Transparency Market Research
(TMR) has published a new report titled, ‘Implantable Medical Devices Market –
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2019–2027’. According to the report, the global implantable
medical devices market was valued at US$ 37,700.8 Mn in 2018 and is
projected to expand at a CAGR of 4.6% from 2019 to 2027. In terms of volume,
the implantable medical devices were accounted at 10,712,732 units in 2018.
Overview
·
An implantable device, according to the U.S.
FDA, is “a device that is placed into a surgically or naturally formed cavity
of the human body, if it is intended to remain there for a period of 30 days or
more”.
·
Metals and their alloys have been utilized in
the manufacture of implants since the development of first implantable device
·
Rise in demand for minimally invasive
procedures, aging population, high obesity rates, and high purchasing power of
the population are anticipated to drive demand for implantable medical devices
during the forecast period.
·
North America dominated the global implantable
medical devices market in 2018 and the trend is anticipated to continue during
the forecast period. Well-established health care infrastructure, availability
of reimbursements, and introduction of the Affordable Care Act in the U.S. are
expected to drive the market in North America.
·
Asia Pacific is likely to be a highly lucrative
market for implantable medical devices and it is expected to expand at a high
CAGR during the forecast period
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Rise in Demand for Minimally Invasive Procedures to Driven the Market
·
Patients prefer minimally invasive surgery as it
includes lesser post-surgery complications and side effects, and shorter recovery
time. Therefore, minimal invasive nature of interventional cardiology acts as a
driver of the market
·
The minimal invasive nature of these surgery
procedures influences the decision making of patients to undergo interventional
cardiac treatments
Orthopedic Implants Segment Accounted for Significant Market Share
·
In terms of product type, the global implantable
medical devices market has been segmented into orthopedic implants, dental
implants and cardiovascular implants. The orthopedic implants segment is categorized
into spinal implants and reconstructive joint replacement implants. The spinal
implants segment is further divide into thoraco-lumbar implants,
inter-vertebral spacers and non-bone implants. The reconstructive joint
replacement segment is further divide into shoulder implants, elbow implants,
ankle implants, hip implants, and knee implants
·
The orthopedic implants segment is expected to
continue to lead the market from 2019 to 2027 due to increase in geriatric
population, changing lifestyles leading to a high prevalence of obesity and
high acceptance of implants such as knee & hip reconstructive joint
replacement implants
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Titanium Segment Accounted for Significant Market Share
·
In terms of material, the global implantable
medical devices market has been segmented into stainless steel, cobalt chromium
(CoCr) alloy titanium, titanium alloy, and zirconium
·
The titanium segment held the largest share of
the global implantable medical devices market in terms of revenue in 2018 owing
to increase in utilization of titanium in the implantable products
Clinics to be Promising Segment
·
In terms of end-user, the global implantable
medical devices market has been classified into hospitals, ambulatory surgical
centers, and clinics. The hospitals segment held major share of the global
market in 2018. The hospitals segment is categorized into +500 beds, 200-499
beds and less than 200 beds
·
Growth of the hospitals segment can be
attributed to the high preference among patients for their implantation surgeries
within a hospital and presence of large number of hospitals providing
implantation facilities especially in some of the developed countries
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North America to Dominate Global Market
·
In terms of region, the global implantable medical
devices market has been segmented into North America, Europe, Asia Pacific,
Latin America, and Middle East & Africa. North America dominated the global
implantable medical devices market in 2018, followed by Europe
·
The market in the North America is driven by
highly developed health care sector, increasing purchasing power of the people
and high demand for superior-quality implants
·
The implantable medical devices market in Asia
Pacific is anticipated to expand at a high CAGR during the forecast period due
to geriatric population, high prevalence of orthopedic disorders and increase
in awareness about implantable medical devices for therapeutics
Competitive Landscape
The global implantable medical
devices market is highly fragmented in terms of number of players providing
different products. Key players in the global market include Abbott, Boston
Scientific Corporation, Danaher Corporation, Dentsply Sirona, Institut
Straumann AG, Johnson & Johnson Services Inc., Medtronic, Smith &
Nephew, Stryker, Terumo Corporation, and Zimmer Biomet
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