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Implantable Medical Devices Market size to cross $271.5Bn by 2032

  • Published Date: March 16, 2023

Implantable Medical Devices Market size is projected to exceed USD 271.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The scarcity of organ donors is speculated to act as a major factor driving the implantable medical devices industry trends. According to the American Institute for Economic Research, more than 100,000 Americans require organ transplants each year, and over 6,000 people pass away while waiting. These implants assist in monitoring physiological processes, provide drugs, and support the functions of particular organs or tissues while also potentially playing a role in prostheses to replace lost or broken body parts. Thus, the lack of organ donors and advancements in artificial organs are favorably impacting the market scenario.

Rising cases of cardiac arrests globally to increase cardiovascular industry

Implantable medical devices market from cardiovascular segment registered a valuation of more than USD 28 billion in 2022. A significant rise in heart failures, advancing product technology, increasing cases of sudden cardiac arrest, and supportive policies implemented by numerous governments and public agencies are likely to propel segment adoption.

Increasing need for early detection to fuel diagnostic segment

Diagnostic implantable medical devices segment progress can be attributed to the rising expansion for constant disease monitoring for early diagnosis and prevention of chronic illnesses with flexible, thin, soft, malleable, and technologically improved implantable diagnostic devices. A 2023 clinical research based on biomedical implants for monitoring human physiological changes published by Jianghan University, China, found that these implants effectively monitor the discrepancies in the human body and help physicians detect the problem for possible solutions.

Browse key industry insights spread across 492 pages with 841 market data tables & 18 figures & charts from the report, “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” in detail along with the table of contents:

Mounting demand for wireless power transfer in implants to push active IMD requirement

Implantable medical devices market from the active segment accounted over USD 29 billion in 2022, owing to increasing usage of active biomedical implants with wireless power transfer that send electrical pulses to change the heart rate and contain a battery that powers the entire pacemaker's circuitry. In February 2022, Abbott, a medical devices firm, launched the first-of-its-kind investigational dual-chamber leadless pacemaker AVEIR for its pivotal clinical trial study. They are directly implanted into the heart and offer low chances of errors.

Surging development for easy access to varied treatments to augment multi-specialty centers segment revenues

Implantable medical devices market value from the multi-specialty centers segment to hit over USD 36.5 billion by 2032. Patients are drawn to these facilities for treatment due to the availability of cutting-edge treatment choices and the attractive reimbursement environment. Recently, in July 2022, the Health Minister of India announced plans to bring a multi-specialty center to Karwar Medical Hospital to address rising patient demand in the region.

Promising government healthcare schemes to complement North America market expansion

The high healthcare spending for laboratory automation & others, supportive government programs, and surging disease awareness, among others, are among the top factors bolstering North America implantable medical devices market growth. In September 2022, the White House held a National Summit on Biotech and Biomanufacturing that supported Biden Administration’s executive order to launch a National Biotechnology and Biomanufacturing Initiative with nearly USD 2 billion. The initiative will reduce prices, create job opportunities, and improve supply chain & health outcomes.

Increased product penetration in different regional markets to remain a key development approach

The competitive landscape of the implantable medical devices industry includes Henry Schein, Inc., Smith & Nephew plc, Stryker Corporation, Medtronic, and Abbott Laboratories, Inc., among other companies.

Authors: Rupali Swain, Subodh Kharad

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