According to a report published by Grand View Research, Inc.; the microelectronic medical implants market is expected to reach a valuation of around USD 57.12 billion by 2025.
Growing geriatric population and rising incidence of cardiac disorders, epilepsy, and Parkinson’s disease can propel the market during the forecast period (2014 to 2025). In addition, growing regulatory approvals for new equipment and devices, and launch of new products are likely to support the market growth.
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High prevalence of cardiac disorders is considered as the major driving factor for the market. Cardiovascular diseases (CVDs) like congestive heart failure, cardiac arrest, and stroke, and coronary artery diseases. Cardiovascular diseases (CVDs) such as cardiac arrest, congestive heart failure, stroke, and coronary artery diseases are need implants like defibrillators and pacemakers in most of the cases. As per WHO, in 2015, CVDs are the top cause of death worldwide, which was reported for 31.0% deaths out of which, 7.4 million people died with coronary heart disease and approximately 6.7 million people died from a stroke. In addition, according to WHO, around 50 million people have been living epilepsy, which is one of the most common neurological complaints. This disorder can be treated with the help of neurostimulators, which helps to stop seizures. This is expected to boost the demand for these implants. Furthermore, deep brain stimulation (DBS) is a procedure to be performed for implanting a pacemaker-like device into the brain tissue for treating PD. Therefore, with increasing number of PD patients worldwide are likely to increase the demand for these implants in the coming years.
Worldwide microelectronic medical implants market can be segmented on the basis of product, technology, and region.
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Based on product, the market can be categorized into pacemakers and defibrillators, neurostimulators, implantable drug pumps, spinal fusion stimulators, cochlear implants, ocular implants, and others. In 2016, the pacemakers and defibrillators segment held for the major share due to increasing old age population and commonness of cardiovascular diseases.
The neurostimulators segment is predicted to grow swiftly during the forecast period. These implants are required in several cases including radicular pain syndrome or radiculopathies, unsuccessful disk surgery, Failed Back Syndrome (FBS), Degenerative Disk Disease (DDD), Complex Regional Pain Syndrome (CRPS), epidural fibrosis, multiple back operations, peripheral, arachnoiditis, post-laminectomy pain, and causalgia.
As per technology, the market can be classified into sensors, RF technology, and other technology. In 2016, RF technology estimated for the largest market share. The technology can be used in wireless implants.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
In 2016, North America captured for the major market share and expected to continue this trend over the projected period. This growth can be associated with growing occurrence of cardiac diseases, supportive government policies, and growing FDA approvals for several new products in the U.S. In addition, rise in cases of PD in the U.S is also expected to boost the demand for these implants in the years to come. According to the Parkinson’s Foundation, about one million Americans are living with PD and approximately 60,000 Americans are diagnosed with PD every year.
Asia Pacific is anticipated to show significant growth over the forecast period. Factors such as increasing elderly population and rapid infrastructure development in this region is expected to increase accessibility and affordability of healthcare services across the several countries, which is expected to support the market growth in this region. Additionally, increasing medical tourism in this region is also projected to increase the demand for these implants.
Key companies operating in the market include immer Biomet Holdings, Inc.; Medtronic plc; Cochlear Ltd.; Koninklijke Philips N.V.; and LivaNova PLC.
The market is highly competitive due to frequent launch of innovative products by the established players. The players are likely to adopt several strategies such as mergers and acquisitions, new product launch, and geographical expansion to improve their presence in the market.
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