Medical Implant Market to Witness Growth Owing to Increasing Prevalence of Cardiac Diseases and Parkinson's Disease Till 2022 | Million Insights
FELTON, California, September 13, 2018 /PRNewswire/ --
The global medical implant market is subject to witness a substantial growth due to the increasing prevalence of disorders like epilepsy, cardiac disorders, and Parkinson's disease. Factors driving the growth of medical implants market include growing geriatric population, rising approval rate for the use of latest advanced electronic devices in healthcare sector, and advent of advanced technologies for healthcare.
Prevalence of cardiac diseases is considered as one of the prominent factors responsible for high-end demand for medical implants. Globally, the medical implant market is estimated to grow at a substantial CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development in the medical implants market.
Cardiovascular diseases (CVDs) and coronary heart disease are considered as one of the common causes of death across the globe, thereby augmenting market demand for medical implants, in the recent years. Additionally, recent technological advancement and development of enhanced medical implants to treat various diseases is expected to drive the market growth in forecast period.
Shifting trend towards adoption of implantable medical devices for treatment of a wide range of health conditions is anticipated to fuel market expansion in near future. Growing preference towards to adoption of implantable medical devices by healthcare professional, doctors and physicians for diagnosis purposes is anticipated to foster market growth further.
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The frequent adoption of medical implants is increasingly found for monitoring as well as diagnosis purposes. Presently, the medical implants industry has witnessed substantial progress with immense advancement in micro & nano-electronics, electrode technology and signal processing techniques, thus substantially influencing overall market reach in short duration of time.
Medical implants help to replace missing or damaged biological body part in the human being. Medical implants are commonly placed over or inside the tissues or surface of the body. Increasing number of application of the medical implants for the treatment and diagnosis of wide range of diseases and replacement of the damaged part of the body are some of the major growth factors for medical implants industry, in the recent years. In addition, increasing healthcare expenditure by developed economies across the globe coupled with rising per capita income in the developing economies and increasing ageing population around the world are the key drivers of the medical implant market.
As per recent reports presented by International Society for Heart and Lung Transplantation, as many as six hundred pediatric heart transplantation processes are carried out each year globally. Such factors are expected to boost market demand for medical implant in the upcoming years.
The neuro-stimulation is considered as one of the fastest growing segment in the medical implant market with substantial revenue generation in the last couple of years. Growing popularity of the neuro-stimulation marker segment is attributed to the factors such as increasing patient awareness, recent technological advancements, growing neurological disorders, ever-increasing geriatric population, cost-effectiveness, and growing FDA approvals for clinical trials. Additionally, production of enhanced implantable neurostimulation devices, and improved clinical outcomes is expected to drive growth of neuro-stimulation market segment over the forecast period as well.
The microelectronic medical implant market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to favorable government initiatives, increasing approval rate from by various government agencies, growing prevalence of cardiac diseases, rising in the implementation of latest technologies in pharmaceutical & medicine sector, and existence of well-established healthcare infrastructure.
Asia-Pacific's market is predicted to hold higher share with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with increase in the number of healthcare facilities and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the microelectronic medical implant market are Zimmer Biomet Holdings Inc., Cochlear Co., Medtronic plc, Abbott Laboratories Ltd., Boston Scientific Co., and Philips N.V.
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