An implantable medical device is used to place in the human body during surgery or other clinical intervention to serve a specific function.
Implantable Medical Devices Industry Overview:
An implantable medical device is used to place in the human body during surgery or other clinical intervention to serve a specific function. All active implantable medical devices are classified as Class III and thereby subject to the most severe regulatory controls. For instance, a heart patient may need a pacemaker, a tiny wireless implantable medical device that aids the heart to beat in a regular rhythm, or an implantable cardioverter defibrillator (ICD), a battery powered device fit below the skin to track the heart rate.
According to a report published by Allied Market Research, the global implantable medical devices market size is registered to reach $179.03 billion with a considerable CAGR from 2021 to 2030. North America is currently holding the highest market share, owing to rise in incidences of chronic diseases, availability of advanced healthcare facilities, rise in demand for implantable medical devices, presence of trained healthcare experts, increase in number of R&D activities, and presence of key market players in the region. The Asia-Pacific region, at the same time, is expected to exhibit the fastest CAGR, attributed to growth in healthcare infrastructure, rise in number of hospitals, increase in healthcare reforms, technological advancements, and development of R&D sector.
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Top Leading Players:
- Abbott Laboratories
- Biotronik SE and Co. KG
- Boston Scientific Corporation
- C. R. Bard, Inc.
- Cardinal Health, Inc.
- CONMED Corporation
- Globus Medical, Inc.
- Integra LifeSciences Holdings Corporation
- Johnson and Johnson
- LivaNova PLC
Covid-19 scenario-
However, during the outbreak of the COVID-19 pandemic, the demand for implant surgeries decreased significantly, which had a negative impact on the growth of the global implantable medical devices market. In order to maintain the social distancing norms, patients with moderate and severe disabilities avoided hospital visits. The supply chain around the world was disrupted, due to which, the market players had reduced the investments in raw materials and resources that are needed to undergo the implant surgeries.
Nevertheless, rise in number of reimbursement policies across various regions is offering lucrative opportunities for the growth of the global implantable medical devices market. With this drift on board, the market is definitely going to reach heights in the near future.