Implantable Medical Devices Market to Garner $179.03 Bn, Globally, by 2030 at 7.2% CAGR: Allied Market Research
Rise in prevalence of chronic diseases coupled with the rapidly ageing population, surge in cardiovascular & neurological illnesses, and improvements in active implanted medical devices drive the growth of the global implantable medical devices market.
PORTLAND, Ore., April 14, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Implantable Medical Devices Market by Product (Orthopedic Implants, Cardiovascular Implants , Intraocular Lens , Dental Implants, Breast Implants, Other Implants), : Global Opportunity Analysis and Industry Forecast, 2020-2030." As per the report, the global implantable medical devices industry was accounted for $91.8 billion in 2020, and is expected to reach $179.03 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rise in prevalence of chronic diseases coupled with the rapidly ageing population, surge in cardiovascular & neurological illnesses, and improvements in active implanted medical devices drive the growth of the global implantable medical devices market. On the other hand, high implantation cost and lack of trained professionals in the medical surgeries sector restrain the growth to some extent. However, increase in the investments & funds to develop technologically advanced products is expected to create lucrative opportunities in the industry.
Impact of COVID-19 Pandemic on Implantable Medical Devices Market-
- A steep decline in demand for implant surgeries impacted the implantable medical devices market negatively, especially during the initial phase of the pandemic.
- However, the market has already started recovering and is anticipated to get back on track soon.
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The orthopedic implants segment held the lion's share-
Based on product, the orthopedic implants segment held the major share in 2020, generating more than one-fourth of the global implantable medical devices market. The dental implants segment, on the other hand, is projected to cite the fastest CAGR of 8.1% during the forecast period, due to surge in cardiovascular & neurological illnesses, and improvements in active implanted medical devices.
North America held the major share-
Based on region, the market across North America accounted for the highest share in 2020, contributing to more than two-fifths of the global implantable medical devices market, owing to increase in demand for implantable medical devices for the treatment of several diseases & disabilities and availability of advanced healthcare facilities with trained medical professionals. However, Asia-Pacific is expected to cite the fastest CAGR of 8.6% throughout the forecast period, attributed to rise in the prevalence of various diseases and increase in R&D investments in the developing countries such as Japan and China.
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Prominent market players-
- Biotronik SE and Co. KG
- Boston Scientific Corporation
- C. R. Bard, Inc.
- Cardinal Health, Inc.
- CONMED Corporation
- Abbott Laboratories
- Integra LifeSciences Holdings Corporation
- LivaNova PLC
- Johnson and Johnson
- Globus Medical Inc.
Official Press Release- https://www.alliedmarketresearch.com/press-release/implantable-medical-devices-market.html
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