Orthopedic Implants Segment by Application to Account Larger Share in Implantable Medical Devices Market during 2022–2030

According to our latest study on “Implantable Medical Devices Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis" the market is expected to grow from US$ 80,156.0 million in 2022 and is expected to reach US$ 138,474.35 million by 2030; it is anticipated to record a CAGR of 7.1% from 2022 to 2030. The report highlights the key factors driving the implantable medical devices market growth and prominent players with their developments in the market.

An implantable medical device is a device that is either completely or partially implanted into the body. These medical devices are often implanted during surgical procedures by physicians. Implantable medical devices, as compared to surgical medical devices, remain in the body after the surgery.

By nature type, the implantable medical devices market is segmented into active implant and passive implant. The passive implant segment held a larger market share in 2022. However, active implant segment is anticipated to register a higher CAGR during 2022-2030. Passive implants do not have any electronic or magnetic components, and they do not require any external power source to function. Some examples of passive implants include catheters, electric leads, aneurysm clips, stents, external fixation devices, hip prostheses, and inferior vena cava (IVC) filters. MRI may affect passive implants through heating, rotation, displacement, and magnetization mechanisms. Based on product type, the implantable medical devices are bifurcated into diagnostics and treatment. The market is segmented into metallic, ceramics, and polymers based on material type. In terms of application, the implantable medical devices market is segmented into cardiovascular implants, orthopedic implants, cardiovascular implants, breast implants, prosthetics implants, brain implants, and others. Based on end user, the market is segmented into hospitals, specialty clinics, ASCs, and others.

Abbott Laboratories, Boston Scientific Corp, Dentsply Sirona Inc, Johnson & Johnson, Medtronic Plc, Institut Straumann AG, Smith & Nephew Plc, BIOTRONIK SE & Co KG, LivaNova Plc, and MED-EL Elektromedizin Gerate GmbH are among the leading companies operating in the global Implantable Medical Devices market.    

Companies operating in the implantable medical devices market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the implantable medical devices market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall implantable medical devices market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

A few of the significant developments by key market players are listed below.

• In August 2023, Medtronic plc received CE (Conformite Europeenne) Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS). It is the first Medtronic SCS device to offer a closed-loop feature that senses each person's unique biological signals and adjusts stimulation moment to moment, as needed, to keep therapy in harmony with the motions of daily life.
• In July 2023, Abbott announced that the U.S. Food and Drug Administration (FDA) has approved the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms. With more than 80% of people who need a pacemaker requiring pacing in two chambers of the heart (both the right atrium and right ventricle), the approval significantly increased access to leadless pacing for millions of people across the U.S.
• In April 2023, BIOTRONIK announced U.S. Food and Drug Administration (FDA) approval for Prospera, a spinal cord stimulation (SCS) system. The system features RESONANCE, the first and only multiphase stimulation paradigm, paired with Embrace One, a patient-centric care model that makes proactive care possible by offering automatic, objective, daily remote monitoring and ongoing management and support. This approval marks the launch of the company’s new business segment, BIOTRONIK Neuro.
• In January 2023, Abbott announced that the U.S. Food and Drug Administration (FDA) has approved its Proclaim XR spinal cord stimulation (SCS) system to treat painful diabetic peripheral neuropathy (DPN), a debilitating complication of diabetes. The Proclaim XR SCS system can provide relief to DPN patients in need of alternatives to traditional treatment approaches, such as oral medication. People who receive therapy from the Proclaim XR SCS system will also be able to use Abbott's NeuroSphere Virtual Clinic, a connected care app that allows people to communicate with a physician and receive treatment adjustments remotely.
• In May 2022, Johnson & Johnson MedTech announced that the INHANCE Shoulder System from DePuy Synthes received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for use in reverse total shoulder arthroplasty procedures. This clearance is in addition to the system’s already cleared use in anatomic shoulder arthroplasty and provides surgeons with interoperative flexibility.

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