SHERIDAN, WY, UNITED STATES, November 23, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Implantable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global implantable medical devices market reached a value of US$ 120.5 Billion in 2021. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 168.3 Billion by 2027, exhibiting at a CAGR of 5.54% during 2022-2027.
Implantable medical devices are generally used for improving the functioning of body organs. These devices include coronary stents, implantable cardiac defibrillators (ICDs), hip implants, insulin pumps, interocular lenses and pacemakers. They can either be implanted inside the body temporarily or permanently for performing therapies, monitoring and diagnostic. As a result, these devices aid in supporting the function of other devices for treating ailments, infection control, drug delivery and tracking physiological factors or biomolecules. There has also been a considerable rise in the demand for implantable medical devices due to the increasing preference for maintaining an aesthetic appearance among the masses.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The global market is primarily driven by the rising prevalence of chronic illnesses among the masses. In line with this, the increasing geriatric population, which is more susceptible to critical medical ailments, is one of the key factors contributing to the market growth. Along with this, various technological advancements across the globe and the widespread integration of the healthcare sector with modern technologies are creating a positive outlook for the market.
Moreover, the rapid miniaturization of implantable medical devices is gaining prominence across the globe. Furthermore, rising investments by private and public firms to upgrade the existing the healthcare infrastructure is acting as another growth-inducing factor. Other factors, including rapid urbanization, inflating disposable income levels of the masses, and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth.
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Implantable Medical Devices Market 2022-2027 Competitive Analysis and Segmentation:
Based On Product Type:
Based On Material:
Based On End-User:
Ambulatory Surgery Centers (ASCs)
Middle East and Africa
Boston Scientific Corporation
Globus Medical, Inc.
Integra Lifesciences Holdings Corporation
Johnson & Johnson
Smith & Nephew Plc
Institut Straumann AG.
Wright Medical Group N.V.
Zimmer Biomet Holdings
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Key Highlights of the Report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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