November 30, 2020
According to the research report titled ‘Implantable Medical Devices Market Size By Product, By Type, By Nature of Device, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025‘, available with Market Study Report LLC, global implantable medical market is expected to exceed a valuation of USD 138.5 billion by the year 2025.
Technological advancements and subsequent innovative product launches are majorly fueling the growth of global implantable medical devices market. Growing geriatric population, and rising cases of chronic diseases that have resulted in high number of deaths are also driving the industry growth.
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Moreover, premarket approval (PMA) of implantable medical devices is likely to create opportunities for the industry participants. Additionally, lack of organ donors and improving quality of life owing to widespread product adoption are positively impacting global implantable medical devices market remuneration.
Focus among leading companies towards using advanced technologies as well as right surface materials in order to offer better treatments to patients is accelerating the growth of global implantable medical devices industry.
Based on product spectrum, cardiovascular segment captured 26.0% share in in global implantable medical devices market in 2018 and is poised to witness considerable growth in coming years, owing to rising incidences of cardiovascular diseases among population. Furthermore, increasing adoption of advanced cardiovascular implantable medical devices, rising awareness about implants and surging healthcare expenditure are contributing to the segmental growth.
Citing the end-user landscape, global implantable medical industry share from hospitals segment is predicted to expand significantly during the estimated timeframe. Factors such as improving healthcare infrastructure, increased pervasiveness of chronic conditions, and easy availability of specialized doctors as well as implantable medical devices are facilitating the business scenario.
From a regional point of reference, India implantable medical devices market is expected to witness 10.3% CAGR during 2019-2025, mainly due to rising incidences of road accidents, high prevalence of chronic diseases and surging awareness regarding medical implants.
Major players influencing global implantable medical market trends are Allergan plc, Smith & Nephew plc, Medtronic PLC, Zimmer Biomet, Abbott Laboratories, Stryker Corporation, Getinge AB, Bausch & Lomb, PolyTech Health & Aesthetics GmbH, Biotronik, Boston Scientific Corporation, Teva Pharmaceutical Industries Ltd., Alcon Laboratories Inc., Nuvectra Corporation, Henry Schein Inc., Intersect ENT Inc., Johnson & Johnson, Demant A/S, W.L. Gore & Associates Inc., and Cochlear Ltd.