Implantable Medical Devices Market Size (By Product, By Biomaterial, By End-Use, and By Geography) - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Implantable Medical Devices Market Highlights

• Global implantable medical devices market revenue is poised to garner USD 164.9 billion by 2032 with a CAGR of 6.5% from 2024 to 2032
• North America implantable medical devices market value occupied around USD 40.3 billion in 2023
• Asia-Pacific implantable medical devices market growth will record a CAGR of more than 7.3% from 2024 to 2032
• Among product, the cardiovascular implants sub-segment generated more than USD 29.1 billion revenue in 2023
• Based on biomaterial, the metallic sub-segment generated around 48% implantable medical devices market share in 2023
• Increasing focus on minimally invasive procedures boosting adoption is a popular implantable medical devices market trend that fuels the industry demand

An implant is a medical device, manufactured to support or replace any damaged organs in the body, treat imperfections in normal body functions, or enhance the functioning of body organs. These can be implanted by surgery either temporarily or permanently in the body, and can be removed after its use. These devices comprise bones, skin, tissues, ceramics, plastics, metals, and other natural materials. Some of the implantable medical devices examples include implantable cardiac defibrillators (ICDs), cardiac pacemakers, intraocular lenses, hip implants, implantable insulin pumps, and coronary stents.

Global Implantable Medical Devices Market Dynamics

Market Drivers

• Rising prevalence of chronic diseases necessitating implantable solutions
• Technological advancements enhancing device safety and performance
• Growing aging population driving demand for orthopedic and cardiovascular implants
• Increasing healthcare expenditure in emerging economies

Market Restraints

• High cost of implantable medical devices limiting accessibility
• Stringent regulatory requirements delaying product approvals
• Risk of complications and device failures affecting patient trust

Market Opportunities

• Expanding applications of bioresorbable and smart implantable devices
• Emerging markets offering untapped growth potential
• Advancements in 3D printing technology revolutionizing device manufacturing

Implantable Medical Devices Market Report Coverage

Implantable Medical Devices Market Insights

Demand for implantable medical devices is rising continuously during the forecast period due to increased safety owing to technological advancement and growing awareness about the same. Furthermore, a lack of alternative treatment for chronic diseases is anticipated to boost the implantable medical devices market in the coming years.

Investment by market players for the development, commercialization, and in emerging regions such as the Asia-Pacific and Latin America are likely to propel the market growth. For instance, Dentsply Sirona opened a new production facility in Tokyo, Japan. The facility manufactured a complete company’s implant digital solutions portfolio at one and the same site to provide faster and better service to customers. The inaugural of the new facility strengthens the Simplant and Atlantis presence in the Asia market. Rise in the geriatric population across the world responsible for the increasing number of bone and joint disorders that demand implantable medical devices. For instance, According to iData Research, Inc. (Vancouver, British Columbia), the number of hip and knee implant surgeries in the United States increased by 4.6% between 2021 and 2022, totaling 2.06 million. Hip replacements climbed by 3.8% to 766,000 treatments, while knee replacements increased by 5.1% to over 1.3 million.

Increasing prevalence of chronic diseases is driving the growth of the market over the forecast period, For instance according to the National Health Council Approximately 40 million Americans experience limitations in daily activities owing to chronic health issues.

Implantable Medical Devices Market Segmentation

The worldwide market for implantable medical devices is split based on product, biomaterial, end-use, and geography.

Implantable Medical Device Market By Product

• Cardiovascular Implants
• Ophthalmology Implants
• Orthopedic Implants
• Dental Implants
• Neurology Implants
• Aesthetic Implants

According to implantable medical devices industry analysis, in 2023, The cardiovascular implantable devices segment is accounted for the largest share of the market and is expected to maintain its share during the forecast period. This can be attributed to the high focus of market players for developing new generation pacing devices that significantly improve the patient’s quality of life and reduce mortality in greater pricing flexibility. Others segment include neurostimulator, orthobiologics, facial implants, and trauma & craniomaxillofacial implants.

The orthopedic devices segment is anticipated to boost the market growth during the forecast period. This can be attributed to safety enhancements due to technological advancement in the field. Furthermore, lifestyle changes responsible for the growing prevalence of musculoskeletal disorders, increasing sports and accidental injuries, and the development of minimally invasive surgeries.

Implantable Medical Device Market By Biomaterial

• Metallic
• Ceramic
• Natural
• Polymers

The metallic category dominates the implantable medical device market due to its greater strength, durability, and biocompatibility. Metals like titanium, stainless steel, and cobalt-chromium alloys are frequently utilized due to their high mechanical qualities and corrosion resistance, making them ideal for orthopedic implants, dental fixtures, and cardiovascular stents. Their capacity to tolerate physiological demands while providing long-term functionality has resulted in widespread use. Furthermore, advances in surface modification technologies, such as coating and nanostructuring, have improved the integration of metallic implants with human tissues, hence boosting performance and lowering rejection rates. The increasing frequency of chronic illnesses necessitating long-term solutions, combined with continued innovation, assures that the metallic category dominates this market.

Implantable Medical Device Market By End-Use

• Outpatient Facilities
• Hospitals
• Specialty Clinics & Centers

Hospitals lead the implantable medical devices industry due to their extensive infrastructure and capacity to manage complex surgical operations. Hospitals have innovative technologies, competent healthcare personnel, and multidisciplinary teams, making them the first choice for implant treatments such as cardiac pacemakers, orthopedic implants, and cochlear devices. Their access to cutting-edge diagnostic and imaging tools guarantees proper implant placement and monitoring, which improves patient outcomes. Furthermore, the rising prevalence of chronic diseases, as well as increased government and private healthcare expenditure, has expanded hospital capacity, increasing the need for implant-related surgeries. Hospital trust and trustworthiness, together with increased acceptance of implanted devices, assure the segment's market leadership.

Implantable Medical Devices Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Implantable Medical Devices Market Regional Analysis

North America accounted for the largest share of the implantable medical devices market in 2023. This can be attributed to the local presence of major market players, technological advancement and development of next generation implantable devices that increase the provider as well as the patient’s confidence in products. The demand of implants is expected to increase continuously during the forecast period due to an increase in chronic condition patient’s population including chronic heart failure and osteoarthritis. However, the insurance provider’s tight control over implantation costs is anticipated to limit the growth of the market in the region. For instance According to the US Department of Health and Human Services, an estimated 129 million people in the United States have at least one significant chronic disease, such as heart disease, cancer, diabetes, obesity, or hypertension.

Asia-Pacific is expected to propel the market growth at the fastest rate over the implantable medical devices market forecast period due to investment by market players, a large number of the targeted patient population, and increasing disposable income. Medical centers and hospitals along with research institutes collaborated with implantable devices companies around the world.

Implantable Medical Devices Market Players

Some of the top implantable medical devices companies offered in our report includes Abbott Laboratories, Stryker, Johnson & Johnson, Boston Scientific Corporation, Cochlear Limited, Smith & Nephew plc, Integra LifeSciences, Zimmer Biomet Holdings, Inc., Biotronik SE and Co. KG, LivaNova PLC, and Medtronic Plc.