Implantable Medical Devices Market Size Is Expected to Reach $116,300 Million by the End of 2022
Pune, Maharashtra, India, February 18 2021 (Wiredrelease) Allied Analytics –:The implantable medical devices market is driven by factors such as increase in geriatric population, rapid technological advancements, growth in incidence of chronic diseases, and upsurge in adoption of advanced implantable medical devices. However, high cost of implantable medical devices and limited coverage of insurance schemes hamper the market growth. The implantable medical devices market has attained maturity in the developed region. However, increase in awareness for implants among individuals has supplemented the market growth in the emerging economies.
“Implantable Medical Devices Market by Product: Global Opportunity Analysis and Industry Forecast to 2022,” the global implantable medical devices market was valued at $72,265 million in 2015, and is projected to reach $116,300 million by 2022, registering a CAGR of 7.1% to 2022. North America accounted for nearly half of the global market share, and is projected to maintain its dominance during the forecast period.
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The implantable medical devices market is driven by factors such as increase in geriatric population, rapid technological advancements, growth in incidence of chronic diseases, and upsurge in adoption of advanced implantable medical devices. However, high cost of implantable medical devices and limited coverage of insurance schemes hamper the market growth. The implantable medical devices market has attained maturity in the developed region. However, increase in awareness for implants among individuals has supplemented the market growth in the emerging economies.
The North American implantable medical devices market contributed the highest revenue to the global market , accounting for nearly half of the market share. The U.S. was the major contributor to the revenue of the North American market due to growing awareness about the use of medical implants and high prevalence of chronic diseases in the region. Although the market has attained maturity due to the widespread adoption of these devices over the past few years, the introduction of technologically advanced devices is expected to provide ample scope for the market growth.
Asia-Pacific is projected to grow at the fastest rate during the forecast period due to high demand for medical implants, healthcare reforms for infrastructure development, and high prevalence of chronic diseases in this region. In addition, growing awareness about the benefits & availability of implantable devices and presence of high unmet needs in the emerging markets, such as India and China, drive the market.
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The development of technologically advanced implantable medical devices is the key strategy adopted by companies to strengthen their position in the market. The major companies profiled in this report include Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Integra Lifesciences Holdings Corporation, Medtronic Plc., Smith & Nephew Plc., St. Jude Medical, Inc., Zimmer Biomet Holdings, Inc., C.R. Bard Inc., LivaNova Plc., and Straumann AG.
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