The implantable medical devices are man-made devices that are placed inside or on the surface of the body to replace a missing biological structure or to support a damaged biological structure and to enhance an existing biological structure. The implantable medical devices are helping many patients to improve their quality of life through surgical procedures The implants can be used in different body parts for numerous applications such as pacemakers, orthopedics, cardiovascular stents, neural prosthetics or drug delivery system, and defibrillators.. The surface of implantable medical devices is made up of biomedical materials such as titanium, silicone, or some other material depending upon the desired compatibility and application. Implantable medical devices can be removed when they are no longer needed or they can be placed permanently.
Technological advancements in cardiac implant to drive the implantable medical devices market
New technology in the implantable medical devices with various benefits is the major factor driving the growth of the market. For instance, novel technology of patient specific implants using 3D technology and sculptural CAD, have numerous benefits over off-the-implants. Development of next generation devices, upsurge in regulatory approval for clinical trials, rise in neurological disorders in geriatric population, and improved clinical outcome are some of the other important factors that is helping in fuelling the growth of implantable medical devices market. The demand of implantable medical devices also increasing due to lack of alternative treatments for many severe disorders and injuries. The ability of implantable medical devices to reduce the treatment cost for many chronic disorders is expected to enhance the growth of implantable medical devices market. However, the implantable medical devices market restraints due to the price pressure from insurance providers and government as they have tighten control over implantation costs.
Orthopedic implants segment holds the largest market share in implantable medical devices market
The global implantable medical devices market is segmented by material, by product, and by region
On the basis of material, implantable medical devices market is segmented into
On the basis of product type, implantable medical devices market is segmented into
On the basis of end user, the implantable medical devices market is segmented into
Strong healthcare infrastructure and technological advancements are responsible for the growth of North America
Regional segmentation of implantable medical devices market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Africa, and Middle East. North America dominates in the implantable medical devices market owing to the factors such as strong healthcare infrastructure, supportive reimbursement, rising geriatric population, awareness about medical assistance, technological advancements, and high purchasing power. Lack of alternative treatments for many chronic disorders and injuries are also helping the growth of implantable medical devices market in North America. Increase in investment by government for healthcare sector, unmet medical needs, huge population base, are the major factors that might fuel the growth of the implantable medical devices market in Asia-Pacific.
The cost effective and technologically efficient medical devices are helping the industry players to strengthen their position in implantable medical devices market
Key drivers operating the implantable medical devices market includes Abbott Laboratories, Boston scientific Corporation, Johnson & Johnson, Dentsply Sirona, Medtronic plc, Smith & Nephew plc, Stryker Corporation, Terumo Corporation, and Zimmer Biomet Holdings. The major players in the implantable medical devices market have improved manufacturing techniques, upgraded the current set of products to sustain in the highly competitive implantable medical devices market. Companies have launched cost-effective and technologically advanced medical devices to hold the position in the implantable medical devices market. For instance, the Micra TPS, world’s smallest pacemaker by Medtronic plc received U.S. FDA approval and CE mark approval in April 2015 that can be implanted directly into the heart with the help of a catheter.