Published Date : 08 Sep 2022
The global implantable medical devices market size is projected to hit around USD 145.6 billion by 2030 and expanding growth at a CAGR of 7% over the forecast period 2022 to 2030.
According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 and this number is expected 2.1 billion by 2050. The old age people are prone to various chronic diseases such as cardiovascular diseases, endovascular diseases, orthopedic disorders, and dental disorders, which can foster the demand for the implantable medical devices across the globe.
The global implantable medical devices market is driven by the rising demand for replacement or support of the bones, joints or other body tissues, owing to the rising prevalence of chronic diseases, rising cases of accidents, and trauma. The technological advancements in the healthcare industry has enabled the people to improve their looks and enhance their aesthetic beauty by using implantable medical devices such as dental implants, breast implants, pectoral implants, deltoid implants, and cochlear implants.
North America dominated the global implantable medical devices market in 2021. The increased prevalence of various chronic diseases and increasing geriatric population in the region is a significant driver of the implantable medical devices market. Further, the developed healthcare infrastructure in the region and rising popularity of the minimally invasive surgeries is anticipated to boost the market growth. Further, the increased awareness regarding the various implants has positively contributed towards the growth of the market in North America.According to the CDC, approximately 64% of the US population of age between 18 years to 64 years, visited clinics related to their medical health in 2017. Hence, the rising number of clinical visits in US is another driving force may contribute towards the market growth.
Asia Pacific is estimated to be the fastest-growing market during the forecast period. The rising government expenditure in region for the development of advanced healthcare infrastructure in fueling the market growth. Moreover rising number of road accidents may drive the demand for implantable medical devices. According to the WHO, around 93% of the road traffic accident cases are recorded in the low and middle income countries. Moreover, the growing geriatric population in the region is another significant factor that is expected to drive the market growth in the upcoming future. According to the United Nations, around 80% of the global geriatric population is expected to be living in the low and middle income nations.
Scope of the Report
|Market Size in 2021||USD 90.5 Billion|
|Revenue Forecast by 2030||USD 145.6 Billion|
|Growth Rate||CAGR of 7% from 2022 to 2030|
Rising demand for the minimally invasive surgeries
Minimally invasive surgeries are being performed for numerous health conditions such as degenerative spinal disorders, fractures, knee trauma, herniated discs, stenosis, and others. These type of surgeries may foster the usage of implantable medical devices and expected to drive the market growth in the forthcoming years.
Lack of skilled surgeons
There is an acute shortage of skilled and experienced surgeon in the low and middle income countries. As per the data published by the Lancet Commission on Global Surgery, more than 2 million surgeons are require in the middle and low income nation every year. Therefore, the lack of the skilled surgeons may restrict the adoption of the implantable medical devices and may hinder the market growth.
Rising number of surgical centers and hospitals across the globe
The growing investments by the corporate sector and the government in the development of the hospitals especially in the developing and underdeveloped regions is expected to offer lucrative growth opportunities to the market players. The rising number of hospitals and surgical centers across the globe is expected to drive the adoption of the implantable medical devices in the foreseeable future.
Lack of awareness among the people
There is a lack of awareness among the population regarding the availability of technologically advanced implantable medical devices. Spreading awareness among the people in the developing and underdeveloped countries is anticipated to be a major challenge for the market players.
Some of the prominent players:
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