Implantable Medical Devices Market Trends

Growth Drivers

• Rising scarcity of donors - With the lucrative global population along with the boosting economies, there is also a significant increase in demand for organ donors, as according to the Health Ministry, the data of donors only crossed to 16,041 in 2022 from about 6,916 in 2014. Owing to this, other innovative options are in demand, such as implantable medical devices.

• Rising technological advancements in healthcare - As the innovations in the healthcare and pharmaceutical sector are at a surge, owing to the increasing artificial intelligence (AI) penetration and the demand for more accurate, quick, and conventional diagnoses, this would surpass the demand for implantable medical devices such as miniaturized electronics, biocompatible materials, wireless communication protocols, advanced sensor technology, and many more.
  
  Moreover, in breast cancer, AI enables mammograms to be reviewed more than 30 times faster coupled with 100% accuracy, this reduces the requirement for biopsies.
   
• Increasing chronic diseases - The increasing chronic disease conditions are estimated to increase as about 1 out of 3 adults suffer worldwide from multiple chronic conditions. According to the National Institutes of Health, there has been an increase of about 7% from 67% of deaths in 2010 to 74% of deaths in 2019, globally which are caused by chronic conditions.

Challenges

• Lack of trained and qualified crane operators - There is a lack of skilled crane operators in the renting industry due to which several rental firms are being turned down. Many implantable medical device providers have started training programs for upskilling their work but this would take an ample amount of time to take a lead.

• For implantable medical devices as they are often considered as medical devices because they are subjected to a strict regulatory requirement and approval before they can be used and adopted in hospitals, clinics, and several other medical facilities as well, which involves a lengthy process of evaluation and approval by the higher authorities, which can take time, high costs, and can hinder the adoption and expansion of implantable medical devices market.