Overview:
The implantable medical devices are used for replacing biological structure or to provide support to a damaged body part or sometimes to improve the function of a body part. They can be implanted inside the body or on the surface through surgical procedures. Implantation of medical devices improve quality of patient’s life. There are various types of implantable medical devices such as orthopaedics, pacemakers, cardiovascular stents, defibrillators and drug delivery systems or neural prosthetics. To make these devices biocompatible, they are made from biomedical materials like silicon, titanium, and other biomedical materials depending on the required compatibility. These implantable medical devices can be removable. According to the need of the patient, it can be implanted permanently or it can be removed over time when it’s no longer needed.
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Market drivers:
Factors such as increasing development in novel technology and frequent approvals of medical trials as well as increasing cases of neurological diseases in old age population are expected to propel growth of the global implantable medical devices market. Inadequate treatments options for severe injuries and diseases are increasing the implantable medical device demand.
Furthermore, advancement in technology in implantable medical devices and their numerous benefits are expected to boost growth of the global implantable medical devices market. For instance, specific medical implants can be created with 3D technology and sculptural CAD according to the patient’s need. Such technological advancement in implantable medical devices have many advantages over off-the-implants. Moreover, reduction in cost of treatment because of implantable medical devices is also expected to fuel growth of the global implantable medical device market.
Restraints:
Stringent government regulations regarding cost of implantation and pressure from insurance agencies for implantation cost is expected to hinder growth of the medical implantable devices market.
Market taxonomy:
The global implantable medical devices market is divided into material, product, and region
By material:
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Metallic
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Ceramic
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Polymers
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Natural
By product type:
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Orthopedic Implants
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Dental Implants
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Breast Implants
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Cardiovascular Implants
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Intraocular lens
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Others
By end user:
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Hospitals
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Ambulatory Surgical Centers
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Others
Regional analysis:
The global implantable medical devices market is regionally divided into North America, Europe, Latin America, Middle East, Africa, and Asia Pacific.
Among regions, North America is expected to witness a strong growth in implantable medical device market due to increasing aging population, development in technology, well-established healthcare infrastructure, growing awareness regarding medical aid, and favourable compensation policies.
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Moreover, Asia Pacific is witnessing robust growth in the implantable medical device market. This is attributed to growing investment in healthcare by governments, large number of population, and need of medical assistance.
Major players:
Key players functioning in the implantable medical devices market are Smith & Nephew plc, Boston scientific Corporation, Medtronic plc, Stryker Corporation, Terumo Corporation, Johnson & Johnson, Zimmer Biomet Holdings, Abbott Laboratories, and Dentsply Sirona.
Key developments:
The key players in the market of implantable medical devices are focusing on improving manufacturing strategies, enhancing the product portfolio in order to hold a strong position and to compete with other players in the implantable medical device market.
Moreover, market players are adopting various strategies such as launch of technologically developed and low-cost medical implantable devices to hold a strong position in the market. For instance, in April 2015, U.S. FDA granted approval and CE mark to Medtronic plc’s Micra TPS, the smallest pacemaker ever that is implantable directly into the heart by a catheter.
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