Acceptance of Orthopedic Implants in Reconstructive Surgeries Contribute Sizable Revenues to Implantable Medical Devices Market, Notes TMR

- Adoption of Implantable Medical Devices in Hospital Settings Accounts for Sizable Revenues; Demand for Minimally Invasive Procedures in Elderly Populations for Chronic Diseases Drive Revenues in Key Regions

- Utilization of titanium help medical device makers design reliable and functional implantable products; Implantable Medical Devices Market to Clock CAGR of 4.6 % During 2019 - 2027

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Transparency Market Research

May 26, 2020, 08:00 ET

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.

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™, 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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