According to Stratistics MRC, the Global Microelectronic Medical Implants market is accounted for $23.5 billion in 2015 and is expected to reach $43.9 billion by 2022 growing at a CAGR of 9.2% from 2015 to 2022. The factors such as growing incidence rate in epilepsy, increasing incidence of cardiac disorders and parkinson’s diseases are some of the factors driving the market growth. However, high power expenditure and ongoing clinical testing procedures are some of the factors hampering the market growth. The medical implant equipments waiting for approval by the government regulatory authority will remain as an opportunity for the microelectronic medical implants market over the forecast period.
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In this market, application segments such as neurostimulators, implantable drug pumps and hearing implants are propelled to have a larger share over the forecast period. North America commanded the largest market share in microelectronic implants owing to favorable government regularities and growing incidence of cardiac diseases. Similarly, growing number of aging population and increasing awareness among people has further boosted the market growth in European region.
Some of the key players in this market include Zimmer Biomet, MED-EL, Nihon Kohden, Biotronik, GE Healthcare, Medtronic, Cyberonics, Sorin Group, St.Jude Medical, Abiomed, Boston Scientific, Zoll Medical, Schiller, Philips Healthcare and Cardiac Science.
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