Global U.S. Implantable Medical Devices market analysis
Implants are instruments that are used to replace any missing biological structure in the body, improve working performance, or help a faulty arrangement in the body. The majority of medical devices implanted in the human body through surgical procedures are medically necessary and play an important role in extending patients’ lives.
During the forecast period (2020-2027), the U.S. implantable medical devices market is expected to attain a market valuation of US$ 150,299.3 million by 2027 and is estimated to be valued at US$ 86,446.3 million in 2020.
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Over the forecast period, the demand for U.S. implantable medical devices is projected to rise due to an increase in the prevalence of chronic diseases that necessitate medical implants. According to the American Heart Association’s 2019 Heart Disease and Stroke Statistics, approximately 5.3 million Americans have atrial fibrillation, and approximately 795,000 people have a new or recurrent stroke last year.
Furthermore, the demand for U.S. implantable medical devices is expected to expand as the geriatric population grows. According to the United States Census Bureau, the geriatric population in the United States is projected to hit 77 million by 2034.
Orthopedic implants dominated the implantable medical devices industry in the United States in 2019, accounting for 51.6% of market size, followed by cardiovascular implants and others.
The high cost of implantable medical devices is expected to stifle growth of the U.S. implantable medical devices market. Implantable implants, for example, cost an average of US$ 4,500 for a knee replacement, US$ 5,500 for a hip replacement, and US$ 95,000 for lumbar spine fusion.
Furthermore, the high incidence of implant-associated infections is expected to help the market in its expansion.
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Technological advancements in implantable medical device manufacturing methods are expected to provide lucrative growth opportunities for market participants. For instance, Researchers from Germany’s Fraunhofer Institute for Manufacturing Technology and Advanced Materials reported using laser treatment to structure a titanium alloy surface combined with a titanium dioxide coating to enhance implant osteointegration in April 2020. .
Furthermore, the U.S. implantable medical devices market is expected to benefit from the advancement of new approaches to assess the accumulated spatial inaccuracies in procuring an end-use implant from medical imaging.
The U.S. implantable medical devices market was valued at US$ 79,942.0 million in 2019 and is expected to reach US$ 150,299.3 million by 2027, with a CAGR of 8.2% between 2020 and 2027.
Market Trends/Key Takeaways
The use of 3D printing in the development of implantable medical devices is growing in popularity. In April 2020, for example, SLM Solutions, a German metal 3D printing firm, formed a strategic alliance with Canwell Medical, a Chinese medical device manufacturer, to produce 3D printed surgical implants.
Orthopedic implants are surgical instruments that help with the fixation or removal of bones or articulating joints. Orthopedic implantation operations are carried out by orthopaedic surgeons who have undergone extensive training. Such implantation procedures include removing the affected joint or bone section and replacing it with artificial prosthesis implants. Artificial knee implants, bone repair articles, artificial hip implants, and spinal fusions are the most widely used implantable orthopaedic devices.
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Key companies contributing in the U.S. implantable medical devices market are Medtronic Incorporated, Biomet Incorporated, Abbott Laboratories, Johnson and Johnson, Stryker Corporation, Zimmer Holdings Incorporated, Synthes Incorporated, Smith and Nephew PLC, Alcon Laboratories, Bausch and Lomb Incorporated, St. Jude Medical Incorporated, and Boston Scientific Corporation.
Clinical trials are being performed by industry leaders in order to broaden their product range. Nano Retina Ltd., a developer of artificial retina devices, announced positive preliminary results for its artificial retina device’s first-in-human implantations in March 2020.
Major market players are now concentrating on product acceptance and launch in order to broaden their product range. Allergan plc obtained FDA approval for its New Drug Application for DURYSTA (bimatoprost implant) 10 mcg for intracameral administration in the treatment of open-angle glaucoma or ocular hypertension in March 2020.
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