The global implantable medical device market is expected to witness notable growth in future years due to rising number of technological advancements in the field of medical science and treatment. The market could witness the massive influence of both small and large players. Smart players of the market are focusing on expansion of the business in other regions of the world as well by investing in various research and development strategies. Apart from that, they are also trying to improve the designing and functional properties of the implantable medical devices in order to serve better. Leading players are excelling in advancements because of their financial upper hand and this is making it difficult for small and average-sized players to survive in the market, let along compete with them. Prominent players of the global implantable medical device market are Dentsply Sirona, Abbott Laboratories, Stryker Corporation, Danaher Corporation, Johnson & Johnson, Smith & Nephew plc, and Zimmer Biomet. Most of the players are taking initiatives in order to upgrade the medical devices for various treatment methods. Apart from that, major players making huge investments into their research and development strategies are making it difficult for small players to survive in the market because small players will not be as financially independent as their larger counterparts.
The global implantable medical device market is anticipated to be worth USD 49.8 billion by 2024. The market is expected to reach a steady CAGR of 4.9 percent. As per segmentation by material type, the global market for implantable medical device is seen to be dominated by titanium at present but may soon be surpassed by zirconium because of their rising demands in the market. Geographically, the market is seen to be dominated by North America owing to their rising awareness regarding medical as well as technological field. Apart from that, people in North American region are quick in adopting modern health culture and medication facilities as compared to the other regions. In the coming years, it is estimated that the market in North America will continue its dominance owing to the rise in geriatric as well as bariatric population and their medical demands for devices for treating various health issues related to old age and over-weight.
Cosmetic and dental industry to propel market growth
There a number of factors propelling the market for implantable medical devices at a global level. One of them being the increasing number of joint and bone disorders that demand medical implantable devices. Apart from that, dentistry had also advanced to the level where devices that can be implanted for treatment purposes. Dental science has advanced remarkably over the years and so did the surge in eating habits of people which resulted in oral maladies. Moreover, dental construction is also acting as a crucial medium in the beauty and cosmetic industry as well, thus opening new doors of opportunity for the implantable medical device market in the long run. Apart from dental science, cosmetic surgeries are also gaining popularity especially among celebrities in order to beautify themselves artificially. More and more people are giving importance to their physical appearance and body aesthetics. Thus, the market for implantable medical devices is to generate more revenue in the years to come.
Use of nickel and chromium in manufacturing products to hamper market growth
The market may have to face certain challenges in the upcoming years due to the extensive usage of materials like that of chromium and nickel. These elements are likely to cause cancer as per scientists and the usage of these products in the making of devices that will be used for medical purposes contradicts healthcare creates a question of concern, thus hampering the long term market. – Transparency Market Research