The global implantable medical devices market size was US$ 98,575.3 million in 2021. The global implantable medical devices market size is forecast to reach US$ 189,032.75 million by 2030, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2022 to 2030.
Implantable medical devices are devices or tissues that can implant inside or outside the body. The majority of implants are prosthetics meant to replace missing body parts. Another type of implant delivers medication, monitors body functions, or provides support for organs and tissues. In addition to implanting the devices permanently for diagnostic, monitoring, and therapeutic reasons, they can also remove once no longer necessary. In addition to the constant-temperature environment in which long-term implants live, the adhesive joint has the additional challenge of complex loading conditions and ever-increasing device-lifetime requirements.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global implantable medical devices market. During the initial stage of the COVID-19 pandemic, implantable hospitals were focusing on the COVID-19 patients and decreased these surgeries. This, however, lessened the demand for these devices. In addition, because of fear of getting infected during a period of isolation and lockdown, various regions reported a reduction in hospital admissions, which indicated that many patients with moderate and severe disabilities avoided visiting the hospital.
Regional Insights
North America held the largest share of the global implantable medical devices market share in 2021 and is forecast to continue to dominate the market during the forecast period. It is due to the increase in incidences of chronic diseases, the rise in demand for implantable medical devices, the availability of advanced healthcare facilities with highly trained medical professionals, the rising R&D combined with the large presence of key players, and the increase in government investments in the healthcare sector.
The Asia Pacific is forecast to be the fastest-growing region in the industry during the forecast period. Several factors contribute to the growth of the market in the region, including improvements in healthcare infrastructure, more hospitals with advanced instruments, R&D sector development, healthcare reforms, and advances in medical technology.
Leading Competitors
The leading prominent companies profiled in the global implantable medical devices market are:
Scope of the Report
The global implantable medical devices market segmentation focuses on Product and Region.
Segmentation based on Product
Segmentation based on Region
