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Implantable Medical Devices Market Size, By Product (Cardiovascular {Pacemaker, Implantable Cardiac Defibrillators [ICDs], Cardiac Resynchronization Therapy [CRT], Stents, Ventricular Assist Devices, Implantable Cardiac Monitors [ICM]}, Orthopedic {Joint Reconstruction, Spinal Devices, Trauma Fixation Devices}, Ophthalmology {Intraocular Lenses & Glaucoma Implants}, Plastic Surgery {Breast Implants, Gluteal Implants}, Neurology {Deep Brain Stimulators}, Dental {Dental Implants, Dental Crowns & Abutment}), By Type (Diagnostic, Treatment), By Nature of Device (Active, Static/Non-active/Passive), By End-use (Hospitals, Multi-specialty Centers, Ambulatory Surgical Centers, Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI4483
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Statistics

Implantable Medical Devices Market size exceeded USD 112.5 billion in revenue in 2022 and is expected to grow at over 9% CAGR from 2023 to 2032 driven by advancements in disease management services for early diagnosis and disease detection.

Implantable Medical Devices Market

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Industry demand is primarily fueled by favorable spending toward implantable medical devices in developed countries. Government, profit, and nonprofit organizations around the world are actively launching various initiatives to raise funds and increase public awareness of the risk associated with life-threatening chronic illnesses, thereby propelling product utilization.

Furthermore, rising incidences of chronic diseases are also offering robust prospects to the implantable medical devices industry. Mounting occurrences of chronic diseases in line with the expanding geriatric population has boosted the need for cost-effective disease treatment options, which is foreseen to favor the market value.

 High number of product recalls may impede industry progression

The possibility of a recall for implantable medical devices awaiting premarket approval and FDA administration authorization is limiting market expansion. For instance, in May 2021, FDA announced that pharma giant Abbott was recalling over 60,000 Assurity and Endurity implantable pacemakers owing to the risk of moisture that could cause electrical shorts, leading to severe complications. Nonetheless, growing emphasis on the creation of implanted sensors and microelectronics is set to aid manufacturers in overcoming these hurdles.

Promising developments in implantable medical devices to accelerate orthopedic segment progress

Global Implantable Medical Devices Market Share By Product

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As per product, the report cites that the implantable medical devices market from the orthopedic segment is anticipated to witness growth at over 6% CAGR from 2023 to 2032. This is attributed to the aging population, an increase in orthopedic illnesses, and advancements in implantable technologies for osteoarthritis. For instance, in November 2022, the U.S. FDA authorized 510(k) clearance to CurvaFix, a medical devices firm for its smaller diameter CurvaFix IM Implant for pelvic fractures. This approval escalated the company’s plans to offer both 7.5 mm and 9.5 mm diameters implants for pelvic disabilities.

Soaring number of patient visits in ambulatory surgical centers to define the industry landscape

Authors: Rupali Swain, Subodh Kharad

Frequently Asked Questions (FAQ) :

Global market for implantable medical devices was valued at more than USD 112.5 billion in 2022 and is set to progress at over 9% CAGR between 2023 and 2032 owing to advancements of disease management services for early diagnosis and disease detection.

The ambulatory surgical centers application segment accounted for over USD 19 billion in 2022 due to the mounting number of patients visiting ambulatory surgical centers for different interventional surgeries.

Static/non-active/passive segment is projected to depict more than 8% CAGR over 2023-2032 as a result of the low requirement for external power supply compared to its counterpart.

Europe implantable medical devices market valuation is foreseen to reach over USD 63.5 billion by 2032 on account of an upsurge in cardiovascular disorder instances and the increasing number of surgeries being performed resulting in extensive demand for pacemakers and implantable cardioverter defibrillators in the region.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 859
  • Countries covered: 33
  • Pages: 492

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