Implants are devices used for replacing any missing biological structure in the body, assisting the efficiency of the working or supporting a defective arrangement in the body. Most of the medical devices implanted in the human body via surgical procedures are medically vital to be implanted and are instrumental in extending the lives of the patients.
The U.S. implantable medical devices market is estimated to account for US$ 86,446.3 Mn in terms of value in 2020 and is expected to reach US$ 150,299.3 Mn by the end of 2027.
U.S. Implantable Medical Devices Market: Drivers
Increasing prevalence of chronic disorders that require medical implants is expected to propel growth of the U.S. implantable medical devices market over the forecast period. For instance, according to the American Heart Association 2019 Heart Disease and Stroke Statistics, around 5.3 million people in the U.S. suffer from atrial fibrillation and around 795,000 people have a new or recurrent stroke annually.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Orthopedic Implants held dominant position in the U.S. implantable medical devices market in 2019, accounting for 51.6% share in terms of value, followed by cardiovascular implants and others, respectively
Figure 1. U.S. Implantable Medical Devices Market Share (%), in Terms of Value, by Implant Type, 2019
U.S. Implantable Medical Devices Market: Restraints
High cost of implantable devices is expected to hinder growth of the U.S. implantable medical devices market. For instance, implantable devices at an average cost US$ 4,500 for knee, US$ 5,500 for hip replacement, and US$ 95,000 for lumbar spine fusion
Moreover, high incidence of implant-associated infections is also expected to aid in growth of the market.
U.S. Implantable Medical Devices Market: Opportunities:
Technological advancement in production methods of implantable medical devices is expected to offer lucrative growth opportunities for players in the market. For instance, in April 2020, researchers from Fraunhofer Institute for Manufacturing Technology and Advanced Materials, Germany, reported the use of laser treatment for the structuring of a titanium alloy surface combined with a titanium dioxide coating, in order to obtain improved implant osteointegration.
Moreover, development of new approaches to determine the cumulative spatial inaccuracies in procuring an end-use implant from medical imaging is also expected aid in growth of the market.
The U.S. implantable medical devices market was valued at US$ 79,942.0 Mn in 2019 and is forecast to reach a value of US$ 150,299.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027.
Figure 2. U.S. Implantable Medical Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
The market is witnessing increasing adoption of 3D printing in developing implantable medical devices. For instance, in April 2020, SLM Solutions, a Germany-based metal 3D printing company, entered into a strategic partnership with Canwell Medical, a medical device manufacturer based in China, for the development of 3D printed surgical implants.
Orthopedic implants are the medical devices which are used to facilitate fixation or replacement of any bone or articulating joints. Orthopedic implantation procedures are performed by highly trained specialist orthopedic surgeons. Such implantation procedures involve removal of the flawed joint or portion of the bone and replacing the target area with artificial prosthesis implants. The most commonly used implantable orthopedic devices are artificial knee implants, articles for the repair of fractures, artificial hip implants and spinal fusions.
U.S. Implantable Medical Devices Market: Competitive Landscape
Major players operating in the U.S. implantable medical devices market include Abbott Laboratories, Alcon Laboratories, Biomet Incorporated, Bausch and Lomb Incorporated, Boston Scientific Corporation, Johnson and Johnson, Medtronic Incorporated, St. Jude Medical Incorporated, Smith and Nephew PLC, Stryker Corporation, Synthes Incorporated, and Zimmer Holdings Incorporated.
U.S. Implantable Medical Devices Market: Key Developments
Players in the market are focused on conducting clinical trials to expand their product portfolio. For instance, in March 2020, Nano Retina Ltd., a developer of artificial retina device, reported positive preliminary results for first-in-human implantations of its artificial retina device.
Major players in the market are also focused on product approval and launch to expand their product portfolio. For instance, in March 2020, Allergan plc received the U.S. Food and Drug Administration approval for its New Drug Application for DURYSTA (bimatoprost implant) 10 mcg for intracameral administration in the treatment of open-angle glaucoma or ocular hypertension.
Implantable medical devices play a significant role in medical management of wide number of diseases such as cardiovascular devices, Parkinson’s disease, epilepsy, spasticity, and patients with hearing or visual impairment. Pacemakers and implantable cardioverter defibrillators (ICDs) have become important components in the management of cardiovascular conditions after breakthrough innovations. For instance, MRI compatible pacemakers, and leadless pacemakers have been introduced in the market since 2011 by Medtronic, and BIOTRONIK. Technology changes have improved functioning of other implantable medical devices such as cochlear implants as well over the last few years in terms of ease of use and better processing with requiring less amount of power
Restraints of the U.S. Implantable Medical Devices Market
Implantable medical devices pose certain issues associated with post implantation such as infection at the surgical site and sensitivity to the device material, failure to deliver therapy when needed or receiving extra therapy when not needed. Moreover, these devices are costly which is also expected to hamper growth of the market over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.