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

Implantable medical devices have become a key part of the global healthcare sector in recent years due to the steady technological innovation in the sector, which has led to the availability of reliable implantable devices. Steady growth of key consumer demographics such as geriatrics has also helped the implantable medical devices market. The growing diversity of application of implantable devices, due to the rising awareness about their clear benefits, is likely to remain a prime driver for the global implantable medical devices market.

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According to Transparency Market Research (TMR), the global implantable medical devices market is expected to rise from US$32.3 bn in 2015 to US$49.8 bn by 2024.

The growing prevalence of poor lifestyle choices among the global population is a prime driver for the global implantable medical devices market. This has contributed in large part to the rising prevalence of cardiovascular diseases, orthopedic conditions, and numerous degenerative diseases that necessitate the use of implantable medical devices. Unhealthy diet has become increasingly common because of the increasing ease of purchasing packaged food and junk food from a diverse array of distribution avenues. The convenience of packaged food choices, which sometimes outweighs their nutritive benefits, has thus become important for the implantable medical devices market.

Growth of the geriatric demographic across the world is the major driver for the global implantable medical devices market. Rising healthcare standards have led to a steady extension in average lifetimes, particularly in developed regions. This is an important factor for the global implantable medical devices market, as the geriatric demographic is prone to several degenerative conditions, including cardiovascular and orthopedic diseases, that entail demand from the implantable medical devices market. The steady growth of the dentistry sector and, in particular, the rising demand for orthodontic operations is also a key driver for the global implantable medical devices market.

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Regionally, North America is likely to remain the leading contributor to the global implantable medical devices market in the coming years. The strong establishment of healthcare infrastructure in the region and availability of comprehensive reimbursement policies is vital for the implantable medical devices market in North America. Steady technological innovation in the healthcare sector in North America and the rising government and private investment in the same is also crucial for the global implantable medical devices market. The growing geriatric demographic in North America is likely to aid the development of the implantable medical devices market in the region in the coming years.

Asia Pacific is also likely to remain a vital regional contributor to the global implantable medical devices market in the coming years due to the steady development of the sector in emerging economies such as India and China. The large population pool of the region is a key driver for the implantable medical devices market in the region and is likely to remain an important driver for the market in the coming years thanks to the growing geriatric demographic in several countries in region.

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Leading players in the global implantable medical devices market include Johnson & Johnson, Boston Scientific Corporation, Danaher Corporation, Medtronic Plc, Smith & Nephew Plc, Zimmer Biomet, Stryker Corporation, Abbott Laboratories, and Dentsply Sirona.

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