The implantable medical devices market size is expected to grow by USD 51.1 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 8.25% during the forecast period, according to Technavio’s Research. The market is segmented by type (Orthopedic implants, cardiovascular implants, ophthalmic implants, dental implants, and other implants), End-user (Hospitals, clinics, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). North America will contribute 45% to the growth of the global market during the forecast period. The growth of the implantable medical devices market in the region can be attributed to the increasing prevalence of orthopedic and cardiovascular diseases and conditions, new product launches, favorable reimbursements for implant surgeries, and several initiatives by governments and non-profit organizations toward creating awareness about various healthcare conditions. Furthermore, there is an increase in demand for orthopedic implants due to the rising prevalence of orthopedic conditions. The conditions include osteoporosis, arthritis, spinal disorders, and knee injuries. Hence, such factors drive the growth of the regional market during the forecast period.
Abbott Laboratories, AbbVie Inc., B.Braun SE, BIOTRONIK SE and Co. KG, Boston Scientific Corp., Cardinal Health Inc., Conmed Corp., Global Consolidated Aesthetics Ltd., Globus Medical Inc., Ideal Implant Inc., Institut Straumann AG, Johnson and Johnson, LivaNova Plc, Medtronic Plc, Nuvasive Inc., Orthofix Medical Inc., Osstem and Hiossen Implant UK, Smith and Nephew plc, Stryker Corp., Zimmer Biomet Holdings Inc.
The rise in number of people with chronic illnesses drives the implantable medical devices market. Factors like the rise in the prevalence of orthopedic conditions, including osteoporosis, arthritis, hip and knee injuries, and bone deformities drive the demand for joint reconstruction implants. According to the Centers for Disease Control and Prevention (CDC), in the US, an estimated 54.4 million adults (22.7% of the total population) are diagnosed with some form of arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia every year. Hence, such factors drive the growth of the implantable medical devices market during the forecast period.
Strategic alliances among market vendors are a key trend in the implantable medical devices market. Identify key trends, drivers, and challenges in the market. Technavio