Press Release

The implantable medical devices market was valued at USD 90.6 Bn in 2021. The market is projected to grow USD 138.8 Bn in 2030, at a CAGR of 6.3%. The availability of implantable medical devices is becoming more widely known, as is the presence of improved healthcare infrastructure, rising disposable income, and expanding consumer healthcare spending. These are the major factors driving the acceptance of implantable medical devices among patients. Furthermore, the worldwide implanted medical devices market is being driven by the rising prevalence of chronic diseases and the growing elderly population. According to the United Nations, there were roughly 382 million elderly people worldwide in 2017, with that figure anticipated to rise to 2.1 billion by 2050. Geriatric population are more likely to develop chronic illnesses such as cardiovascular disease, endovascular disease, orthopaedic issues, and dental problems, all of which can increase demand for implantable medical devices around the world. Furthermore, the availability of a broader range of implantable medical devices meets a greater need for implants such as cardiovascular implants, orthopaedic implants, and a variety of other types of implants.

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Dental implants, pectoral implants, breast implants, cochlear implants and deltoid implants are examples of technological advancements in the healthcare industry that have allowed people to improve their appearance and enhance their beauty by implanting medical devices such as dental implants, breast implants, pectoral implants, deltoid implants, and cochlear implants. Another element driving demand for implantable medical devices is the public's growing concern with aesthetics and physical appearances. Furthermore, the existence of numerous market players, as well as their various development plans, has a significant impact on the market. Furthermore, an increase in the number of accidents involving injured limbs or organs is a big factor that could fuel demand for implantable medical devices around the world.

The diagnostic segment has dominated the market share in 2020 of global implantable medical devices market owing to the rising number of cases undergoing diagnostic and surgical procedures among the developing region. The dental segment has dominated the market share in 2020 of global implantable medical devices market owing to the consumption of unhealthy dishes or junk foods to which leading to dental problems. The multi-specialty centers segment is dominated the market share in 2020 of global implantable medical devices market owing to the community hospitals are becoming more common, especially in developing countries.

North America region is dominating the market share of global implantable medical devices market owing to the rising prevalence of cardiovascular and neurological illnesses, high accessibility to modern technologies, increased creation of novel and technologically advanced goods, and rising healthcare expenditure in the region. In order to effectively treat various chronic diseases, a large number of major manufacturers in the industry are launching sophisticated implantable medical devices in the United States.

Key Developments:

May 2022- Medtronic has acquired Intersect ENT to improve the product portfolio regarding sinus implant as well as strengthening the company's comprehensive ear, nose, and throat (ENT) portfolio with advanced products used in sinus procedures to improve post-operative outcomes.

December 2021- Koninklijke Philips N.V. has acquired Vesper Medical to offer innovate patient treatment as well as strengthen the portfolio of diagnostic and therapeutic devices with an advanced venous stent portfolio for the treatment of deep venous disease.

October 2019- GTX medical merged with NeuroRecovery Technologies focus on developing two technologies to improve the functional recovery of people with spinal cord injuries.