Home > Pressrelease > Implantable Medical Devices Market worth over $138bn by 2025

Implantable Medical Devices Market worth over $138bn by 2025

  • Published Date: January 6, 2020

Implantable Medical Devices Market size is set to exceed USD 138 billion by 2025, according to a new research report by Global Market Insights Inc.

Technological advancements in devices such as wearable, wireless, and portable devices will positively impact the implantable medical devices market growth. Innovation in microelectronics with the help of biosensors facilitate miniaturization and precise detection and treatment of life-threatening diseases. Additionally, implantable sensors provide highly specific data associated with crucial indicators of patients’ health that help in identifying severe issues, thereby optimizing patient care. With incorporation of significant advancements along with telemetry and chip technology in implantable medical devices, the market revenue is poised to boost at rapid pace in near future.

Expanding number of baby boomers will increase medical implantations exponentially

Rising prevalence of chronic ailments coupled with expanding geriatric patient pool will impel the implantable medical devices market demand. With growing burden of chronic diseases, the adoption of implantable electronic devices is increasing as they offer better quality of life, targeted treatment, and long-term solution for management of diseases. Thus, increasing incidence of diseases such as bone disorders, cardiac arrhythmia, retinal diseases, neurovascular diseases and several others, the multi-faceted applicability of implantable devices will boost the market size. However, complications linked with implants and data security issues due to active medical devices may limit the market growth.

Browse key industry insights spread across 250 pages with 531 market data tables & 14 figures & charts from the report, “Implantable Medical Devices Market Size By Product (Cardiovascular {Implantable Cardiac Defibrillators [ICDs], Stents, Pacemaker, Implantable Cardiac Monitors [ICM], Ventricular Assist Devices, Cardiac Resynchronization Therapy Devices [CRT]}, Orthopedic {Joint Reconstruction, Spinal Devices, Trauma Fixation Devices}, Ophthalmology {Intraocular Lenses and Glaucoma Implants}, Plastic Surgery {Breast Implants, Gluteal Implants}, Neurology {Deep Brain Stimulators}, Dental {Dental Implants, Dental Crowns and Abutment}), By Type (Diagnostic, Treatment), By Nature of Device (Active, Static/Non-active/Passive), By End-use (Hospitals, Multi-specialty Centres, Ambulatory Surgical Centers, Clinics), Industry Analysis Report, Regional Outlook, Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:  

Progressive changes in intraocular lenses to manage cataract will offer immense growth opportunities to implanted lens market

Ophthalmology segment comprising intraocular lens and others accounted for more than USD 3 billion market size in 2018. With growing incidence of cataract, the use of artificial eye implantations is also increasing; however, resulting in some refractive error post-surgery. Hence, the U.S. FDA approved the RxSight, a light-adjustable lens aimed at making minute adjustments to the lens’ power after the surgical procedure, wherein the patient does not require to wear glasses to correct any errors. Such advancements coupled with increasing incidence of retinal disorders will stimulate the market expansion.

Innovations in continuous monitoring devices for tracking disease progression

Implantable medical devices market for monitoring/diagnostic purposes is estimated to rise at substantial pace over the coming years. The need to constantly monitor patients in order to prevent sudden cardiac arrest or death is growing. Thus, with increasing patient pool suffering from cardiac arrhythmia and rising development of wireless and implantable cardiac rhythm monitoring devices, the demand for diagnostic devices including implantable loop recorders will soar.

Increasing number of accidents and falls will escalate the demand for osseointegration implants

Passive implantable medical devices market dominated over 74% of revenue share in 2018. These implants are not battery-powered and are usually used to fully or completely restore or repair body’s missing physiology. Implantable devices such as dental implants, artificial hips, artificial knees and others support patients by replacing vital organs and reinstating daily activities. Furthermore, use of superior materials for creating biocompatible osteointegration implants will accelerate the market size expansion.

Developing healthcare infrastructure in emerging nations will propel the Asia Pacific market revenue

Asia Pacific implantable medical devices market size is expected to observe around 8.3% growth rate during the forecast period. Increasing geriatric population pool and rising disposable income will be major factors impacting the industry revenue. In addition, booming medical device sector in emerging economies such as India and China will create attractive market expansion prospects in the region. Also, accelerating development of infrastructure, set-up of facilities such as catheterization laboratories, clinics, implantation centres and other settings coupled with rising funding for medical devices and medical tourism will impel the market growth.

Partnerships between established market players is one of the chief strategies adopted for development of implantable medical devices

Boston Scientific, Medtronic, Smith & Nephew, Zimmer Biomet, Stryker Corporation, Henry Schein, Johnson & Johnson, Abbott, Biotronik are some of the leading market players involved in the market among several other companies. Firms are undertaking innovation strategies for development of biocompatible implants along with collaborations to increase their foothold in the market.

Authors: Sumant Ugalmugle, Rupali Swain

Explore More on Related Topics: