Transparency Market Research Report Added "Implantable Medical Devices Market" to its database.
Albany, NY -- (SBWIRE) -- 01/04/2017 -- Implantable Medical Devices Market: Snapshot
An implantable device is a "device that is placed into a surgically or naturally formed cavity of the human body if it is intended to remain there for a period of 30 days or more." In recent past, the global market for implantable medical devices has undergone rapid growth, and the expansion is expected to continue in the near future. The expansion of the market is attributed to the technical innovations in the field of implants, which is motivating implantable device manufacturers to infuse more capital in the research and development of their products. However, high price of sophisticated implantable devices often demotivates the end-users and in turn is hindering the growth rate of the market.
The opportunity in the global market for implantable medical devices was valued at US$32.3 bn in 2015. Rising at a healthy CAGR of 4.9% during the forecast period of 2016–2024, the valuation is estimated to reach US$49.8 bn by the end of 2024. This substantiality and sustainability of the market is also attributed to factors such as rising geriatric population, and the rise in the incidences of musculoskeletal, dental, and other chronic degenerative health conditions.
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Rising Geriatric Population Driving Reconstructive Joint Replacement Sub-segment
Damage to the joint is highly painful and results in loss of agility and hampers the normal activity of an individual. Such damage can be treated through pharmacological therapies and arthroscopy. But depending upon the severity of the damage to the joint, physicians often prescribe joint replacement, which is the most in-demand sub-segment of the orthopedic implants segment in the global implantable medical devices market. The other sub-segments of orthopedic implants are spinal implants, orthobiologics, and trauma fixation implants.
The market for reconstructive joint replacements is primed for the fastest growth rate during the forecast period due to the increase in the instance of orthopedic disorders and growth in aging population. In addition, focus on the development of less invasive surgeries for joint replacement and awareness about its advantages will spur the demand for reconstructive joint replacement. Pricing pressures by bulk buyers will be the major holdback of this market. However owing to the advantages of products such as cement-less implants, patients will continue to opt for reconstructive joint replacement. The other product segments of the global implantable medical devices market are cardiovascular implants, dental implants, intraocular lens (IOLS), breast implants, and other implants.
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Japan Emerging as Second Most-lucrative Market
North America currently contributes to the most prominent demand for implantable medical devices, accounting for nearly 42% of the revenue in the global market in 2015. The demand is expected to sustain in the region due to factors such as the well-established healthcare infrastructure, effective reimbursement policies, rising geriatric population, increasing number of obese people, and high purchasing power. The U.S. currently is the most profitable country-market for implantable medical devices in the region of North America, serving 92% of the overall demand. However, the Asia Pacific implantable medical devices market is expected to expand at a faster rate due to a vast population base, of which major chunk is geriatrics, and investments by governments in the region toward improving their healthcare infrastructure. Japan is the second-most-prominent country-wise market globally. Factors that are augmenting the demand for implantable medical devices market in Japan are high life-span among the population, which is leading to rising prevalence of orthopedic conditions, and the demand for advanced technologies.
This is a fairly consolidated market with the top five companies accounting for more than 50% of the share in 2015. These five companies are Johnson & Johnson, Zimmer Biomet, Medtronic plc, Institut Straumann AG, and Stryker Corporation. Other key vendors in the market include Abbott Laboratories, Smith & Nephew plc, Danaher Corporation, Dentsply Sirona, and Boston Scientific Corporation.
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