Global implantable medical devices market is anticipated to grow with a CAGR of 7.55% in forecast period 2016-2023. There are numerous factors which helps in strengthening the implantable medical devices market during forecast period, such as increasing healthcare expenditure, increasing burden of cardiovascular diseases, technological advancements in the field of implantable medical devices, rise in prevalence of chronic diseases, rising prevalence of neurological disorders and growing elderly population. Apart from this, there are several factors which are impacting negatively on the overall implantable medical devices market, such as dearth of skilled professionals and issues related to the use of implantable medical devices. Moreover, huge market opportunities in the APAC region and developing countries and increase in development of minimally invasive and non-surgical procedures.
Cardiovascular disease is the foremost cause of premature death across the globe due to high prevalence of cardiovascular diseases depicts increased demand for these devices. Implantable cardiac pacemakers and implantable cardioverter defibrillators are the key medical devices used for the treatment of different cardiovascular conditions. According to the World Health Organization (WHO), around 17.5 million people died of cardiovascular diseases in 2012 globally, while the figure is expected to reach 23.3 million by 2030.
Source: OBRC Analysis.
The report on global implantable medical devices market includes product.
The product of implantable medical devices includes:
- Orthopedic implants
- Cardiovascular implants
- Intraocular lenses
- Dental implants
- Breast implants
- Other implants
The report scope is widely categorized on the basis of its various product, such as Orthopedic implants, Cardiovascular implants, Intraocular lenses, Dental implants, Breast implants and other implants. Moreover, the global implantable medical devices market revenue estimates and forecast includes sensors.
The global implantable medical devices market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World (Latin America, middle east and Africa)
The North America implantable medical devices market holds the largest market share due to technological advancement such as, patient-specific implants, especially in knee arthroplasty, using sculptural CAD and 3D technology. U.S. and Canada are some of the major countries of the North American region which helps to drive the Implantable Medical Devices market in the North American region. The United States always become one of the forefront country due to technological advancement such as, patient-specific implants, especially in knee arthroplasty, using sculptural CAD and 3D technology are being developed, which have many benefits over off-the-shelf implants across the globe. Moreover, due to the presence of renowned companies, such as Stryker Corporation, Cardinal Health Inc., Abbott Laboratories, Boston Scientific Corporation, etc. are driving significant growth to the North American implantable medical devices market. In addition to this, Asia Pacific implantable medical devices market is anticipated to grow with highest CAGR in the forecast period 2016-2023. India, China, Japan are some of the major countries of the Asia Pacific region which help in driving implantable medical devices market. Due to rising incidences of chronic diseases and growth in geriatric population has increased the demand of implantable medical devices market in the Asia Pacific region. As per, National Institute of Health (NIH), in 2015, it was recorded that 8.5% of global population i.e. 617 million people are of age 65 and above. Moreover, as per the HelpAge Organization of India, more than 75% of the Indian population are aged between 80-84 years in 2015. Moreover, 20.8% of the population in India are of age between 85-90 years and approximately 3.8% of the population in India is found to be above the age of 90.
The global implantable medical devices market is segmented into product. On the basis of product, this market is further diversified into Orthopedic implants, Cardiovascular implants, Intraocular lenses, Dental implants, Breast implants and other implants. The Orthopedic implant is anticipated to grow with the largest market share in the forecast period 2016-2023 due to increase in osteoporosis-related fractures and obesity cases. According to The National Center for Biotechnology Information (NCBI), the number of patients opting for orthopedic implant surgeries have increased among the age group of under 55-80 years worldwide. Moreover, increase in awareness about the benefits of such surgeries has fueled the adoption of these devices, especially in developing countries, such as India and China. Moreover, the cardiovascular implants expected to be the fastest growing market segment with largest CAGR in the global implantable medical devices market in 2016. Increasing incidence of cardiovascular disorders is the major factor for the growth of implantable medical devices market during the forecast period.
The major market players of the global implantable medical devices market are:
- Johnson & Johnson
- Cardinal Health Inc.
- Boston Scientific Corporation
- Stryker Corporation
- Integra Life sciences Holdings Corporation
- Medtronic Plc.
- Smith & Nephew Plc.
- Zimmer Biomet Holdings Inc.
- LivaNova Plc.
- Globus Medical Inc.
- Others
These companies are using various strategies, such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in implantable medical devices market. For instance, In April 2015, Medtronic plc. Has received the U.S. FDA approval for the world’s smallest pacemaker ‘The Micra TPS’, which is implanted directly into the heart with the support of a catheter.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for the year 2016-2023
- Report includes detailed analysis of different segments, such as, by product of global implantable medical devices.
- Identify and understand the strength, opportunities, challenges and threat of the global implantable medical devices market.
- Covers detailed analysis of Porters 5 force model and other strategic models and also covers revenues, market share analysis and competitive landscape analysis of major players of global implantable medical devices market.
- Detailed analysis of various regulatory policies which are affecting the global implantable medical devices market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global implantable medical devices market offers detailed analysis of strategic models, such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the global implantable medical devices market giving extensive SCOT analysis of key companies.
Key findings of the global implantable medical devices market:
- North America implantable medical devices market holds the largest market share in 2016 due to the presence of renowned companies, such as Stryker Corporation, Cardinal Health Inc., Abbott Laboratories, Boston Scientific Corporation, etc. providing significant growth to the implantable medical devices market.
- Asia pacific implantable medical devices market is anticipated to grow with highest CAGR in the forecast period 2016-2023. Due to increasing high incidence of chronic diseases and increase in geriatric population has increased the demand of implantable medical devices market in Asia pacific.
- Cardiovascular implants are anticipated to grow with the largest CAGR in the forecast period 2016-2023 due to increasing incidence of cardiovascular disorders.
- Orthopedic implant holds the largest market share in the global implantable medical devices market in 2016 due to increase in osteoporosis related fractures and incidence of obesity.
- Product launch is the key strategy adopted by players of global implantable medical devices market.
