Implantable Medical Devices Market size was over USD 190 Billion in 2023 and is poised to reach USD 427 Billion by the end of 2036, growing at around 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of implantable medical devices is evaluated at USD 7 Billion.
This boost is anticipated by the slated demand for disease detection, early diagnosis, and technological advancements in disease management services, which can not only help cure it but prevent any mishap as well. According to the American Cancer Society, in 2022 more than 20 million cases of cancer were diagnosed newly, and about 9.7 million people have died globally due to this disease.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7% |
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Base Year Market Size (2023) |
USD 190 Billion |
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Forecast Year Market Size (2036) |
USD 427 Billion |
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Regional Scope |
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Product (Cardiovascular, Ophthalmology, Orthopedic, Plastic Surgery, Dental, Neurology)
Cardiovascular segment is poised to account for more than 31% implantable medical devices market share by the end of 2036 driven by the increasing prevalence of several cardiovascular diseases in the population worldwide. According to a report by the World Health Organization in 2021, it was estimated that more than 17.9 million people died in 2019 attributed to cardiovascular diseases; this data registers a share of about 32% of global deaths.
Additionally, there is also an increase in technological advancements; increasing investments, coupled with the surge in the geriatric population, would help the cardiovascular segment dominate this implantable medical devices market expansion. The increase in such technological advancements has fueled the revenue share while improving the safety features, which makes them a better option for consumers.
Material (Stainless Steel, Titanium, Cobalt-Chromium Alloys, Titanium Alloys, Zirconium)
The stainless-steel segment is estimated to gain a robust implantable medical devices market share owing to the highly durable, resilient, and stable material, which makes it one of the most commonly, used materials for implantable medical devices. Stainless steel is a very resistant material, with a high strength and ability to withstand pressure, making it ideal for use in the human body.
According to a report, stainless steel 304 is regarded globally as the most suited material for the manufacturing of medical devices. Furthermore, stainless steel has a high resistance to corrosion and oxidization, which is a crucial factor in maintaining the long-term stability and reliability of implantable medical devices.
Nature of Device (Active, Passive)
The Active segment in the implantable medical devices market is estimated to exhibit around 9.2% CAGR till 2036. The reason behind this impact is projected by the increase in several devices such as defibrillators, ventricular assist systems, infusion pumps, pacemakers, and many more.
According to a report by the National Institutes of Health in 2021, from 2012 to 2018 there was an increase in public awareness regarding the knowledge of how to use Automated External Defibrillators (AED) grew from 4.7% to 20.8%.
Our in-depth analysis of the implantable medical devices market includes the following segments:
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Product |
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Type |
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Nature of Device |
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Material |
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North American Market Statistics
North American region in implantable medical devices market is projected to capture over 43% revenue share by 2036. The landscape's substantial growth in the region is expected to be credited to the surge in neurological diseases, neurology devices, and cardiovascular diseases, coupled with the geriatric population in this region. According to the World Health Organization, more than 3 billion people globally suffer with neurological conditions in 2021.
According to the Centers for Disease Control and Prevention, it was projected that more than 695,000 people in the United States died from heart disease in 2021, which was about 1 in every 5 deaths.
More than 10% of Canadians suffer from neurological disorders, according to a report by the National Institutes of Health based on Canada’s National Population Health Study about neurological conditions.
APAC Market Analysis
The Asia Pacific region will also encounter a huge influence on the implantable medical devices market value during the forecast period and will account for the second position attributed to the increasing cases of spinal cord injury. According to the World Health Organization, there are about 15 million people who suffer from spinal cord injuries (SCI).
The growing demand for better medical devices in this region is slated to increase. According to a report, China’s medical device industry is expected to set a share of about USD 36 billion in 2024.
There has been an increase in healthcare expenditures, which will increase the market share of the implantable medical devices market. According to the Organization for Economic Cooperation and Development (OECD), there was an increase of about 5.8% of Japan’s GDP used for health expenditure.
The Implantable medical devices market is predicted that the top five companies would occupy about 20%. Most of these companies are continuously collaborating, expanding, making agreements, and joining ventures for the growth of this revenue share and are estimated to be the major key players in this landscape.
Author Credits: Radhika Pawar
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