The global market for implantable medical devices is expected to witness steady growth, in terms of both volume and revenue, in the next few years.
Albany, NY -- (SBWIRE) -- 03/07/2017 -- The global market for implantable medical devices is expected to witness steady growth, in terms of both volume and revenue, in the next few years. The vast rise in incidence of musculoskeletal, dental, and a vast number of chronic degenerative health conditions are boosting the overall global demand for a variety of implantable medical devices globally. The rising geriatric population, increased affordability, and the trend of increasing expenditures aimed at maintaining health and longevity are also boosting the growth of the global implantable medical devices market globally.
Transparency Market Research estimates that the global implantable medical devices market will expand at a healthy CAGR of 4.9% over the period between 2016 and 2024. At this pace, the market is expected to rise to US$49.8 bn in 2024 from a valuation of US$32.3 bn in 2015.
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Titanium Implants to Lose Ground to Titanium Alloys and Zirconium Implants
Of the key materials used for manufacturing implantable medical devices, titanium is presently the largest contributor to the global market's overall revenues, accounting for a share of 42% in 2015. However, the segment is projected to witness a slight decline in its share in the global market to the segment of titanium alloys over the said period. The segment of titanium implants is expected to exhibit a 4.7% CAGR while the segment of titanium alloy implants is expected to expand at a 5.5% CAGR over the period between 2016 and 2024.
The segment of zirconium implants is expected to emerge as the one with the most promising growth opportunities over the said period. The segment is expected to expand at the fastest CAGR of 6.4% from 2016 to 2024 as compared to other prominently used materials for manufacturing implantable medical devices. The advantage of one-piece zirconium implants that they don't catch bacterial growth or do not suffer gradual degradation by electrochemical attacks, owing to the absence of any prosthetic connections, is expected to work in their favor and reduce the reliance on titanium implants, which mostly have these disadvantages. The same factor is also expected to work in the favor of titanium alloys and bring a decline in the overall use of titanium for the manufacture of medical implants.
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Asia Pacific Implantable Medical Devices Market to Post Considerable Gains
North America is presently the leading contributor to the global implantable medical devices market's revenues in 2015, accounting for a share of nearly 42%. The region is also expected to retain its dominance in the global market over the forecasting horizon. Factors such as the well-established healthcare facilities, rising geriatric population, effective reimbursement policies, high purchasing power, and rising numbers of obese people will play a key role in bringing this estimate into effect. The U.S. is the most eminent national market for implantable medical devices in the region, accounting for over 92% of the North America IMD market in 2015.
However, the North America market is expected to lose prominence to the Asia Pacific IMD, which is expected to expand at the fastest pace over the period between 2016 and 2024. The factors that are expected to boost the overall consumption of implantable medical devices in Asia Pacific in the next few years include the rising population of affluent consumers, improving healthcare infrastructure, booming medical tourism industry, and rising focus and expenditure on healthcare and wellness.
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Japan is the most prominent country for implantable medical devices in Asia Pacific and the second-largest country-wise market across the globe. Japan's market for implantable medical devices is expected to expand at a favorable pace over the period between 2016 and 2024 as well. Factors such as the country's vast geriatric population, rising prevalence of orthopedic conditions, and the continuous rise in demand for advanced technologies in the healthcare industry will contribute to the increased demand for implantable medical devices in the country.
The market features a largely consolidated competitive landscape, with the top five companies, including Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Medtronic plc, and Institut
Straumann AG, commanding a more than 50% share of the global market in 2015. Other key vendors in the market include Smith & Nephew plc, Danaher Corporation, Abbott Laboratories, Dentsply Sirona, and Boston Scientific Corporation.
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