Implantable Medical Devices expected to experience the strongest growth in 2022

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An implant is a medical device that is surgically transplanted in the body to replace or support damaged body organs, enhance their functionalities, or detect flaws in functioning of organs. Medical devices can be placed either permanently or temporarily in the body, and can be removed when they are time-worned. These implantable devices are composed of bones, tissues, skin, ceramics, metals, and other natural materials.

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The global implantable medical devices market was valued at $72,265 million in 2015, and is estimated to reach $116,300 million by 2022, registering a CAGR of 7.1% during the forecast period. The market is driven by factors such as rise in prevalence of chronic diseases and rapid increase in geriatric population. Moreover, increased awareness among individuals and rapid technological advancements in the medical implants sector fuel the market growth. However, high cost of implantation and dearth of skilled workforce hamper the market growth. Even then, this market is poised to grow at a CAGR of 10.7% from 2016 to 2022 (in terms of volume).

The global implantable medical devices market is segmented based on product type and geography. Based on product type, the market is categorized into orthopedic implants, dental implants, breast implants, cardiovascular implants, intraocular lenses, and other implants. The orthopedic implants segment contributed the highest revenue to the global market in 2015, owing to the large pool of patients undergoing orthopedic implants due to hyperactive lifestyle, unhealthy food habits, rise in geriatric population, and advancements in medical technologies. The other implants category was the fastest growing segment in 2015, due to increase in prevalence of neurological diseases, craniomaxillofacial deformities, and eye disorders; increase in the rate of cosmetic surgeries; and rise in geriatric population.



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