Implantable Medical Devices Market growing at a CAGR of 7.2% from 2021 to 2030 | CONMED Corporation, Globus Medical, Inc
Implantable-Medical-Devices-Market-2030
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Rise in prevalence of chronic diseases coupled with the rapidly ageing population, surge in cardiovascular & neurological illnesses, and improvements in active implanted medical devices drive the growth of the global implantable medical devices market. On the other hand, high implantation cost and lack of trained professionals in the medical surgeries sector restrain the growth to some extent. However, increase in the investments & funds to develop technologically advanced products is expected to create lucrative opportunities in the industry.
An implantable medical device is used to place in the human body during surgery or other clinical intervention to serve a specific function. All active implantable medical devices are classified as Class III and thereby subject to the most severe regulatory controls. For instance, a heart patient may need a pacemaker, a tiny wireless implantable medical device that aids the heart to beat in a regular rhythm, or an implantable cardioverter defibrillator (ICD), a battery powered device fit below the skin to track the heart rate.
The orthopedic implants segment held the lion's share-
Based on product, the orthopedic implants segment held the major share in 2020, generating more than one-fourth of the global implantable medical devices market. The dental implants segment, on the other hand, is projected to cite the fastest CAGR of 8.1% during the forecast period, due to surge in cardiovascular & neurological illnesses, and improvements in active implanted medical devices.
North America held the major share-
Based on region, the market across North America accounted for the highest share in 2020, contributing to more than two-fifths of the global implantable medical devices market, owing to increase in demand for implantable medical devices for the treatment of several diseases & disabilities and availability of advanced healthcare facilities with trained medical professionals. However, Asia-Pacific is expected to cite the fastest CAGR of 8.6% throughout the forecast period, attributed to rise in the prevalence of various diseases and increase in R&D investments in the developing countries such as Japan and China.
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Prominent market players-
Biotronik SE and Co. KG
Boston Scientific Corporation
C. R. Bard, Inc.
Cardinal Health, Inc.
CONMED Corporation
Abbott Laboratories
Integra LifeSciences Holdings Corporation
LivaNova PLC
Johnson and Johnson
Globus Medical Inc.
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