Implantable
Medical Devices Market By Material (Metallic, Ceramic, Polymers, Natural),
Product Type (Orthopedic Implants, Dental Implants, Breast Implants,
Cardiovascular Implants, Intraocular lens, and Others) and End User (Hospitals,
Ambulatory Surgical Centers, and Others) - Global Industry Insights, Trends,
Outlook, and Opportunity Analysis, 2018-2026
The implantable medical devices
are man-made devices that are placed inside or on the surface of the body to
replace a missing biological structure or to support a damaged biological
structure and to enhance an existing biological structure. The implantable
medical devices are helping many patients to improve their quality of life
through surgical procedures The
implants can be used in different body parts for numerous applications such as
pacemakers, orthopedics, cardiovascular stents, neural prosthetics or drug
delivery system, and defibrillators.. The surface of implantable medical
devices is made up of biomedical materials such as titanium, silicone, or some
other material depending upon the desired compatibility and application.
Implantable medical devices can be removed when they are no longer needed or they
can be placed permanently.
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Technological advancements in
cardiac implant to drive the implantable medical devices market
New technology in the implantable
medical devices with various benefits is the major factor driving the growth of
the market. For instance, novel technology of patient specific implants using
3D technology and sculptural CAD, have numerous benefits over off-the-implants.
Development of next generation devices, upsurge in regulatory approval for
clinical trials, rise in neurological disorders in geriatric population, and
improved clinical outcome are some of the other important factors that is
helping in fuelling the growth of implantable medical devices market. The
demand of implantable medical devices also increasing due to lack of
alternative treatments for many severe disorders and injuries. The ability of
implantable medical devices to reduce the treatment cost for many chronic
disorders is expected to enhance the growth of implantable medical devices
market. However, the implantable medical
devices market restraints due to the price pressure from insurance providers
and government as they have tighten control over implantation costs.
Strong healthcare infrastructure
and technological advancements are responsible for the growth of North America
Regional segmentation of
implantable medical devices market by Coherent Market Insights comprises of
North America, Latin America, Europe, Asia Pacific, Africa, and Middle East.
North America dominates in the implantable medical devices market owing to the
factors such as strong healthcare infrastructure, supportive reimbursement,
rising geriatric population, awareness about medical assistance, technological
advancements, and high purchasing power.
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Lack of alternative treatments
for many chronic disorders and injuries are also helping the growth of
implantable medical devices market in North America. Increase in investment by government for
healthcare sector, unmet medical needs, huge population base, are the major factors
that might fuel the growth of the implantable medical devices market in
Asia-Pacific.
The cost effective and
technologically efficient medical devices are helping the industry players to
strengthen their position in implantable medical devices market
Key drivers operating the
implantable medical devices market includes Abbott Laboratories, Boston
scientific Corporation, Johnson & Johnson, Dentsply Sirona, Medtronic plc,
Smith & Nephew plc, Stryker Corporation, Terumo Corporation, and Zimmer
Biomet Holdings. The major players in the implantable medical devices market
have improved manufacturing techniques, upgraded the current set of products to
sustain in the highly competitive implantable medical devices market. Companies
have launched cost-effective and technologically advanced medical devices to
hold the position in the implantable medical devices market. For instance, the
Micra TPS, world’s smallest pacemaker by Medtronic plc received U.S. FDA
approval and CE mark approval in April 2015 that can be implanted directly into
the heart with the help of a catheter.
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