The worldwide market for implantable medical devices is projected to grow significantly, reaching approximately US$ 138,474.35 million by 2030, up from US$ 80,156.0 million in 2022. This growth represents a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030.
Several factors are propelling the expansion of this market, including the increasing range of applications for implantable medical devices and a rise in spinal cord injuries. Nonetheless, complications arising after surgery pose challenges to market growth.
Opportunities in the Implantable Medical Devices Market
The integration of smart implants is becoming essential due to advancements in technology and the growing demand for personalized healthcare solutions. Smart implants offer remarkable opportunities for disease prevention, early diagnosis, real-time health monitoring, and customized treatment plans, all while minimizing invasiveness. These devices enable tailored diagnostics and treatments that cater to individual patient needs. Manufacturers are heavily investing in the development of innovative products and technologies related to implantable devices. Furthermore, there has been a notable increase in approvals from the Food and Drug Administration (FDA) for new applications within the implantable devices sector. For example, in July 2023, Anuncia Medical Inc. introduced the ReFlow Mini Flusher device, which enhances hydrocephalus treatment by improving access to critical therapies for the 30 million individuals affected by this condition globally. Similarly, in December 2022, Abbott's Eterna spinal cord stimulation (SCS) system received FDA approval, marking it as the smallest rechargeable spinal cord stimulator available for chronic pain management. The Eterna SCS employs Abbott's unique low-dose BurstDR stimulation technology, which has demonstrated a 23% greater pain reduction compared to traditional methods. Consequently, the increasing number of innovations and regulatory approvals is expected to create substantial opportunities for the implantable medical devices market throughout the forecast period.
Challenges Facing the Implantable Medical Devices Market
While implantable medical devices can be life-saving by alleviating pain and enhancing mobility, they are not without risks. Complications such as device failure, fracture fixation issues, and arthroplasty-related problems?including joint dislocations?are associated with orthopedic surgeries. Additionally, complications like implant rejection, infections, blood clots, loosening of implants, and neurovascular injuries can occur with orthopedic devices.
Various devices are utilized for administering medications intravenously and intrathecally, as well as managing complications related to cancer treatments. Examples include central venous access devices (CVADs), cardiac-implantable electronic devices (CIEDs), Ommaya reservoirs, external ventricular drains (EVDs), breast implants, tissue expanders (TEs), and percutaneous nephrostomy tubes (PCNTs).
Infections linked to these devices are prevalent, leading to increased healthcare costs and complications in cancer management, both in the short and long term. Such infections often delay further cancer treatments until they are resolved, necessitating the treatment of infections and, in some cases, the removal or replacement of the device. However, the removal of an implant can be complex and, in certain situations, may be unfeasible due to the patient's underlying health conditions, such as thrombocytopenia, comorbidities, lack of vascular access, immunosuppression, or previous surgeries. Additionally, reimbursement rates for treating these infections are declining, further hindering market growth.
Segment Analysis of the Implantable Medical Devices Market
The implantable medical devices market is categorized by nature into active and passive implants. In 2022, the passive implant segment dominated the market share, although the active implant segment is expected to experience a higher CAGR from 2022 to 2030. Passive implants, which do not contain electronic or magnetic components and do not require external power, include devices such as catheters, electric leads, aneurysm clips, stents, external fixation devices, hip prostheses, and inferior vena cava (IVC) filters. Passive implants can be affected by MRI through mechanisms like heating and displacement.
In terms of product type, the market is divided into diagnostic and treatment categories. The treatment segment held a larger market share in 2022 and is also projected to grow at a higher CAGR during the forecast period. Implantable medical devices are primarily used to deliver medications and support organ functions, particularly in cardiac care. Various prosthetics, including orthopedic and dental implants, are employed to replace damaged body parts.
By material type, the market is segmented into metallic, ceramic, and polymer categories. The metallic segment held the largest market share in 2022, while the polymer segment is anticipated to grow at the highest CAGR from 2022 to 2030. The market is also categorized by application into dental implants, orthopedic implants, cardiovascular implants, breast implants, brain implants, and others. The orthopedic implants segment was the largest in 2022 and is expected to register the highest CAGR during the forecast period. Lastly, the market is segmented by end users, including hospitals, specialty clinics, ambulatory surgical centers (ASCs), and others, with hospitals holding the largest market share in 2022 and expected to grow at the highest CAGR through 2030.
Geographical Insights into the Implantable Medical Devices Market
In 2022, North America held the largest share of the global implantable medical devices market, with the United States leading the region. The US is projected to experience the highest CAGR from 2022 to 2030, driven by the rising prevalence of neurological disorders such as Parkinson's disease, increased awareness of these conditions, and growing investments in transcranial stimulators. Factors contributing to Parkinson's disease include low dopamine levels and genetic predispositions. According to the "2022 Alzheimer's Disease Facts and Figures" report by the Alzheimer's Association, around 6.5 million Americans aged 65 and older were diagnosed with Alzheimer's in 2022, a number expected to rise to 13.8 million by 2060. Additionally, approximately 6 million people in the US have unruptured brain aneurysms, with an annual rupture rate of 8-10 per 100,000 individuals, leading to around 30,000 cases of brain aneurysm ruptures each year. Deep brain stimulation (DBS) devices have proven effective in managing tremors associated with Parkinson's disease.
The Parkinson's Foundation estimates that about 1 million Americans currently have Parkinson's disease, a figure projected to increase to 1.2 million by 2030. Technological advancements and new product launches are key drivers of growth in the implantable medical devices market. For instance, Abbott's Infinity DBS System received FDA approval in January 2020 for treating Parkinson's disease, allowing targeted treatment of the inner globus pallidus (GPi), a brain area linked to Parkinson's symptoms. Thus, the rising incidence of neurological disorders and ongoing technological innovations are propelling the growth of the implantable medical devices market in the US.
Key sources referenced in the preparation of this report on the implantable medical devices market include data from the World Bank, the National Health Service (NHS), the FDA (Food and Drug Administration), the EMA (European Medicines Agency), and the WHO (World Health Organization).