Global Implantable Medical Market: Snapshot
The research report predicts that the global implantable medical devices market will witness a boom in the near future due rapid technological innovations. The market is prophesied to expand during the forecast period as the investments in research and development of improved implantable medical devices continues to be on the rise. An implantable device is surgically placed in the human body to replace a dysfunctional part. The factors restraining the growth of the global implantable medical devices is the high price of these devices and lack of supportive reimbursements in developing countries.
According to the research report, the global implantable medical devices market is expected to reach a valuation of US$49.8 bn by the end of 2024 from US$32.3 bn in 2015. During the forecast period of 2016 and 2024, the global market is projected to surge at a steady CAGR of 4.9%.
Market Flourishes as Disorders and Diseases among Global Population Persists due to Poor Lifestyles
Growing number of geriatrics suffering from degenerative diseases, cardiovascular diseases, and other orthopedic issues are expected to be the primary growth drivers for the global implantable medical devices market. Poor lifestyle choices such as lack of exercise and unhealthy diet have been noted as the key factors addling the aforementioned issues for the overall population. Thus, global market is slated to witness a huge demand and a remarkable revenue earning as the health problems intensify. The report points out that rising number of orthodontic issues have also stirred up the demand for implantable medical devices in the recent past. The growing awareness about body aesthetics is seen as a lucrative opportunity for the global market.
Emergence of Medical Tourism Industry to Directly Benefit Global Implantable Devices Market
Geographically, the global implantable medical devices market is segmented into Western Europe, North America, Asia Pacific excluding Japan, the Middle East and Africa, Japan, Eastern Europe, and Latin America. Of all the regional markets, North America is expected to lead the global market in the coming years. The research report suggest that the North America implantable medical devices market held a share of 42% in the overall market in 2015. The strong healthcare infrastructure and the supportive reimbursement policies are expected to drive this regional market in the coming years. The U.S. is leading this regional market due to a huge population base that has been termed obese, rising pool of geriatrics, awareness about medical assistance, and a high purchasing power.
The report also predicts that Asia Pacific will emerge as a key regional market. The report highlights that the emergence of the medical tourism industry, especially in India, will be responsible for the growth of the Asia Pacific implantable medical devices market. The huge population base, unmet medical needs, growing pool of geriatrics, and growing investments by governments to better the healthcare infrastructure are collectively expected to propel the regional market. Furthermore, analysts point out that Japan is likely to plan a crucial part in the evolution of the Asia Pacific implantable medical devices market due to high life-span of the population, which will require medical assistance due to ailing health.
Some of the leading players leading the global implantable medical devices market are Johnson & Johnson, Medtronic plc, Danaher Corporation, Zimmer Biomet, Institut Straumann AG, Stryker Corporation, Smith & Nephew plc, Abbott Laboratories, Dentsply Sirona, and Boston Scientific Corporation.
Global Implantable Medical Devices Market: Overview
Implantable medical devices have become a key part of the global healthcare sector in recent years due to the steady technological innovation in the sector, which has led to the availability of reliable implantable devices. Steady growth of key consumer demographics such as geriatrics has also helped the implantable medical devices market. The growing diversity of application of implantable devices, due to the rising awareness about their clear benefits, is likely to remain a prime driver for the global implantable medical devices market.
According to Transparency Market Research (TMR), the global implantable medical devices market is expected to rise from US$32.3 bn in 2015 to US$49.8 bn by 2024.
Global Implantable Medical Devices Market: Drivers and Restraints
The growing prevalence of poor lifestyle choices among the global population is a prime driver for the global implantable medical devices market. This has contributed in large part to the rising prevalence of cardiovascular diseases, orthopedic conditions, and numerous degenerative diseases that necessitate the use of implantable medical devices. Unhealthy diet has become increasingly common because of the increasing ease of purchasing packaged food and junk food from a diverse array of distribution avenues. The convenience of packaged food choices, which sometimes outweighs their nutritive benefits, has thus become important for the implantable medical devices market.
Growth of the geriatric demographic across the world is the major driver for the global implantable medical devices market. Rising healthcare standards have led to a steady extension in average lifetimes, particularly in developed regions. This is an important factor for the global implantable medical devices market, as the geriatric demographic is prone to several degenerative conditions, including cardiovascular and orthopedic diseases, that entail demand from the implantable medical devices market. The steady growth of the dentistry sector and, in particular, the rising demand for orthodontic operations is also a key driver for the global implantable medical devices market.
Global Implantable Medical Devices Market: Geographical and Competitive Dynamics
Regionally, North America is likely to remain the leading contributor to the global implantable medical devices market in the coming years. The strong establishment of healthcare infrastructure in the region and availability of comprehensive reimbursement policies is vital for the implantable medical devices market in North America. Steady technological innovation in the healthcare sector in North America and the rising government and private investment in the same is also crucial for the global implantable medical devices market. The growing geriatric demographic in North America is likely to aid the development of the implantable medical devices market in the region in the coming years.
Asia Pacific is also likely to remain a vital regional contributor to the global implantable medical devices market in the coming years due to the steady development of the sector in emerging economies such as India and China. The large population pool of the region is a key driver for the implantable medical devices market in the region and is likely to remain an important driver for the market in the coming years thanks to the growing geriatric demographic in several countries in region.
Leading players in the global implantable medical devices market include Johnson & Johnson, Boston Scientific Corporation, Danaher Corporation, Medtronic Plc, Smith & Nephew Plc, Zimmer Biomet, Stryker Corporation, Abbott Laboratories, and Dentsply Sirona.