What's driving the Implantable Medical Devices Market Size? Medtronic, Zimmer Biomet, Allergan, Boston Scientific Corporation, Abbott Laboratories and Cochlear
Technological advancements and new product development in implantable medical devices market will offer lucrative opportunities for industry expansion in the foreseeable future. To reduce recall rates and offer effective treatment methods to patients, major market players are adopting novel technologies and right surface materials, thereby escalating the customer preference towards implantable medical devices market. Also, subsequent FDA approvals for implantable medical devices will impact the industry. For instance, in September 2019, Zimmer Biomet received FDA clearance for JuggerStitch, an implant used in meniscus repair to improve tissue preservation. Aforementioned improvements lower the mortality rate due to organ failure, thus positively impacting the business growth over the coming years.
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Major players operating in the implantable medical devices industry include Medtronic, Zimmer Biomet, Allergan, Boston Scientific Corporation, Abbott Laboratories and Cochlear among other players
Implantable Medical Devices Market is expected to exceed USD 138.5 billion by 2025. Technological advancements and new product developments will drive implantable medical devices market growth.
Static/non-active/passive implantable medical devices market accounted for more than 76% segmental share in 2018. Static or non-active implantable medical devices play a vital role in healthcare industry. With rising number of accidents, increasing geriatric population and rising prevalence of chronic disease will drive the demand for static implantable medical devices market. Therefore, novel product development and initiatives taken by major market players to broaden their product offerings will augment the segmental growth.
Other end-users including hospitals will witness rapid progress during the analysis period. High growth is attributed to advanced healthcare facilities and increasing cases of chronic disease worldwide. Moreover, presence of specialized doctors, high-end infrastructure and easy accessibility to implantable medical devices will further boost segmental growth.
India implantable medical devices market is poised to witness 10.3% CAGR during the analysis period. Increasing road accidents, high prevalence of chronic diseases and rising awareness among population regarding medical implants will foster industry growth. Moreover, India is one of the emerging countries in terms of economy and technologies, that is favoring the Indian medical device industry to flourish. Major market players have established themselves their local presence by acquiring domestic companies or starting a new business, that will play a vital role in influencing implantable medical device industry growth.
Industry players are implementing various strategies such as product innovations and partnerships to gain competitive advantage for business expansion. In February 2019, Medtronic announced the launch of deep brain stimulation in the U.S. for Medically-Refractory Epilepsy. The product launch enabled company in expanding its product portfolio as well as existing customer base in U.S.
Some major findings of the implantable medical devices market report include:
- Growing aging population coupled with increasing incidence of chronic diseases resulting into high mortality rate will drive the adoption of implantable medical devices in developed and developing nations
- Premarket approval (PMA) of implantable medical devices in the market will offer expansion opportunities
- Scarcity of organ donors worldwide will significantly contribute to rise in demand for implantable medical devices
Rising geriatric population and increasing multitude of neurological and cardiological disorders worldwide will result in significant number of patients requiring implantable medical devices. According to the Centers for Disease Control and Prevention, one person dies every second from some form of cardiovascular disorder in the U.S. Certain disorders cannot be mitigated through medication alone, therefore implantable medical devices that provide faster recovery and better outcomes are being rapidly adopted. Thousands of people are enhancing their quality of life by adoption of implantable medical devices through surgical intervention, that will further significantly contribute towards the growth of the market over the projected years.
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