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Implantable Medical Devices Market to be Worth US$49.8 Billion by 2024; Chronic Illnesses and Medical Tourism Kick-Start Growth, Says TMR
ALBANY, New York, May 24, 2019 /PRNewswire/ -- The implantable medical devices market is expected to register a healthy growth. Chronic illnesses such as various forms of cancers and lifestyle diseases such as diabetes and obesity are on the rise. Moreover, technological advancements such as skin-absorbable materials and recent FDA approvals are expected to drive growth in the market too.
The global implantable medical devices market depicts a fragmented and competitive landscape. Growing number of players and emergence of new competitive regions are expected to drive up the competition in the near future. Some key players in the global implantable medical devices market are Medtronic plc, Danaher Corporation, Johnson & Johnson, Institut Straumann AG, Zimmer Biomet, Smith & Nephew plc, and Stryker Corporation.
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Recently, FDA unveiled programs such as Humanitarian Device Exemption or HUD, which provides a free-hand to device manufacturers in regards to medical trials of rare illnesses. The majority of rare illnesses do not have approved treatments. Additionally, rare illnesses affect less than 2,00,000 people, a large potential number nonetheless.
This new legal pathway provides a safer way to test new devices. Supportive regulatory framework is expected to result in significant growth for the implantable medical devices market in the near future. Additionally, advent of new polymers, nano- materials, and mechanisms such as sonic control of devices are on the future horizon. Such developments are expected to create new opportunities for growth in the implantable medical devices market.
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The global implantable medical devices market is expected to reach US$49.8 bn in evaluation by 2024 end. The market is expected to clock a steady 4.9% CAGR during 2016-2024. Among the various material segments in the market, the titanium material is witnessing the highest demand currently. However, it is expected to be soon be replaced by Zirconium in the near future.
Region wise, North America is predicted to register the highest revenue total in the implantable medical devices market. Rising geriatric population is expected to increase demand for implantable medical devices market. Additionally, the region's reliance on third-party insurance services makes it more suitable to absorb the high costs of implantable devices.
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Dental Industry and Cosmetic to Drive the Implantable Medical Devices Market
According to a recent World Health Organization Report, one in two Americans are affected by a musculoskeletal condition. This number is on par with chronic respiratory illness and cardiovascular disease combined. Additionally, there are over 150 musculoskeletal conditions, affecting bones, joints, and a leading cause of disability globally. On the other hand, implantable medical devices have shown a real promise in catering to the needs of disable patients. According to an article recently published in the US National Library of Medicine, implantable medical devices have proven to deliver high impact on several applications including spine fixation, fracture fixation, and joint arthroplasty. Additionally, these devices also show promise in collecting important data. Moreover, new material advances are scalable and promise to be non-invasive in nature. Hence, growing number of elderly patients, rising musculoskeletal condition cases, growing FDA approvals, and safer pathways for clinical trials are expected to result in a significant growth for the implantable medical devices market.
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Dental and Cosmetic Applications to Open Lucrative Opportunities
Cosmetic surgeries are gaining increased popularity world over. Growing disposable income, rising acceptance of cosmetic enhancements, and influence of popular culture on young population are expected to drive significant gains for the implantable medical devices market. Currently, implantable medical devices serve various dental surgeries with an-depth look at dental problems. Additionally, growing influx of artificial intelligence in the devices are expected to help physicians make better decisions in the near future. The high costs of these surgeries can limit growth of the implantable medical devices market.
The information presented in the report is based on research report by TMR, titled, "Implantable Medical Devices Market (Product - Reconstructive Joint Replacement, Spinal Implants, Dental Implants, and Cardiovascular Implants; Material - Titanium, Stainless Steel, Titanium Alloy, CoCr Alloy, and Zirconium) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."
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