Portland, OR -- (SBWIRE) -- 02/22/2018 -- The adoption of implantable medical devices has gained prominence in the healthcare industry in the recent years, owing to rapid technological advancements and increase in awareness about the benefits and availability of these devices.

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Implantable Medical Devices Market was valued at $72,265 million, and is expected to reach $116,300 million by 2022, supported by a CAGR of 7.1%. An implant is a medical device, which is used to replace or support any damaged body organs, improve the functioning of body organs, or treat defects in normal body functions. These can be surgically implanted either permanently or temporarily in the human body, and can be removed when dispensable. These implantable devices comprise bones, tissues, skin, ceramics, metals, plastics, and other natural materials. The report analyzes the implantable medical devices market based on product and geography.

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.

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Cardiovascular implants market is expected grow with a CAGR of 6.5% from 2016 to 2022. This is due to the rising prevalence of cardiovascular disorders (CVD), technological innovations, increasing geriatric population and favorable reimbursement policies by government and healthcare agencies. The other implants segment is expected to register the fastest CAGR of 10.6% during the forecast period, due to increase in prevalence of neurological diseases, craniomaxillofacial deformities, and eye disorders, and preference for cosmetic surgeries.

The orthopedic implants segment bagged the largest market in terms of the total shares in global implantable medical devices market in 2015, due to rise in incidence of obesity and osteoporosis-related fractures. Furthermore, the number of patients opting for orthopedic implant surgeries have increased among in the age group of under 55 years to over 80 years. Moreover, increase in awareness about the benefits of such surgeries on the quality of life has fueled the adoption of these devices, especially in developing countries such as India and China. In addition, improvement of healthcare infrastructure in the developing countries has boosted the growth of the orthopedic implants market. New technologies, such as patient-specific implants, especially in knee arthroplasty, using 3D technology and sculptural CAD are being developed, which have numerous benefits over off-the-shelf implants.

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