Micro-Electronic Medical Implants Market to Grow at 9.4% CAGR to Reach $59, 561.4 Million by 2027 Led by Oticon Medical, NANOCI, Osypka Medical, Stimwave, Nevro, EndoStim, Aziyo Biologics, SPR Therapeutics, Premier Pain Care, Cardiac Impulse, Sorin Biomed
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The global micro-electronic medical implants market is expected to reach US$ 59,561.4 Mn in 2027 from US$ 27,461.2 Mn in 2018. The market is estimated to grow with a CAGR of 9.4% from 2019-2027.
The Asia Pacific micro-electronic medical implants market is expected to grow at highest rate during the forecast period owing to higher number of research & development and increasing investments on micro-electronic medical implants development.
Micro-Electronic Medical Implants Market Insights: Increasing burden of cardiovascular, neurological and hearing diseases is expected to boost the market growth over the years
The increasing technological advancements have opened more opportunities of developing new and innovative medical implant devices with advanced electrical properties that can improve diagnosis and treatment of previously intractable conditions such as, cardiovascular diseases, neurological disorders, hearing disorders and others. Medical implantable devices like pacemakers, cochlear implants, ventricular assist devices, spinal cord stimulators and others, are used to treat these conditions. In 2017, according to the World health organization, the increasing prevalence of cardiovascular diseases is the major cause of death all over the world. Moreover, it was mentioned that 17.9 million people across the globe died due to cardiovascular diseases in 2016.
Furthermore, rising neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy and others, drive the demand for microelectronic medical implants. According to the Alzheimer's Association in 2017, around 44 million people have Alzheimer’s or other related dementia worldwide. According the World Health Organization (WHO), nearly 466 million people have disabling hearing loss worldwide, in 2018. It also predicted that by 2050, over 900 million people will suffer from disabling hearing loss. Thus, such high prevalence of cardiovascular diseases, neurological disorders and hearing disorders globally is anticipated to lead the market growth in the coming years.
Increasing Technological Advancements:
In an aging society where chronic diseases is a leading factor in the health system, technical advancements are necessary to preserve the quality of life through keeping the affordable prices. Microelectronic implants are playing a pioneering role that help to detect specific medical parameters. Additionally, these implants are able to take immediately autonomous therapeutic measures, combining diagnosis and treatment in a single system.
Microelectronic medical implant is an emerging field in the medical industry and has led to various developments of the products, in the field of cardiology, neurology and otology. Many of the market players are developing novel products in order to minimize the burden of cardiovascular diseases, neurological disorders and hearing disorders. For instance, Boston Scientific Corporation in September 2017, launched the Resonate family of Implantable Cardioverter Defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems. This product is powered by EnduraLife battery technology, which has double battery capacity as compared to other devices. On the other hand, cochlear implants are used by more than 200,000 patients across the globe. Thus, the rate of widespread diseases such as, cardiac & renal failure, hearing disorders, and neurological disorders are increasing therefore, the demand for new products and innovative technologies is high.
Micro-Electronic Medical Implants Market Product Insights:
The micro-electronic medical implants market by product is segmented into pacemakers & defibrillators, neurostimulators, implantable drug pumps, cochlear implants, ocular implants, retinal implants, and others. In 2018, the pacemakers and defibrillators segment held a largest market share of 32.0% of the micro-electronic medical implants market, by product. This segment is also expected to dominate the market in 2027 due to the increasing incidence of cardiovascular diseases and rise in cardiac-implant procedures. On the other hand, the cochlear implants segment is anticipated to witness the fastest growth rate of 10.1% during the forecast period, 2019 to 2027 owing to the rising demand of products and technological development in hearing aids and implant technology.
Micro-Electronic Medical Implants Market Technology Insights:
The global micro-electronic medical implants market on the basis of technology is segmented into radiofrequency, sensors and others. The radiofrequency segment is expected to dominate the market as this technology is primarily used in majority of the wireless implants to transmit signals to and fro outside the body. Moreover, the RF technology also helps researchers and clinicians to easily monitor the abnormalities in body as well as capture physiological data. Additionally, the similar segment is also expected to witness the fastest growth in the global micro-electronic medical implants market witnessing a CAGR of 9.8% from 2019-2027 over the forecast years.
Micro-Electronic Medical Implants Market Material Insights:
The global micro-electronic medical implants market based on material is segmented into metals, polymers and ceramics. In 2018, the metals segment held a largest market share of 64.3% of the micro-electronic medical implants market, by material. This segment is also expected to dominate the market in 2027 as metals and metal alloys are the most preferred material used to construct micro-electronic medical implants due to their properties corrosion resistance, radiopacity, and several other electrical properties. The segment is also likely to witness the fast growth exhibiting a robust CAGR of 9.7% in the coming years.
Micro-Electronic Medical Implants Market Application Insights:
In 2018, the cardiology segment held a largest market share of 41.1% of the micro-electronic medical implants market, by application. This segment is also expected to dominate the market in 2027 due to the increasing adoption of pacemakers, implantable heart pumps, cardioverter defibrillators. Moreover, the increasing incidence of cardiovascular diseases are also expected to be responsible for the dominant share of the market in the coming years.
Micro-Electronic Medical Implants Market End User Insights:
The micro-electronic medical implants market based on end user is segmented into hospitals, ambulatory surgical centers and others. In 2018, the hospitals segment held a largest market share of 44.7% of the micro-electronic medical implants market, by end user. This segment is also expected to dominate the market in 2027 due to the increasing number of cardiac surgeries done in the hospitals as the primary healthcare system and increasing adoption of new technology devices in the hospitals.
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Micro-Electronic Medical Implants Market Strategic Insights:
Product approvals and agreements were observed as the most adopted strategy in global micro-electronic medical implants industry. Few of the recent product key developments are listed below:
2019: BIOTRONIK announced FDA approval of the Acticor and Rivacor high-voltage cardiac rhythm management (CRM) device families for treatment of patients with cardiac arrhythmias. The six new tachycardia solutions include Rivacor VR-T, Rivacor DR-T, Rivacor HF-T QP, Acticor DX, Acticor CRT-DX Bipolar and Acticor CRT-DX.
2018: Medtronic received United States Food and Drug Administration (FDA) approval for its HVAD System. HVAD System is the smallest commercially available left ventricular assist device (LVAD) for patients with advanced heart failure. It is the only LVAD approved in the U.S. for implant via thoracotomy.
2017: Cochlear Ltd announced its strategic collaboration with Sensorion a biotech company. The collaboration will evaluate therapeutic approaches using SENS-401 in combination with cochlear implants. This collaboration has the potential to be transformational for both partners, as well as for patients suffering from hearing loss
MICRO-ELECTRONIC MEDICAL IMPLANTS – MARKET SEGMENTATION
• Pacemakers & Defibrillators
• Implantable Drug Pumps
• Cochlear Implants
• Ocular Implants
• Retinal Implants
o Stainless Steel
o Gold Brazed Alloys
o Other Metals
By End User
• Hospitals and Clinics
• Ambulatory Surgical Centres
• North America
• Asia Pacific (APAC)
• South Korea
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• South America (SAM)
Micro-Electronic Medical Implants Market - Company Profiles:
1. Oticon Medical
4. Osypka Medical GmbH
5. Cardiac Impulse S.R.L.
7. Instrumentation Laboratory SpA
8. Sorin Biomedica C.R.M.
10. Lepu Medical Technology Co. Ltd.
11. Medico S.p.A
12. Shree Pacetronix Ltd.
13. Pacemaker Solutions
14. Edwards Lifesciences
15. Stimwave LLC
16. Nevro Corp.
17. EndoStim, Inc.
18. Aziyo Biologics, Inc.
19. SPR Therapeutics
20. Premier Pain Care
21. Heraeus Medical Components, LLC.
22. Arrow International Inc.
23. FLOWONIX MEDICAL INC
24. DURECT Corporation
25. Cicor Group
26. SMR OPHTHALMIC PVT. LTD
27. Molteno Ophthalmic Limited
28. Omega Ophthalmics
29. STAAR Surgical Corporation
30. ZOLL Medical Corporation
31. Physio-Control, Inc.
Key Benefits of Buying this Research Study:
1. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Micro-Electronic Medical Implants Market
2. Highlights key business priorities in order to assist companies to realign their business strategies
3. The key findings and recommendations highlight crucial progressive industry trends in the Micro-Electronic Medical Implants Market, thereby allowing players across the value chain to develop effective long term strategies
4. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
5. Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
6. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
7. Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.
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