Implantable Medical Devices Market Analysis

Implantable Medical Devices Market Analysis

As per product, the report cites that the implantable medical devices market from the orthopedic segment is anticipated to witness growth at over 6% CAGR from 2023 to 2032. This is attributed to the aging population, an increase in orthopedic illnesses, and advancements in implantable technologies for osteoarthritis. For instance, in November 2022, the U.S. FDA authorized 510(k) clearance to CurvaFix, a medical devices firm for its smaller diameter CurvaFix IM Implant for pelvic fractures. This approval escalated the company’s plans to offer both 7.5 mm and 9.5 mm diameters implants for pelvic disabilities.
 

In terms of end-use, the implantable medical devices market from the ambulatory surgical centers segment was worth over USD 19 billion in 2022. The surging number of patients visiting ambulatory surgical centers for various interventional surgeries is driving segment expansion. As per an Ambulatory Surgery Center Association report, the United States witnessed about 5800 ASCs performing about 30 million procedures in the year 2020. Furthermore, the easy availability of cutting-edge amenities in ASCs as well as one-day procedures is encouraging more patient visits, which is speculated to be profitable for the segment.
 

Based on type, the treatment segment captured the lion’s share of more than 99% of the implantable medical devices market in 2022. The effective product flexibility, an expanded application range, and technical improvements in these devices have elevated the demand for IMDs for the detection, management, and treatment of chronic diseases. A 2022 clinical study conducted in the U.S. found that implantable shock absorbers used in MISHA Knee System can relieve knee pain and improve function. The implantable shocker can also delay the chances of knee rupture and replacement. Hence, several advantages and clinical benefits provided by these implants are anticipated to improve postoperative outcomes, thereby increasing product adoption.
 

By nature of device, the implantable medical devices market share from the static/non-active/passive segment is projected to depict more than 8% CAGR over 2023-2032. Orthopedic implants, dental implants, and other implantable medical devices with passive or non-active nature can function without an external power supply. This makes them extremely effective and cost-efficient, which is benefiting the segment outlook. In a 2022 study, wireless & powerless transfer showcased a stable and controllable potential for cardiovascular implantable medical devices, which addresses the interface due to misalignment and expands transmission distance.
 

Europe implantable medical devices market is foreseen to reach over USD 63.5 billion by 2032. The region may emerge as a major revenue hub due to rising incidences of cardiovascular disorders and an increase in the surgeries being performed, which is propelling the demand for pacemakers and implantable cardioverter defibrillators, thereby facilitating regional business development. According to the Office of National Statistics, the United Kingdom reported that nearly 3.5 million people were suffering from cardiovascular conditions in 2021. Moreover, 3.7 million people suffered from respiratory diseases among a total of 6.8 million individuals reported in hospitals and ASCs.