Implantable Medical Devices Market 2021 : Key Players, SWOT Analysis, Key Indicators, Forecast and COVID 19 Impact Analysis 2028

U.S. Implantable Medical Devices Market: Introduction

According to the report, the implantable medical devices market in the U.S. was valued at US$ 35.03 Bn in 2020 and is projected to expand at a CAGR of 9.5% from 2021 to 2028. Implants are devices used to replace any missing biological structure in the body and improve the efficiency of the working or supporting a defective arrangement in the body. Most of the medical devices implanted in the human body via surgical procedures are medically vital to be implanted and are instrumental in extending the lives of the patients. Hence, medical devices are implanted in the human body mostly in cases when topical therapeutics and drugs cannot deliver the desired effect and therefore, these devices are vital to save the life of the patient.

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Active medical implants form a significant portion of the overall implants domain. The most common forms of implantable medical devices are prosthetic devices such as artificial organs, defibrillators, reconstructive joints, spinal implants, intraocular implants, breast implants, and others. Implantable medical devices serve two major functions: application of a therapy from the inside of an organ and monitoring of the parameters & signals of the functioning of an organ for the optimization of treatment.

Each year medical device manufacturers across the globe generate multi-billion dollar revenues from the manufacture of medical devices. The U.S. is the largest market for medical devices. Implantable devices is a large segment of the medical devices market.

High Incidence of Chronic Degenerative Diseases

The patient pool suffering from conditions such as blindness, orthopedic ailments, deafness, glaucoma, hydrocephalus, and other degenerative diseases is increasing. Such patients can benefit from the new technologies evolving in the implantable devices sector. In several instances, a patient cannot be cured or assisted through pharmacological treatment. Implantation procedure can be a lifesaver in such cases. Moreover, aging of the baby boomer population of the U.S. is likely to drive demand for implantation procedures.

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Increase in Aging Population

With better healthcare facilities, the life expectancy of the people in the U.S., especially the aging population, has increased. Hence, the incidence of old age-related ailments such as osteoarthritis, osteoporosis, and others has increased. In such orthopedic cases, physicians suggest surgical assistance and implantation processes such as spinal fusion & fixation and other similar implantation procedures.

A similar trend has been observed in ophthalmology. Cataract is one of the most common old age-linked ophthalmic disorders. Cataract cannot be cured without implantation procedures. Hence, surge in the geriatric population is projected to increase the demand for intraocular lenses in the future.

Orthopedic Implants Segment to Dominate U.S. Market

In terms of product type, the implantable medical devices market in the U.S. has been classified into orthopedic implants, cardiovascular implants, dental implants, breast implants, and intraocular lens implants. Orthopedic implants was the largest segment of the market in terms of revenue in 2020. A surge in the geriatric population has increased the number of joint replacement procedures. The incidence of chronic cardiac diseases is increasing in the U.S. due to rise in the patient pool of aged population. This has driven the demand for cardiovascular implantation procedures in such patients.

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Orthopedic Implant Procedures Segment to Dominate U.S. Market

Based on procedure type, the implantable medical devices market in the U.S. has been categorized into orthopedic implant procedures, cardiovascular implant procedures, and other implant procedures.

Orthopedic disorders of the spine and joint are best treated with procedures such as spinal fusion and total joint replacement, respectively. Innovation in the nature and efficiency of implantable devices has resulted in rise in demand for implantation procedures. The U.S. is the major market for implantation procedures in the world and the demand for these procedures is the highest in the U.S.

Other major factors driving the implantation procedures in the U.S. are increased life expectancy, aging baby boomer population, rise in instances of degenerative orthopedic complications, surge in healthcare expenditure, rise in awareness about healthcare, and well-being among the public, among others.

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Competition Landscape

The implantable medical devices market in the U.S. is fragmented in terms of number of players. Key players in the U.S. include Abbott Laboratories, Alcon Laboratories, Biomet Incorporated, Bausch & Lomb Incorporated, Boston Scientific Corporation, Johnson & Johnson, Medtronic Incorporated, St. Jude Medical Incorporated, Smith & Nephew plc, Stryker Corporation, Synthes Incorporated, and Zimmer Holdings Incorporated.

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