiovascular implants, Ophthalmic implants, Dental
implants, and Other implants), End-user (Hospitals, Clinics, and
Others), and Geography (North America, Europe, Asia, and Rest of
World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
Abbott Laboratories,
AbbVie Inc., B.Braun SE, BIOTRONIK SE and Co. KG, Boston Scientific
Corp., Cardinal Health Inc., Conmed Corp., Global Consolidated
Aesthetics Ltd., Globus Medical Inc., Ideal Implant Inc., Institut
Straumann AG, Johnson and Johnson Services Inc., LivaNova PLC,
Medtronic Plc, Nuvasive Inc., Orthofix Medical Inc., Osstem and
Hiossen Implant UK, Smith and Nephew plc, Stryker Corp., and Zimmer
Biomet Holdings Inc.
|
Key Market Trends Fueling Growth
3D printing technology has revolutionized the manufacturing
process of implantable medical devices due to its advantages such
as high precision, complex structure capabilities, and efficient
material utilization. This technology is particularly beneficial
for producing intricate implantable devices, which can be difficult
to process using traditional methods. The ability of 3D printing to
work with a wide range of materials and its fast-forming speed
makes it an ideal solution for creating complex implantable medical
devices. Implantable medical devices with intricate structures are
increasingly being adopted in healthcare, particularly in joint
replacement surgery. For instance, surgeons at Yale Medicine have
reported that the use of 3D-printed implantable devices expedites
patient recovery and reduces pain levels. Several vendors have
embraced 3D printing technology for manufacturing implantable
medical devices. For example, Orthofix launched the FORZA Ti PLIF
Spacer System, a patient implant that utilizes 3D printing.
Paragon, a medical device manufacturing company, invested
USD16 million in a 3D printing center
for implants to serve major orthopedic implant manufacturers like
Zimmer Biomet, DePuy Orthopaedics, and Stryker. Collaborations
between companies, such as Materialise and HP, are also driving
advancements in 3D-printed implantable medical devices. In
May 2023, they announced their
partnership to ensure compatibility between HP Jet Fusion 580/380
printers and Materialise Mimics image processing software
technology. This collaboration aims to enable the production of
full-color anatomical models for surgical and diagnostic planning
procedures, including models for the cardiac, orthopedic, and
craniomaxillofacial systems. The rising adoption of 3D printing
technology will significantly reduce the manufacturing costs of
implantable medical devices, contributing to the growth of the
global implantable medical devices market.
The Implantable Medical Devices (IMD) market is witnessing
significant growth due to the increasing prevalence of chronic
diseases such as neurological disorders like Parkinson's disease
and neurological diseases like osteoarthritis. IMDs, including
neurostimulators and pacemakers, offer clinical benefits through
non-active nature, making them popular choices for one-day
procedures. Orthopedic implants, such as those for pelvic
disabilities or pelvic fractures, also contribute to market growth.
Product innovation and utilization are key drivers, with trends
toward wireless technology and powerless transfer. Reimbursement
scenarios and public awareness are crucial factors influencing
product adoption. Regional business development is a focus area,
with developed countries leading the market. Severe complications
from surgeries and cardiovascular conditions, including
cardiovascular diseases and disorders, create opportunities for
IMDs. Market expansion includes ventricular assist devices and
dental implants, with a focus on detection and disease management.
The aging population's chronic diseases and the need for
cutting-edge amenities further fuel market growth.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The implantable medical devices market faces a significant
challenge due to the high cost of implant surgeries and related
procedures. For instance, orthopedic implants, such as pedicle
screws and various types of orthopedic implants, have varying costs
based on their applications and features. The cost burden on
end-users and patients increases with the use of advanced implants,
such as absorbable implants, which are considerably more expensive
than metallic implants. Similarly, the cost of ophthalmic lenses,
including high-definition spectacle glass lenses, multifocal
glasses, and progressive lenses, increases significantly with the
use of advanced technologies. In the case of percutaneous coronary
intervention (PCI) procedures, such as stenting, the cost of
devices and procedures is substantial, preventing many individuals
from optelting for these treatments due to financial constraints.
In developing countries, the lack of proper healthcare
infrastructure and limited government aid in the form of medical
insurance or reimbursements further hinders the growth of the
implantable medical devices market. For example, in India, the cost of a drug-eluting stent alone
can exceed the reimbursement amount for a stent procedure under the
Central Government Health Scheme. This financial barrier prevents
many people from accessing essential medical treatments that
involve implantable devices.
- The implantable medical devices market is experiencing
significant growth due to the aging population and increasing
incidences of chronic diseases such as cardiovascular conditions
and diabetes. Developed countries are leading the way in
investments and funds for implantable technologies, including heart
pacemakers, implantable cardioverter defibrillators, and
implantable hearing devices. However, challenges persist, such as
ensuring clinical benefits, managing electrical shorts, and
addressing the need for external power supplies. Dystopia and early
detection are key areas of focus, with initiatives in disease
detection through implanted sensors and microelectronics. Other
applications include dental implants, ENT procedures, and
implantable shock absorbers for knee pain or rupture. Healthcare
reforms and mobile connectivity are also driving innovation in this
field. Despite these advancements, it is crucial for medical
devices firms to prioritize safety and reliability to avoid
complications and maintain patient trust.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This implantable medical devices market report extensively
covers market segmentation by
- Type
- 1.1 Orthopedic implants
- 1.2 Cardiovascular implants
- 1.3 Ophthalmic implants
- 1.4 Dental implants
- 1.5 Other implants
- End-user
- 2.1 Hospitals
- 2.2 Clinics
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Orthopedic implants- The Implantable Medical Devices
market is experiencing significant growth due to increasing
prevalence of chronic diseases and an aging population. These
devices offer numerous benefits such as improved patient outcomes,
enhanced quality of life, and reduced healthcare costs. Key players
in this market include Medtronic, Boston Scientific, and Abbott
Laboratories, who are investing heavily in research and development
to launch innovative products. The market is expected to reach
USDXXX billion by 2025, with a CAGR of XX%. Government initiatives
and private investments are further fueling the market growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The implantable medical devices market is experiencing
significant growth due to the aging population and the rising
prevalence of chronic diseases, particularly in developed
countries. Cardiovascular diseases, neurological disorders
including Parkinson's disease, Epilepsy, and Dystopia, are major
drivers of this market. Neurostimulation, wireless technology, and
mobile connectivity are key trends, enabling early diagnosis and
disease detection, disease management services, and chronic disease
care. Spending on implantable medical devices is expected to
increase, fueled by initiatives, funds, and public awareness.
However, risks such as infection, malfunction, and high costs
remain concerns. Investments and funds in research and development,
reimbursement scenario, and healthcare reforms are also shaping the
market. ENT procedures are also a growing area of focus in
implantable medical devices.
Market Research Overview
The implantable medical devices market is witnessing significant
growth due to the aging population and the increasing prevalence of
chronic diseases such as cardiovascular conditions, cardiovascular
diseases, and neurological diseases. Chronic illnesses like
Epilepsy, Parkinson's disease, and pelvic disabilities are driving
the demand for implantable technologies, including implantable
cardiac pacemakers, implantable cardioverter defibrillators,
implantable hearing devices, and neurostimulators. Early detection
of diseases through implantable sensors and interventional
surgeries are leading to better clinical benefits and improved
postoperative outcomes. Initiatives for healthcare reforms and
investments and funds in medical devices firms are also boosting
the market. Product innovation and utilization, public awareness,
and regional business development are key factors influencing the
market's growth. Implantable devices, including orthopedic implants
for knee pain, osteoarthritis, and pelvic fractures, are gaining
popularity due to their cutting-edge amenities, such as wireless
technology and mobile connectivity, which enable early diagnosis
and disease management. However, concerns regarding severe
complications, such as electrical shorts, and the nature of the
device being non-active, require careful management. The market for
implantable medical devices is diverse, encompassing various types
of implants, such as dental implants, implantable shock absorbers,
and ventricular assist devices. The market is expected to continue
growing due to the increasing incidences of chronic diseases,
product adoption, and product innovation.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Orthopedic Implants
- Cardiovascular Implants
- Ophthalmic Implants
- Dental Implants
- Other Implants
- End-user
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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