Sunday, 23 June 2024
Thursday, 05 Oct 2023 12:00 am

Implantable Medical Devices Market is expected to reach US$ 138,474.35 million by 2030

The global implantable medical devices market is projected to grow from USD 80,156.0 million in 2022 to reach USD 138,474.35 million by 2030.

By The Insight Partners

Treatment, by Product Type, to Dominate Implantable Medical Devices During 2022–2030

According to our new research study on "Implantable Medical Devices Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," the market is expected to grow from US$ 80,156.0 million in 2022 and is expected to reach a value of US$ 138,474.35 million by 2030; it is anticipated to record a CAGR of 7.1% from 2022 to 2030. Key factors driving the implantable medical devices market growth are growing areas of application of implantable medical devices and rising cases of spinal cord injury.

According to the WHO, in 2022, the US recorded 50 million epilepsy cases; 1 billion migraine cases; and 400,000 spinal cord injury cases. Spinal cord stimulation is one of the most preferred techniques in treating chronic back pain, primarily due to the anatomical and functional abilities of the spinal cord nerves to control the sensation of pain. The incidence of spinal cord injuries has rapidly increased over the past decade. The National Spinal Cord Injury Statistical Center (NSCISC) 2021 fact sheet states that the annual incidence of spinal cord injuries is 60 cases per million. According to the article "Epidemiology of traumatic spinal cord injuries: a large population-based study," published in April 2022, the overall age-sex standardized incidence rate of traumatic spinal cord injuries was 26.5 per 1 million population, and the rates were directly related to age in both sexes, in 2021. According to the same source, in the elderly population (65 years or older), the rate is 59.2 and 23.3 per 1 million in males and females, respectively. Spinal cord stimulators are widely used for managing postoperative pain associated with spinal surgery. According to the report titled "Spinal Cord Injury Facts and Stats,” in 2021, ∼17,700 Americans suffer from a spinal cord injury yearly, of which ∼78% are men of an average age of 43. Therefore, the high incidence of spinal cord injuries in the geriatric population and adults fuels the demand for implantable neurostimulation devices, boosting the market growth.

Implantable Medical Devices Market, by Geography, 2022 (%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPMD00002673

Source: The Insight Partners Analysis

Abbott Laboratories, Boston Scientific Corp, Dentsply Sirona Inc, Johnson & Johnson, Medtronic Plc, Institut Straumann AG, Smith & Nephew Plc, BIOTRONIK SE & Co KG, LivaNova Plc, and MED-EL Elektromedizin Gerate GmbH are among the key companies operating in the implantable medical devices market. The companies have been implementing various strategies that contributed to their growth and led to various changes in the market. The companies have utilized organic strategies (such as launches, expansion, and product approvals) and inorganic strategies (such as product launches, collaboration, and partnerships).

For instance, in August 2023, Medtronic plc received CE (Conformite Europeenne) Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS). It is the first Medtronic SCS device to offer a closed-loop feature that senses each person's unique biological signals and adjusts stimulation moment to moment, as needed, to keep therapy in harmony with the motions of daily life.

The report segments the implantable medical devices market as follows:

The global implantable medical devices market is categorized on the basis of nature type, product type, material type, application, and end user. By nature type, the implantable medical devices market is bifurcated into active implant and passive implant. The passive implant segment held a larger market share in 2022. However, the active implant segment is anticipated to record a higher CAGR during the forecast period. Passive implants do not have any electronic or magnetic components, and they do not require any external power source to function. A few examples of passive implants include catheters, electric leads, aneurysm clips, stents, external fixation devices, hip prostheses, and inferior vena cava (IVC) filters. MRI may affect passive implants through heating, rotation, displacement, and magnetization mechanisms.

Based on product type, the implantable medical devices is bifurcated into diagnostics and treatment. The market is segmented into metallic, ceramics, and polymers based on material type. In terms of application, the implantable medical devices market is segmented into cardiovascular implants, orthopedic implants, cardiovascular implants, breast implants, prosthetics implants, brain implants, and others. In terms of end user, the market is categorized into hospitals, specialty clinics, ASCs, and others.

The implantable medical devices market, based on geography, is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Contact Us
Contact Us: The Insight Partners 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com

The Insight Partners :    https://www.theinsightpartners.com

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy