Implantable Medical Devices Market: Exploring Growth Drivers and Overcoming Challenges to Reach US$ 176.8 Billion by 2028

IMARC Group, a leading market research company, has recently releases report titled "Implantable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global implantable medical devices market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the implantable medical devices market?

The global implantable medical devices market size reached US$ 128.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 176.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.

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What is Medical Implant ?

Medical implants are devices that are placed inside the human body, either temporarily or permanently, to support the functions of specific tissues or organs, deliver medicines, or monitor physiological activities. These implants can be made from human tissues or exogenous materials, such as ceramics, metals, and plastics. They are often used as prosthetics to replace damaged body parts. The functioning of the medical device depends on an electrical energy source and is primarily used to support cardiac functions. Commonly available implantable medical devices include cardioverter defibrillators, left ventricular assist devices, pacemakers, breast implants, hip implants, intrauterine contraceptive devices, and cochlear implants.

What are the growth prospects and trends in the medical Implant industry?

The surging cases of age-related diseases, such as coronary arterial and neurological ailments, and the rapidly expanding healthcare infrastructure are some of the factors primarily driving the market growth. Moreover, the increasing consumer expenditure power has significantly boosted cosmetic and medical tourism, which, in turn, is creating a positive outlook for the market. Furthermore, the rising prevalence of cardiovascular diseases due to sedentary lifestyles and surging cases of obesity are accelerating the market growth. Additionally, key market players are heavily investing in advanced technology to introduce smart implantable devices that can transmit data using the internet for remote patient monitoring, which is acting as another factor positively contributing to the market. Besides this, the introduction of three-dimensional (3D) printed implants and robotic arms to conduct surgeries and the growing use of biomaterials to manufacture implantable medical devices are boosting the market growth. 

Who are the key players operating in the industry?

The report covers the major market players including: 

Abbott Laboratories
Biotronik
Boston Scientific Corporation
C. R. Bard
Cardinal Health
Conmed Corporation
Globus Medical, Inc.
Integra Lifesciences Holdings Corporation
Johnson & Johnson
LivaNova PLC
Medtronic plc
Nuvasive, Inc.
Smith & Nephew Plc
St. Jude Medical
Institut Straumann AG.
Stryker Corporation
Wright Medical Group N.V.
Zimmer Biomet Holdings

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product Type:

Orthopedic Implants
Dental Implants
Facial Implants
Breast Implants
Cardiovascular Implants
Others

Breakup by Material:

Polymers
Metals
Ceramics
Biologics

Breakup by End-User:

Hospitals
Ambulatory Surgery Centers (ASCs)
Clinics

Breakup by Region:

North America
Europe
Asia-Pacific
Middle East and Africa
Latin America

Ask Analyst for Customization and Explore full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=1123&flag=A

Key Highlights of the Report:                                                           

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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