Implantable Medical Devices Market is Expected to Reach a Valuation of US$ 49.8 Bn by 2024

Robust investment to improve the healthcare infrastructure globally and especially in the developing countries is leading to adopt newer technologies. Additionally, it is estimated to open up several growth doors to the technologies such as orthopedic implants. This has also supported growth of the implantable medical device market. New advances such as explicit implantable used particularly in knee arthroplasty, sculptural CAD, and 3D innovations are increasingly adopted, which have advantages over conventional implantable.

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The market players are increasingly introducing newer products, with the progressions in the implantable medical devices, which are benefiting the market growth in the coming years.
Additionally, these players are investing heavily for products developments and improvements. For instance, 2019, Johnson & Johnson-owned company is investing US$40.45 million into research and development for development of newer technology in the 3D Printing Development and Launch Center in Ireland.


In addition, rising consumer awareness, increase in occurrence of neurological issues, and inventive innovative progressions are driving growth of the global implantable medical device market.
Further, factors such as rising geriatric population coupled with upsurge in FDA approval, support for clinical trials, and improved clinical results are estimated to benefit market growth in coming years.

Thanks to all these factors, the implantable medical device market is estimated to be worth of a value US$49.8 bn by 2024 and is estimated to expand at 4.9% CAGR in the coming years from 2016 to 2024.

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Increasing number of joints and bone issue coupled with increasing facial surgeries that is creating need for improved medical implantable devices. This is fuelling growth of the global implantable medical device market and is estimated to be key factor by the end of forecast period. Moreover, dental science has progressed from past few years, as it was needed due to changing lifestyle and eating habit that led to upswing in the oral illnesses.

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This release was published on openPR.