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 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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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
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.
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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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