Implantable Medical Devices Market Future Forecast Indicates Impressive Growth Rate

Implantable Medical Devices Market (By Product: Dental Implants, Breast Implants, Orthopedic Implants, Cardiovascular Implants, Intraocular Lens, Others) - Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026

The worldwide Implantable Medical Devices Market worth is estimated to succeed in around US$ 153.8 billion by 2026 and can develop at CAGR above 7.3% over the forecast time frame 2019 - 2026.

An implant is a medical device, manufactured to support or replace any damaged organs in the body, treat imperfections in normal body functions, or enhance the functioning of body organs. These can be implanted by surgery either temporarily or permanently in the body, and can be removed after its use. These devices comprise bones, skin, tissues, ceramics, plastics, metals, and other natural materials. Some of the implantable medical devices examples include implantable cardiac defibrillators (ICDs), cardiac pacemakers, intraocular lenses, hip implants, implantable insulin pumps, and coronary stents.

North America accounted for the largest share of the implantable medical devices market in 2018. This can be attributed to the local presence of major market players, technological advancement and development of next generation implantable devices that increase the provider as well as the patient’s confidence in products. The demand of implants is expected to increase continuously during the forecast period due to an increase in chronic condition patient’s population including chronic heart failure and osteoarthritis. However, the insurance provider’s tight control over implantation costs is anticipated to limit the growth of the market in the region. Asia Pacific is expected to propel the market growth at the fastest rate over the forecast period due to investment by market players, a large number of the targeted patient population, and increasing disposable income. Medical centers and hospitals along with research institutes collaborated with implantable devices companies around the world.

Based on the product, the market has been segmented into dental implants, breast implants, orthopedic implants, cardiovascular implants, intraocular lenses, and other implants. In 2018, the orthopedic devices segment accounted for the largest share of the market and is expected to maintain its share during the forecast period. This can be attributed to safety enhancements due to technological advancement in the field. Furthermore, lifestyle changes responsible for the growing prevalence of musculoskeletal disorders, increasing sports and accidental injuries, and the development of minimally invasive surgeries. The cardiovascular implantable devices segment is anticipated to boost the market growth during the forecast period. This can be attributed to the high focus of market players for developing new generation pacing devices that significantly improve the patient’s quality of life and reduce mortality in greater pricing flexibility. Others segment include neurostimulator, orthobiologics, facial implants, and trauma &craniomaxillofacial implants.

Some of the key market players operating in the implantable medical devices industry include Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Cardinal Health, Inc., C. R. Bard, Inc., CONMED Corporation, Globus Medical, Inc., Integra Lifesciences Holdings Corporation, LivaNova PLC, Johnson & Johnson, NuVasive, Inc., Medtronic plc, Smith & Nephew plc, St. Jude Medical, Inc., InstitutStraumann AG., Wright Medical Group N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc. The development, approval, and commercialization of technologically advanced products along with the geographical expansion are the key strategies being adopted by the players in the industry.

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Some of the key observations regarding the implantable medical devices industry include:

In October 2019, NeuroRecovery Technologies merged with GTX Medical to develop two technologies for spinal cord injury patients: Targeted Epidural Spine Stimulation (TESS), a spinal cord implant which is a stimulation system with real-time motion feedback and Transcutaneous Spinal Cord Stimulation (tSCS). The merged entity is now known as GTX medical BV.
In May 2019, Abbott launched new generation heart implantable monitor for accurate detection of arrhythmia. The Confirm Rx insertable cardiac monitor (ICM), an implantable device offers more accurate monitoring of heart rhythm for 24*7.
In May 2019, Murj launched implantable cardiac device management software, Murj 2.0. This provides a 360-degree view of cardiac implant patient data. The Murj 2.0 is cloud-based software that manages all cardiac implants such as the defibrillator, pacemakers, and loop recorders.
In April 2019, Biotronik launched the entire Acticor device family including Acticor DX and CRT-DX devices, single pass and dual chamber defibrillation systems.
In September 2018, Johnson & Johnson acquired Emerging Implant Technologies (EIT) GmbH to expand its portfolio in minimally invasive and open fusion surgeries spinal implants. EIT is a Germany based private firm that manufactures 3D-printed titanium interbody implants used for spinal fusion surgery.
In July 2018, SCHOTT acquired Primoceler to expand its electronic implantable devices portfolio by using Primoceler’s hermetic packaging technology. Primoceler has a micro bonding method which uses laser technology to manufacture ultra-miniature electronic, vacuum-tight, and optical devices without any added material or heat.

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