Rise in Burden of Cardiovascular Diseases to Propel Growth of the Implantable Medical Devices Market

Implantable Medical Devices Market 

Global Implantable Medical Devices Market, By Material (Metallic, Ceramic, Polymers, Natural), Product Type (Orthopedic Implants, Dental Implants, Breast Implants, Cardiovascular Implants, Intraocular lens, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2023-2030

The global Implantable Medical Devices Market is estimated to be valued at US$ XXX million in XXX and is expected to exhibit a CAGR of XXX% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

An implantable medical device is a medical device that is either wholly or partially introduced into the body. Unlike surgical medical devices, these devices stay in the body after the procedure. They are manufactured to replace a missing biological structure, enhance existing biological structure, or support a damaged biological structure.

Some examples of implantable medical devices include cardiac pacemakers, hip implants, coronary stents, implantable cardiac defibrillators, implantable insulin pumps, and intraocular lenses. These man-made implants are introduced into the body and intended to remain after the procedure.

Competitive Landscape:

Major players operating in the global Implantable Medical Devices Market are Abbott Laboratories, Johnson & Johnson, Boston scientific Corporation, Dentsply Sirona, Smith & Nephew, Medtronic, Terumo Corporation, Stryker Corporation, and Zimmer Biomet Holdings, among others.

Key Market Drivers:

Increasing burden of cardiovascular and neurological diseases across the globe is expected to boost growth of the global implantable medical devices for market during the forecast period. For instance, according to World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death worldwide, taking an estimated 17.9 million lives each year.

Cardiac implantable devices, like pacemakers, biventricular pacemakers, implantable cardioverter defibrillator (ICD), and cardiac loop recorders, are designed to help control or monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure.

Moreover, increasing demand or adoption of implantable medical devices worldwide is expected to propel growth of the global Implantable Medical Devices Market. For instance, with the increase in disease burden and increase in awareness among people, the demand or adoption of implantable medical devices is also increasing rapidly.

In August 2022, Medtronic announced the launch of an investigational extravascular implantable cardioverter defibrillator (EV ICD) with the lead placed under the breastbone, outside of the heart and veins achieved a defibrillation success rate of 98.7%, and met its safety endpoints in a global clinical trial.

COVID-19 Impact Analysis:

The outbreak of COVID-19 has had a severe impact on the creation and use of medical devices, as well as most aspects of healthcare. People with implantable devices declined scheduled follow-up appointments during the pandemic because of the risk of infection.

Moreover, higher rates of complications and mortality were observed in people with active COVID-19 infection who had cardiac implantable electronic devices (CIED) implantation. In short, the pandemic had a severe impact on the growth of the implantable medical devices for market.

Key Takeaways:

· Implantable Medical Devices Market is expected to exhibit a CAGR of XX % during the forecast period due to the development of next-gen devices or introduction of novel devices by market players. For instance, in September 2021, 4D Biomaterials launched a new class of 3D printing resins for making implantable medical devices.

· The company says that 4Degra offers unique advantages compared to existing degradable polymers, like problem-free degradation, improved biocompatibility, and promising tissue regeneration properties.

· Among regions, North America and Asia Pacific are expected to witness robust growth in the Implantable Medical Devices Market owing to the increase in burden of cardiovascular diseases, growing geriatric population, high demand for implantable medical devices, and development of next-gen devices or introduction of novel devices in these regions.

· For instance, according to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the U.S. One person dies every 34 seconds in the U.S. from cardiovascular disease. Moreover, the aging and elderly population are particularly susceptible to cardiovascular disease. Age is an independent risk factor for cardiovascular disease (CVD).

In February 2022, the Food and Drug Administration (FDA) approved Abbott’s CardioMEMS HF System to support the care of more people living with heart failure. The system is one-of-a-kind remote monitoring technology that detects changes in pulmonary artery pressure.