Press release
Precision health to take over the Microelectronic Medical Implants market, reaching US$ 98.5 billion by 2032
As per the market analysis at PMR, the microelectronic medical implants market is valued at US$ 43.4 Billion in 2022 and is likely to reach US$ 98.5 billion by 2032, thriving at a promising CAGR of 8.5%.The increasing number of epilepsy cases, cardiac disorders and Parkinson's disease coupled with growing geriatric population and compliances for new medium, devices and launch of new products are pushing the sales of microelectronic medical implants.
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The increasing cases of cardiovascular disorders and epilepsy along with cardiac arrest and congestive heart failure and strokes are driving the sales of microelectronic medical implants. The implants involve pacemakers and defibrillators, with new-gen technology, helping cardiac patients.
With the new sensor technology coming through in the market, integrating with the latest platforms like machine learning and AI are pushing the healthcare industry to adopt implants, fueling the demand for microelectronic medical implants.
Healthcare industry, structuring with a strong base made with technological advancements. The market creates opportunities for the component markets. Also, the new tools like brain pacemaker, microelectronic spinal fusion stimulators are also in demand, making companies strengthen their strategy for the new generation markets.
Covid-19 and its spread has created a vacuum for new opportunities, declining the growth of the market. The pandemic has restrained growth by limiting the supply chain and filling up hospitals with patients.
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KEY TAKEAWAYS:
Microelectronic medical implants market is divided by products and technology. The product category has multiple options of defibrillators, implants and fusion implants while implant technology stretches from radio frequency to sensor type.
By product type, Pacemakers & Defibrillators is the leading segment in the microelectronic medical implants market, attributed to the common use of it and longer shelf life along with the doctor's prescriptions followed by easy surgical processes.
By technology, RF technology is the biggest segment, thrives at a CAGR of 8.5%. The growth is attributed to its use Iin wireless telemetry techniques, wireless medical neural systems and wireless endoscopy devices has created a lot of traction for the specific technology
The United States has the highest growth potential in the market as it thrives on a CAGR of 8.3% between 2022 and 2032, rising demand for pacemakers and defibrillators in the new market along with rising cases of Parkinson, epilepsy and neuron disorders are pushing the demand for the sales of microelectronic medical implants.
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COMPETITIVE LANDSCAPE:
Some of the Microelectronic medical implants market key players listed in the PMR study are Abiomed Inc, Zimmer Biomet Inc., Envoy Medical, Medtronic Inc and Microsemi Corporation.
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