Implantable Medical Devices Market
Implantable Medical Devices Market Analysis By Product Type (Orthopedic Implants, Cardiovascular Implants, Dental Implants, Intraocular Lens, Breast Implants), By Material (Ceramic, Metal, Polymer), By Nature of Device (Active, Passive), By End User & Region - Global Market Insights 2022 to 2027
Analysis of Implantable Medical Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Implantable Medical Devices Market Outlook (2022-2027)
The global implantable medical devices market currently accounts for a valuation of US$ 115 billion and is anticipated to reach US$ 155 billion by the end of 2027. Worldwide sales of implantable medical devices are forecasted to magnify at a CAGR of 6.1% from 2022 to 2027.
Demand for orthopedic implants is predicted to increase at a CAGR of 6.5%. Orthopedic implants cure abnormalities, improve posture, and restore healthy bone function.
Implantable Medical Devices Market Size (2022)
US$ 115 Billion
Projected Market Value (2027)
US$ 155 Billion
Global Market Growth Rate (2022-2027)
Market Share of Orthopedic Implants
Share in Medical Devices Market (2022)
Key Companies Profiled
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Demand Analysis of Implantable Medical Devices (2017-2021) Vs Market Statistics (2022-2027)
“Growing Prevalence of Chronic Diseases Driving Demand for Implantable Medical Devices”
According to Fact.MR, a market research and competitive intelligence provider, the implantable medical devices market is expected to rise at a CAGR of 6.1% from 2022 to 2027.
Medical implants are devices that are used to replace, function as a portion of, or support the entire biological structure or a specific bodily part. Thousands of people undergo surgical procedures each year to correct or remove implantable medical devices to improve the quality of their lives. Currently, implants are employed in numerous body locations for a variety of purposes.
The rapidly ageing population, growing prevalence of chronic diseases, and technological advancements in implantable medical systems are all factors contributing to market growth. In addition, the market is growing as a result of rising consumer awareness of advanced medical device technologies and neurostimulator applications.
Implants are inserted into the human body either fully or partially using surgical or medicinal procedures. Depending on the situation, the device can be inserted permanently or temporarily and removed subsequently. Age-related diseases have become more prevalent as people's life expectancies have increased.
This has further boosted the need for different life-extension medical devices, including novel therapies, implants, prostheses, and long-term pharmaceutical use. Various sorts of materials, including tissues, metals, bones, polymers, skin, and ceramics, are used to create implantable devices.
What’s Enhancing Implantable Medical Devices Market Potential?
“Rising Preference for Minimally-invasive Surgical Techniques”
The evolution of electronic technology, power sources, and related sectors can be seen in the development of implantable medical devices. With the introduction of microelectronics, biocompatible materials, and sensor technologies, the industry has evolved from addressing major issues, including product specifications, battery durability, system delivery, efficiency, and wireless communication.
A wide variety of illnesses are treated with minimally-invasive surgical techniques. Compared to open surgeries, minimally-invasive surgical methods are safer, less stressful, and have reduced mortality and complication rates. Minimally-invasive procedures have gained popularity among patients and medical professionals due to several benefits, including lower surgical risk, less pain & blood loss, decreased infection risk, and quicker post-operative recovery times.
Another factor promoting growth is the increased investments made by both public and private companies to enhance the existing health infrastructure. Additional factors that are anticipated to fuel market growth include rapid urbanization, rising levels of disposable income among the population, and significant research and development efforts by key competitors. The rapid miniaturization of implantable medical tools is gaining popularity all around the world.
“Growing Awareness about Aesthetics & Physical Appearance”
Another element driving the demand for implantable medical instruments is the public's growing concerns about aesthetics and physical appearances. Through the implantation of medical devices, people can now change their appearance and increase their beauty. A significant reason that may increase demand for implantable medical devices globally is the rise in accident cases involving damaged limbs or organs.
Market growth is attributed to the introduction of novel implantable medical products with increased performance and advanced surgical procedures. The increasing frequency of cardiovascular disorders and the rising need for active implantable devices, particularly in emerging nations, are encouraging factors driving market expansion.
Market growth is driven by a rise in medical research initiatives to create modern and aesthetically improved technologies as a result of an increase in disorders.
Each year, a large number of people undergo surgical operations that involve the insertion of medical devices to improve the quality of their lives. To treat chronic medical disorders more effectively, there has been a long-term need for medical devices due to an increase in age-related diseases. The market demand will increase because of the global shortage of organ donors, the rise in the incidence of chronic diseases, and organ failures.
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How is Implantable Medical Device Demand Being Negatively Impacted?
“High Cost of Implantable Medical Equipment & Strict Regulatory Guidelines”
The high cost of implantable medical equipment, issues with device security and privacy, and strict regulatory guidelines are hampering market growth.
Market growth is hampered by a lack of skilled specialists in the field of medical surgery and a lack of knowledge about the availability of advanced implants.
How Can New Companies Penetrate the Implantable Medical Devices Industry?
“Start-ups Should Focus on Introducing Innovative Implants to Meet Consumer Demand”
Aspiring market players are engaged in introducing smart implants to meet the rising demand for patient-centric customization. New companies are investing in research and development to create advanced products.
Kidney problems, such as acute kidney failure, are caused by diseases such as diabetes, hypertension, and traumas. Although targeted dialysis and other technologically advanced medical tools assist sustain the kidneys to some extent, the process still necessitates frequent hospital visits.
Start-ups create implantable devices that support kidney function and aid in bloodstream waste removal.
- For patients with fluid excess in the kidneys and the heart, Israeli start-up Paragate Medical offers an implantable device. The startup's minimally-invasive and implantable peritoneal ultra-filtration device acts as a mechanical support system for the kidneys, constantly and gently eliminating extra fluid from the body.
Why is North America Dominating the Global Market?
“Accessibility of Advanced Healthcare Infrastructure in North America”
North America leads the implantable medical devices market owing to several elements, including the increased prevalence of conditions such as arthritis, the expanding use of aesthetic dental procedures, favorable insurance policies, and the accessibility of advanced healthcare infrastructure.
The market is expanding as a result of rising active implantable medical device usage, the presence of significant market participants, technological innovations, and the development of next-generation medical implants.
What is Supporting U.S. Implantable Medical Devices Market Growth?
“Constant Advancements in Medical Technologies in the Country”
Rising consumer healthcare spending, greater adoption of minimally-invasive operations, and improved public awareness of the availability of various medical implants are the factors propelling market growth in the U.S.
The market value is increased by constant advancements in medical technologies, the availability of modern healthcare facilities with skilled medical staff, rising demand for active implantable devices, and rising government investments in the healthcare system.
Why are Implantable Medical Device Providers Investing in China?
“Supportive Government Regulations on Orthopedic Treatments”
The implantable medical devices market in China is expected to rise at a CAGR of 9% over the forecast period.
The growing geriatric population, the increase in hospitals with innovative equipment, the explosion of healthcare reforms, and rising government and corporate investments in the development of cutting-edge healthcare infrastructure are all factors contributing to market growth in China.
Improvements in bone scan diagnostics for detecting bone density among diagnostic laboratories, greater reimbursements by commercial and government organisations, and the growth of healthcare infrastructure have all contributed to an increase in the number of patients receiving orthopaedic treatments. This, together with supportive government regulations about orthopedic treatments, is anticipated to boost market expansion in China.
The market is expanding due to rising consumer awareness about the uses of MRI safe implantable defibrillator devices, rising disposable income, rising health consciousness, and a notable rise in the number of trauma/accident cases.
Which Product Will Reinforce Implantable Medical Devices Industry Growth?
“Growing Usage of Orthopedic Implants to Treat Musculoskeletal Illnesses”
Based on product type, the implantable medical devices market is divided into orthopedic implants, cardiovascular implants, dental implants, intraocular lenses, breast implants, and others. Orthopedic implants account for 35% share of the global market.
Orthopedic implants are used to stabilize broken bones, restore missing joints, or replace missing bones. These devices are made with stainless steel and titanium alloys for strength, and a plastic coating serves as synthetic cartilage. Internal fixation uses implants to heal broken bones. In addition to treating abnormalities, stabilizing posture, and regaining normal skeletal function.
An increase in orthopedic injuries and illnesses such as osteoarthritis and arthritis as well as the quick increase in the geriatric population, who are prone to orthopedic disorders are the factors driving the demand for orthopedic implants.
The segment growth is supported by recent innovations such as robot-assisted surgical instruments, acceptance of implantable medical devices, and widespread use of orthopedic implants to treat musculoskeletal illnesses.
Will Hospitals Continue to Hold a Significant Market Share?
“Increasing Need for Specialized Care for Chronic Illnesses Makes Hospitals Prominent Segment”
The implantable medical devices market is segmented into hospitals, ambulatory surgical centers, and multi-specialty centers based on the end user.
Hospitals provide specialized care for chronic illnesses that need advanced expertise and technology. Hospitals offer excellent medical care, fewer medical issues, less long-term costs, and superior results.
The demand for implantable medical devices in hospitals is driven by factors such as the rising prevalence of cardiovascular, orthopedic, and other chronic disorders, the presence of trained individuals, the growing adoption of robotic systems for orthopedic procedures, and the increasing number of patients.
The segment growth is attributed to the attractive reimbursement policies and ongoing government initiatives to lower the costs of innovative devices in hospitals and the burden of chronic diseases.
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Top implantable medical device companies are actively acquiring other businesses to strengthen their market positions. Top players are investing in the development of novel products. They are also concentrating on keeping their prices competitive.
For instance :
- ZygoFix offers a 3D-printed, screwless implant called the zLOCK as a substitute for invasive spinal fusion surgery. Due to their zLOCK innovation, the company hopes to carry out its purpose of creating technology for spinal stability.
Implantable Medical Devices Industry Research Segmentation
By Product Type :
- Orthopedic Implants
- Cardiovascular Implants
- Dental Implants
- Intraocular Lens
- Breast Implants
By Material :
By Nature of Device :
By End User :
- Ambulatory Surgical Centers
- Multi-specialty Centers
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- FAQs -
The market in Germany is anticipated to accelerate at a CAGR of 4% through 2027.
The global implantable medical devices market is predicted to reach US$ 155 billion by 2027.
The implantable medical devices market is predicted to increase at a CAGR of 6.1% from 2022 to 2027.
Key factors driving market growth include rising geriatric population & burden of chronic diseases and increasing demand for cosmetic dentistry.
Silimed, Straumann, and Stryker Corporation are prominent implantable medical device manufacturers.