Implantable Medical Devices Market Size to Grow USD 165.96 Billion by 2033

The implantable medical devices market is projected to grow to approximately USD 91.54 billion by 2023. By 2033, it is expected to expand to around USD 165.96 billion, with an annual growth rate of 6.13% from 2024 to 2033. The implantable medical devices market is driven by increasing chronic disorders, consumer awareness, and advanced technologies.

The implantable medical devices market refers to the sector within the healthcare industry that involves the design, manufacturing, and distribution of medical devices intended to be implanted into the human body for diagnostic, therapeutic, or cosmetic purposes. An equipment inserted into the body and frequently used during surgery is called an implanted medical device.

Pacemakers, blood pressure monitors, and corneal implants are a few examples. The FDA must approve these devices or provide 510k clearance. They are essential to healthcare because they monitor vital signs like blood pressure and heartbeat, which improve patients’ safety and quality of life. They point people in the direction of the right care and notify medical experts of possible problems. Implantable medical devices are, therefore, crucial to healthcare.

Implantable Medical Devices Are Becoming Increasingly Capable

Implantable Medical Devices Market Highlights:

In 2023, North America dominated the global implantable medical devices market with a leading market share of 44%.
The Asia Pacific region is projected to experience a substantial compound annual growth rate (CAGR) of 7.23% from 2024 to 2033.
In terms of product types, cardiovascular implants held the largest market share of 31% in 2023.
The dental implants segment is anticipated to expand at the highest CAGR of 9.83% during the forecast period.
Among biomaterials, metallic biomaterials accounted for the largest market share of 49% in 2023.
The natural biomaterials segment is expected to grow at the fastest CAGR of 6.63% throughout the forecast period.
Regarding end-use categories, hospitals secured the largest market share of 44% in 2023.
The outpatient facilities segment is forecasted to grow at a notable CAGR of 6.23% from 2024 to 2033.

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Table of Contents

Implantable Medical Devices Market Dynamics

Driver: Rising use of implantable medical devices

The rise in usage of implantable devices is fueling the growth of the implantable medical devices market. Most used implantable devices are implantable drug delivery devices. By regulating the rate, timing, and location of drug release, the implantable drug delivery system (IDDS) is a medical device that can be surgically inserted into patient tissues to introduce a therapeutic material and enhance safety and efficacy. IDDSs are combination items that combine two or more regulated elements to form a single unit, such as pharmaceuticals, medical equipment, or biological products.

IDDS has several benefits, such as accurate medication distribution without bioavailability, low side effects, and extended, dose-controlled administration that eliminates the need for patient compliance for therapy. Smart IDDS with feedback-controlled drug release and sensors have several uses, including insulin pumps equipped with glucose level monitors and the prevention of epileptic seizures. Hormone-containing pellets were used as the initial IDDS application in cattle and poultry.

Restraint: High Cost

Because of their complexity and invasiveness, implantable sensors can be out of reach for many patients and healthcare systems, even though they are cost-effective for the global healthcare system. For patients with long-term monitoring needs due to chronic diseases, this is especially difficult. Conversely, wearable sensors are less costly but have limits on accuracy and usage time.

The decision between implanted and wearable sensors is based on the objectives of healthcare interventions and personal demands. Medical device development costs can exceed $100 million for certain devices and typically comprise R&D, regulatory, manufacturing, marketing, sales, and legal and patent expenses. Because of this, only major medical device corporations with ample funding can commercialize these inventions.

Opportunity: Wireless charging system

A wireless charging device that might greatly increase the powering capacity of implantable biomedical devices, including pacemakers, insulin pumps, and neurostimulators. The apparatus can concurrently gather energy from ultrasonic and magnetic field sources and transform it into electricity to power implants. This is the first gadget that operates within the safety limits for human tissue while simultaneously harvesting these dual-energy sources with excellent efficiency. The device’s 300% power generation above current state-of-the-art devices could open next-generation biomedical applications.

Smaller than a millimeter, battery-free bioelectronic devices may be implanted with ease and enable dispersed networks of sensors and actuators to monitor and control physiological activity across the body. This would allow for accurate and adaptable bioelectronic therapy with little danger or disruption to day-to-day activities. With implants getting smaller, conventional wireless charging technologies for electric cars and cell phones might not be the best option. At lower frequencies, magnetic fields and ultrasonic energy present appealing alternatives for implant wireless powering or charging.

Implantable Medical Devices Market Case Studies

1. Case Study: Cardiovascular Implants Innovation

Company: Medtronic

Background: Medtronic, a leader in the cardiovascular implant sector, developed a revolutionary transcatheter aortic valve replacement (TAVR) device.

Challenge: Traditional open-heart surgery for aortic valve replacement is invasive and risky for elderly patients. Medtronic aimed to provide a less invasive option.

Solution: Medtronic introduced the Evolut PRO+ TAVR system, which offers a minimally invasive approach to treating aortic stenosis. The device is delivered through a catheter, avoiding the need for open-heart surgery.

Outcome: The Evolut PRO+ significantly improved patient outcomes, reducing recovery time and hospital stays. It achieved strong market adoption, contributing to Medtronic’s leading position in the cardiovascular implants segment, which held 31% of the market share in 2023.

2. Case Study: Growth in Dental Implants

Company: Straumann Group

Background: Straumann Group focused on expanding its dental implants portfolio to meet the growing demand for cosmetic and functional dental solutions.

Challenge: The market for dental implants was becoming increasingly competitive, with a demand for more advanced and aesthetically pleasing solutions.

Solution: Straumann introduced the BLX implant system, featuring a unique design that promotes faster osseointegration and greater stability. The system is designed to meet the needs of both general and specialized dental practices.

Outcome: The BLX implant system has become one of the fastest-growing products in the dental implants segment, which is projected to grow at a CAGR of 9.83% during the forecast period. Straumann’s innovation has significantly contributed to its market leadership.

3. Case Study: Advancement in Metallic Biomaterials

Company: Zimmer Biomet

Background: Zimmer Biomet, a major player in the implantable medical devices market, sought to enhance the performance of its metallic biomaterials used in orthopedic implants.

Challenge: Ensuring the durability and biocompatibility of metallic implants while reducing the risk of implant failure and complications.

Solution: Zimmer Biomet developed advanced titanium alloys with improved mechanical properties and biocompatibility. These materials are used in various orthopedic implants, including joint replacements and spinal devices.

Outcome: The use of these advanced metallic biomaterials has led to increased patient satisfaction and longer-lasting implants. Zimmer Biomet captured a significant share of the metallic biomaterials segment, which held 49% of the market share in 2023.

4. Case Study: Expanding Outpatient Facility Use

Company: Stryker Corporation

Background: Stryker Corporation aimed to address the growing trend of outpatient surgical procedures by enhancing its portfolio of implantable devices suitable for outpatient settings.

Challenge: Outpatient facilities require devices that offer high performance with minimal complications to ensure quick recovery and patient turnover.

Solution: Stryker developed a line of minimally invasive orthopedic implants and surgical instruments designed specifically for outpatient procedures. These devices focus on reducing surgical time and improving post-operative recovery.

Outcome: Stryker’s innovative approach has supported the growth of outpatient facilities, which are expected to see a notable CAGR of 6.23% from 2024 to 2033. The company’s products have become popular in outpatient settings, aligning with the market trend.

Implantable Medical Devices Market Regional Stance

North America

In 2023, North America led the implantable medical devices market with a dominant revenue share of 44%. The region’s advanced healthcare infrastructure, high levels of healthcare spending, and strong emphasis on technological innovation contribute to its leadership position. A significant patient population with prevalent chronic diseases drives the demand for cardiac, orthopedic, and neurostimulator implants. Additionally, collaborations between healthcare providers, research institutions, and industry players promote advancements in biomaterials and surgical techniques. The shift toward outpatient settings for minimally invasive procedures further supports market growth by providing cost-effective and patient-centric care options.

Europe

Europe’s implantable medical devices market benefits from a robust regulatory environment, ongoing technological innovations, and increasing healthcare expenditures. The presence of universal healthcare systems in many European countries ensures broad access to advanced treatments, including implantable devices. A key development in the region is the February 2024 opening of MAISI at King’s College London, a facility focused on advancing the production of active implants and surgical instruments. MAISI aims to bridge the gap between healthcare engineering research and clinical applications while addressing the need for compliant manufacturing facilities.

Asia Pacific

The Asia Pacific region is projected to experience a significant compound annual growth rate (CAGR) of 7.23% during the forecast period. This growth is driven by expanding healthcare infrastructure, rising healthcare expenditures, and an increasing prevalence of chronic diseases. Major contributors to this growth include China, Japan, and India, thanks to their large patient populations and improving access to advanced medical technologies. Factors such as aging populations, urbanization, and lifestyle changes are further driving demand for cardiac and orthopedic implants, with Japan alone having over 29.1% of its population aged 65 and older.

Implantable Medical Devices Market Recent News:

In April 2024, researchers in China created a novel battery that runs on oxygen that is found naturally in the body. This battery can greatly increase the longevity of implanted medical equipment, such as pacemakers and neurostimulators. By utilizing the body’s oxygen-rich blood, the novel, flexible, and biocompatible battery produces power that lasts noticeably longer than traditional batteries.
In February 2024, researchers at Penn State created a wireless charging mechanism that can greatly increase implantable biomedical devices’ powering capacity. The apparatus can concurrently gather energy from ultrasonic and magnetic field sources and transform it into electrical power for implants. This is the first gadget that operates within the safety limits of human tissue while harvesting these dual-energy sources with high efficiency.
In January 2024, electrostatic materials responsive to weak ultrasonic impulses were produced by a Pohang University of Science and Technology research team, opening the door for biomedical implants of electronic devices. The team selected ultrasonography because of its track record of safety in medical diagnosis and therapy. Through interlayer friction, the material generates efficient electrical energy with low output impedance. This results in static electricity.

Top Manufactures in Implantable Medical Devices Market

Medtronic
Abbott Laboratories
Johnson and Johnson
Boston Scientific Corporation
Smith & Nephew plc
Stryker
Cochlear Limited
Integra LifeSciences
LivaNova PLC
Biotronik SE and Co. KG

Implantable Medical Devices Market Segmentation:

By Product

Cardiovascular Implants
Orthopedic Implants
Ophthalmology Implants
Dental Implants
Aesthetic Implants
Neurology Implants

By Biomaterial

Ceramic
Metallic
Polymers
Natural

By End Use

Hospitals
Outpatient Facilities
Specialty Clinics & Centers

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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