According to the latest report by IMARC Group, titled “Implantable Medical Devices Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global implantable medical devices market size reached US$ 97.1 Billion in 2018. Medical implants are human-made devices that are utilized for replacing or supporting damaged body organs, improving their overall functioning and treating defects in the normal body functions. They are introduced in the human body through surgical or medical methods on both permanent and temporary basis and can be removed when required. These devices are generally made using skin, bones, metals, tissues, ceramics, plastics and other materials. Over the years, the consistent growth in the lifespan of individuals has led to a rise in the prevalence of age-related disorders. As a result, there has been an increase in the demand for various life-enhancing medical devices.
Currently, the demand for implantable medical devices is rising on account of the growing geriatric population and burgeoning age-related disorders in both the developed as well as the developing economies. Moreover, increasing incidents of chronic diseases like arthritis and heart failures which require different types of implants for saving the life of patients is strengthening the growth of the market. Apart from this, owing to technological innovations, cosmetics surgeries are gaining traction worldwide. These surgeries assist in enhancing the physical appearance of an individual using pectoral implants, deltoid implants, dental implants, cochlear implants, thigh augmentation and breast implants. Looking forward, the market is projected to reach a value of US$ 148.8 Billion by 2024, expanding at a CAGR of around 7% during 2019-2024.
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- Based on the type, the market has been classified into the orthopedic, dental, facial, breast, cardiovascular and other implants. At present, orthopedic implants dominate the market, holding the largest share.
- On the basis of the material, the market has been segmented into polymers, metals, ceramics and biologics. Currently, implantable medical devices made using polymers represent the largest segment, exhibiting dominance in the market.
- The market has been analyzed on the basis of the end user including hospitals, ambulatory surgery centers (ASCs) and clinics. Amongst these, hospitals account for the majority of the total market share.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Presently, North America is the leading market, holding the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Abbott Laboratories, Biotronik, 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., Institut Straumann AG, Stryker Corporation, Wright Medical Group N.V. and Zimmer Biomet Holdings, Inc.
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