Acceptance of Orthopedic Implants in Reconstructive Surgeries Contribute Sizable Revenues to Implantable Medical Devices Market, Notes TMR
ALBANY, New York, May 26, 2020 /PRNewswire/ -- The global valuation of implantable medical devices stood at US$37,700.8 million in 2018 and is anticipated to clock CAGR of 4.6% during the forecast period of 2019 - 2027. By the end of the period, the market is projected to touch US$56,997.0 million. Implantable medical devices are extensively used in diagnosis and treatment of numerous diseases, and in biological investigations. Their application has fueled on the back of rising demand in managing chronic diseases in elderly populations. These have to be clinically useful in arthritis and chronic cardiac disease.
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Incorporation of better materials, notably titanium, is consistently improving the function of these implantable medical devices, notes analyst from Transparency Market Research.
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Key Takeaways in Implantable Medical Devices Market Study
-- Among the various product types, orthopedic implants account for sizable
shares in the implantable medical devices market; by the end of forecast
period, it is projected to account for major share
-- Of all the material types, titanium led the market in 2018; its
popularity to grow further due to its biocompatibility and durability
-- Among the various end users, hospitals accounted for the major share in
2018
-- Of all the regions, North America held the majority of shares in global
implantable medical devices market in 2018
Explore 245 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Implantable Medical Devices Market (Product - Reconstructive Joint Replacement, Spinal Implants, Dental Implants, and Cardiovascular Implants; Material - Titanium, Stainless Steel, Titanium Alloy, CoCr Alloy, and Zirconium) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027. TOC of the Report - https://www.transparencymarketresearch.com/report-toc/13946
Implantable Medical Devices Market: Key Driving Factors and Promising Avenues
Implantable medical devices have risen in clinical acceptance in diagnosis and treatment of range of diseases, and therapeutic applications. The popularity of ultra-high molecular weight polyethylene (UHMWE) in orthopedic implants is a case in point. Over the years, the following trends portray a massive potential in managing chronic diseases and biomedical research.
-- Strides made in healthcare systems world over and rising elderly
populations in developed nations have driven the demand for pacemakers
and cochlear implants
-- Per a study in 2010, 5% - 6% of population in industrialized countries
has experienced using an implantable medical device in their lifetime,
and found them to improve their overall quality of life. The number has
risen rapidly over the last 10 years, shaping the growth trajectory of
implantable medical devices market
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-- Constant advances made in microelectronics and engineering of implants
have helped increase reliability and biocompatibility. Introduction of
new materials for engineering highly functional, active medical implants
has helped in opening new avenues.
-- Growing acceptance of implantable medical devices interventional cardiac
treatments in heart patients world over is boosting opportunities in the
global implantable medical devices market.
Orthopedic Implants Market: Regional Outlook
Among the various regions contributing to growth in the implantable medical devices market, North America contributed the major share in 2018. One of the key trends that fueled the growth has been a favorable reimbursement framework in its economies, notably the U.S.
Meanwhile, Asia Pacific is expected to emerge as a highly lucrative implantable medical devices market. Demand for minimally invasive therapeutics and disease diagnostic and prognosis technologies has opened a vast opportunity for makers of implantable medical devices. Rapidly aging population in the region has resulted in prevalence of chronic disease conditions that can be managed with implants. This is driving new prospects for players in the regional market.
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Key Impediments to Implantable Medical Devices Market Players
The presence of clinical substitutes for implantable medical devices has constrained the steady acceptance or uptake of the latter.
On the other hand, remarkable engineering advances are being made to improve the reliability of these devices, thus bolstering the demand among patient populations. Further, medical device companies looking for sizable revenue streams are leaning on unveiling implants that have high biocompatibility and also appear cost-effective to patient population.
The global implantable medical devices market has been segmented as follows:
Product Type
-- Orthopedic Implants
-- Spinal Implants
-- Thoracolumbar Implants
-- Intervertebral Spacers
-- Non-bone Implants
-- Reconstructive Joint Replacement
-- Shoulder Implants
-- Ankle Implants
-- Elbow Implants
-- Hip Implants
-- Knee Implants
-- Dental Implants
-- Cardiovascular Implants
Material
-- Stainless Steel
-- Cobalt Chromium (Co-Cr) Alloy
-- Titanium
-- Titanium Alloy
-- Zirconium
End-user
-- Hospitals
-- +500 Beds
-- 200-499 Beds
-- Less than 200 Beds
-- Ambulatory Surgery Centers (ASCs)
-- Clinics
Region
-- North America
-- U.S.
-- Canada
-- Europe
-- Germany
-- U.K.
-- France
-- Italy
-- Spain
-- Rest of Europe
-- Asia Pacific
-- China
-- India
-- Japan
-- Australia & New Zealand
-- Rest of Asia Pacific
-- Latin America
-- Brazil
-- Mexico
-- Rest of Latin America
-- Middle East & Africa
-- GCC Countries
-- South Africa
-- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Dental Implants Market - The global dental implants market is projected to demonstrate high growth avenues due to growing older population all across the world. A report released from Centers for Diseases Control and Prevention (CDC) states that there is increase worldwide older population. It also states that approximately 47.2% of the U.S. population with age range above 30 is suffering from periodontal diseases. This figure demonstrates the potential growth avenues for the global dental implants market during forecast period.
Orthopedic Implants Market - Orthopedic implants are used to prevent and treat deformities and injuries of the musculoskeletal system. In terms of revenue, the global orthopedic implants market is projected to expand at a CAGR of 4.4% from 2018 to 2026. Developments in anesthesia techniques, rise in adoption of minimally invasive procedures, increase in incidence rate of injuries, surge in geriatric population, and rise in adoption of technologically advanced products to treat musculoskeletal disorders are likely to drive the global orthopedic implants market from 2018 to 2026.
Respiratory Disorders Treatment Market - There is a growing demand for handheld devices capable of detecting biomarkers and molecules that deploy instant feedback on respiratory disorders. Hence, NOWA Innovations-a University of California, Irvine (UCI) startup, has introduced Unaresp(TM), a novel device that identifies inhaled medication concentrations and trains patients to correctly inhale medications. Such innovations are anticipated to boost the expansion of the respiratory disorders treatment market, where the market is expected to reach ~US$ 108 Bn by 2027.
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