The adoption of implantable medical devices has gained prominence in the healthcare industry in the recent years, owing to rapid technological advancements and increase in awareness about the benefits and availability of these devices.
Implantable Medical Devices Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $116,300 million by 2022, registering a CAGR of 7.1% during the period 2016-2022..North America accounted for nearly half of the global market share in 2015, and is projected to maintain its dominance during the forecast period.
The implantable medical devices market is driven by factors such as increase in geriatric population, rapid technological advancements, growth in incidence of chronic diseases, and upsurge in adoption of advanced implantable medical devices. However, high cost of implantable medical devices and limited coverage of insurance schemes hamper the market growth. The implantable medical devices market has attained maturity in the developed region. However, increase in awareness for implants among individuals has supplemented the market growth in the emerging economies.
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Cardiovascular implants market is expected grow with a CAGR of 6.5% from 2016 to 2022. This is due to the rising prevalence of cardiovascular disorders (CVD), technological innovations, increasing geriatric population and favorable reimbursement policies by government and healthcare agencies. The other implants segment is expected to register the fastest CAGR of 10.6% during the forecast period, due to increase in prevalence of neurological diseases, craniomaxillofacial deformities, and eye disorders, and preference for cosmetic surgeries.
The North American implantable medical devices market contributed the highest revenue to the global market in 2015, accounting for nearly half of the market share. The U.S. was the major contributor to the revenue of the North American market due to growing awareness about the use of medical implants and high prevalence of chronic diseases in the region. Although the market has attained maturity due to the widespread adoption of these devices over the past few years, the introduction of technologically advanced devices is expected to provide ample scope for the market growth.