Implantable Medical Devices Market

Global Implantable Medical Devices Market:

The global implantable medical devices market size reached USD 135.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 205.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032. The rising prevalence of chronic diseases, increasing demand for smaller, more advanced implantable medical devices, and growing integration of digital health technologies and connectivity features in implantable devices are some of the key factors driving the growth of the market.

Global Implantable Medical Devices Market Analysis:

• Major Market Drivers: The increasing elderly population across the globe, which is more prone to developing chronic diseases and requires long-term medical interventions, is one of the significant factors catalyzing the market growth.
• Key Market Trends: Innovations in materials, miniaturization, and biocompatibility enhancing device performance and patient outcomes are offering lucrative growth opportunities to the market. Furthermore, the emerging demand for cosmetic implants is also creating a positive outlook for the overall market.
• Competitive Landscape: Some of the leading companies operating in the global implantable medical devices include Abbott Laboratories, Biotronik, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Conmed Corporation, Globus Medical, Inc., Integra Lifesciences Holdings Corporation, Johnson & Johnson, LivaNova PLC, Medtronic plc, Nuvasive, Inc., Smith & Nephew Plc, St. Jude Medical, Inc., Institut Straumann AG., Stryker Corporation, Wright Medical Group N.V., and Zimmer Biomet Holdings, Inc., among others.
• Geographical Trends: According to the report, North America currently represents the largest market. The rising prevalence of cardiovascular diseases, high obesity rates, and favorable reimbursement environments are the primary factors that are driving the market growth in the region.
• Challenges and Opportunities: Challenges in the implantable medical devices market include regulatory complexities and high manufacturing costs, while opportunities stem from technological advancements enabling miniaturization and improved patient outcomes, and the increasing global prevalence of chronic diseases.

Global Implantable Medical Devices Market Trends:

Rising Occurrence of Chronic Diseases 

The rising occurrence of chronic diseases such as heart failure, arthritis, motor, sensory or cognitive modality, etc., that require various types of implants to sustain the life of a patient is primarily driving the growth of the market. For instance, as per an article titled 'Commentary on Chronic Disease Prevention in 2022' published in 2022, nearly 60% of adult Americans have at least one chronic disease. Chronic conditions like diabetes, cancer, and cardiovascular disease are the leading causes of death in the United States. Furthermore, according to GLOBOCAN, in 2020, there were approximately 2,281,658 new cancer cases diagnosed and 612,390 deaths due to cancer alone in the United States. Besides this, 537 million adults (1 in 10) were living with diabetes in 2021. This number is expected to rise to 643 million by 2030 and 783 million by 2045. Such a significant rise in diabetic cases is bolstering the utilization of implantable medical devices since they are widely used in diabetes management, primarily for continuous glucose monitoring (CGM) and insulin delivery systems. Moreover, the increasing geriatric population, which is more prone to developing chronic conditions, is also offering lucrative growth opportunities to the overall market.

Growing Product Application to Enhance Beauty

Implantable medical devices are increasingly being employed in cosmetic procedures to enhance beauty by providing options such as facial implants for augmentation, body contouring implants, and breast implants. These devices aim to improve aesthetic appearance and symmetry, offering long-lasting results that can contribute to increased self-confidence and satisfaction among patients. According to a data report, 8.08 per 1,000 women in the United States reported ever having had some type of breast implant. Among these, approximately 60% of the procedures were done for cosmetic reasons. Besides the aesthetic factor, the escalating number of accidents and brain injuries is also bolstering the market for facial implants. For instance, the Plastic Surgery Statistics Report 2020 published by the American Society of Plastic Surgeons shows that around 2.3 million cosmetic surgical procedures were performed in the United States in 2020. Additionally, according to IMARC, the global cosmetic implants market size reached USD 10.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 19.1 Billion by 2032, exhibiting a growth rate (CAGR) of 6.3% during 2024-2032. Such a rising preference for cosmetic procedures is propelling the implantable medical devices market size.

Technological Advancements

Technological advancements in implantable medical devices are revolutionizing healthcare by enhancing device functionality, durability, and patient outcomes. Moreover, the introduction of miniature implants for less invasive procedures and integration with digital health technologies for real-time monitoring and data analysis are creating a positive outlook for the overall market. Various key market players are increasingly investing in research and development activities, which is offering lucrative growth opportunities to the overall market. For instance, in August 2022, Medtronic plc launched an investigational extravascular implantable cardioverter defibrillator (EV ICD) system defibrillator 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. Similarly, in February 2022, Abbott launched the patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i pivotal clinical study. The implant of Abbott's investigational aveir dual-chamber leadless pacemaker is one of the significant technological milestones for leadless pacing technology. Such innovations are anticipated to further catalyze the market growth over the forecasted period.

Global Implantable Medical Devices Industry Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global implantable medical devices market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on product type, material and end-user.

Breakup by Product Type:

• Orthopedic Implants 
• Dental Implants 
• Facial Implants 
• Breast Implants 
• Cardiovascular Implants
• Others
   

Orthopedic implants hold the majority of the total market share. 

The report has provided a detailed breakup and analysis of the market based on the product type. This includes orthopedic implants, dental implants, facial implants, breast implants, cardiovascular implants, and others. According to the report, orthopedic implants hold the majority of the total market share.

Orthopedic implants are specialized medical devices designed to address musculoskeletal conditions and injuries. Orthopedic implants feature a wide range of designs, including joint replacements like hip and knee prostheses, plates, screws, and rods for fracture fixation, and spinal implants for addressing spinal disorders. Moreover, the rising aging population, which is more prone to developing orthopedic conditions, and the increasing prevalence of musculoskeletal issues such as osteoarthritis and fractures are contributing to the growth of this segment. For instance, according to IMARC, the global orthopedic implants market size reached USD 53.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 79.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032. 

Breakup by Material:

• Polymers
• Metals
• Ceramics
• Biologics
   

Polymers based implantable devices exhibit a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the material. This includes polymers, metals, ceramics and biologics. According to the report, polymers based implantable devices exhibit a clear dominance in the market.

Polymer-based implantable devices leverage synthetic materials known for their biocompatibility, flexibility, and durability, making them ideal for various medical applications. These devices can range from drug-eluting stents in cardiology to orthopedic implants and tissue engineering scaffolds. Polymers like polyurethane, polyethylene, and poly (lactic-co-glycolic acid) (PLGA) offer tailored mechanical properties and degradation rates, ensuring compatibility with biological tissues and minimizing immune response. Advances in polymer chemistry enable the incorporation of drugs or growth factors for controlled release, enhancing therapeutic efficacy. Such devices exemplify the intersection of materials science and biomedical engineering, driving innovations in medical treatments and improving patient outcomes.

Breakup by End-User:

• Hospitals
• Ambulatory Surgery Centers (ASCs)
• Clinics
   

Hospitals account for the largest market share

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes hospitals, ambulatory surgery centers (ASCs) and clinics. According to the report, hospitals account for the largest market share.

Hospitals are critical end users in the implantable medical devices market due to their role as primary healthcare providers and facilities equipped to perform complex medical procedures. They procure and utilize implantable devices such as pacemakers, orthopedic implants, and cardiac stents to treat various conditions ranging from cardiovascular diseases to orthopedic injuries. Hospitals prioritize devices that are safe, effective, and compliant with regulatory standards, ensuring patient safety and optimal treatment outcomes. They also play a key role in driving market demand through their purchasing power, clinical expertise, and capacity to adopt innovative technologies that improve patient care and surgical outcomes.

Breakup by Region:

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• Latin America
   

North America currently represents the largest market

The report has provided a detailed breakup and analysis of the market based on the region. This includes North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. According to the report, North America currently represents the largest market.

The rising prevalence of cardiovascular diseases, high obesity rates, and favorable reimbursement environments are the primary factors that are driving the market growth in the region. For instance, as per an article titled 'Commentary on Chronic Disease Prevention in 2022' published in 2022, nearly 60% of adult Americans have at least one chronic disease. Chronic conditions like diabetes, cancer, and cardiovascular disease are the leading causes of death in the United States. Besides this, the presence of key market players in the region, along with the introduction of improved implantable medical devices, is also contributing to the region's growth. For instance, in February 2020, Mexico joined the HEARTS initiative to strengthen primary healthcare for cardiovascular diseases. Promoted by the Pan American Health Organization/World Health Organization (PAHO/WHO), the initiative aims to improve the prevention and control of hypertension at the primary care level. Additionally, increasing number of product approvals is also expected to drive market growth in the region. For instance, in February 2022, the United States Food and Drug Administration (FDA) approved Abbott's CardioMEMS HF System to support the care of more people living with heart failure.

Competitive Landscape:

The competitive landscape of the market has also been examined with the detailed profiles of the following market players:

• Abbott Laboratories
• Biotronik
• Boston Scientific Corporation
• C. R. Bard, Inc.
• Cardinal Health, Inc.
• Conmed Corporation
• Globus Medical, Inc.
• Integra Lifesciences Holdings Corporation
• Johnson & Johnson
• LivaNova PLC
• Medtronic plc
• Nuvasive, Inc.
• Smith & Nephew Plc
• St. Jude Medical, Inc.
• Institut Straumann AG.
• Stryker Corporation
• Wright Medical Group N.V
• Zimmer Biomet Holdings, Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

This report provides a deep insight into the global implantable medical devices market covering all its essential aspects. This ranges from macro-overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the implantable medical devices industry in any manner.

Global Implantable Medical Devices Market News:

• June 2024: Royal Philips, a global leader in health technology, announced the first implant of the Duo Venous Stent System, an implantable medical device indicated to treat symptomatic venous outflow obstruction in patients with chronic venous insufficiency (CVI), following premarket approval (PMA) from the U.S. Food and Drug Association (FDA). 
• March 2024: US-based non-profit healthcare system Mass General Brigham established a group aimed at advancing implantable brain-computer interfaces by bringing industry stakeholders together into a single initiative.
• February 2024: The School of Biomedical Engineering & Imaging Sciences at King’s College London opened a new facility to manufacture active implants and surgical instruments (MAISI).

Global Implantable Medical Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the implantable medical devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global implantable medical devices market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the implantable medical devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.