ImplantableMedical Devices Market By Material (Metallic, Ceramic, Polymers, Natural),Product Type (Orthopedic Implants, Dental Implants, Breast Implants,Cardiovascular Implants, Intraocular lens, and Others) and End User (Hospitals,Ambulatory Surgical Centers, and Others) - Global Industry Insights, Trends,Outlook, and Opportunity Analysis, 2018-2026
The implantable medical devicesare man-made devices that are placed inside or on the surface of the body toreplace a missing biological structure or to support a damaged biologicalstructure and to enhance an existing biological structure. The implantablemedical devices are helping many patients to improve their quality of lifethrough surgical procedures Theimplants can be used in different body parts for numerous applications such aspacemakers, orthopedics, cardiovascular stents, neural prosthetics or drugdelivery system, and defibrillators.. The surface of implantable medicaldevices is made up of biomedical materials such as titanium, silicone, or someother material depending upon the desired compatibility and application.Implantable medical devices can be removed when they are no longer needed or theycan be placed permanently.
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Technological advancements incardiac implant to drive the implantable medical devices market
New technology in the implantablemedical devices with various benefits is the major factor driving the growth ofthe market. For instance, novel technology of patient specific implants using3D technology and sculptural CAD, have numerous benefits over off-the-implants.Development of next generation devices, upsurge in regulatory approval forclinical trials, rise in neurological disorders in geriatric population, andimproved clinical outcome are some of the other important factors that ishelping in fuelling the growth of implantable medical devices market. Thedemand of implantable medical devices also increasing due to lack ofalternative treatments for many severe disorders and injuries. The ability ofimplantable medical devices to reduce the treatment cost for many chronicdisorders is expected to enhance the growth of implantable medical devicesmarket. However, the implantable medicaldevices market restraints due to the price pressure from insurance providersand government as they have tighten control over implantation costs.
Strong healthcare infrastructureand technological advancements are responsible for the growth of North America
Regional segmentation ofimplantable medical devices market by Coherent Market Insights comprises ofNorth America, Latin America, Europe, Asia Pacific, Africa, and Middle East.North America dominates in the implantable medical devices market owing to thefactors such as strong healthcare infrastructure, supportive reimbursement,rising geriatric population, awareness about medical assistance, technologicaladvancements, and high purchasing power.
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Lack of alternative treatmentsfor many chronic disorders and injuries are also helping the growth ofimplantable medical devices market in North America. Increase in investment by government forhealthcare sector, unmet medical needs, huge population base, are the major factorsthat might fuel the growth of the implantable medical devices market inAsia-Pacific.
The cost effective andtechnologically efficient medical devices are helping the industry players tostrengthen their position in implantable medical devices market
Key drivers operating theimplantable medical devices market includes Abbott Laboratories, Bostonscientific Corporation, Johnson & Johnson, Dentsply Sirona, Medtronic plc,Smith & Nephew plc, Stryker Corporation, Terumo Corporation, and ZimmerBiomet Holdings. The major players in the implantable medical devices markethave improved manufacturing techniques, upgraded the current set of products tosustain in the highly competitive implantable medical devices market. Companieshave launched cost-effective and technologically advanced medical devices tohold the position in the implantable medical devices market. For instance, theMicra TPS, world’s smallest pacemaker by Medtronic plc received U.S. FDAapproval and CE mark approval in April 2015 that can be implanted directly intothe heart with the help of a catheter.
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