Implantable Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024
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Implantable Medical Devices Market: Snapshot
An implantable device is a “device that is placed into a surgically or naturally formed cavity of the human body if it is intended to remain there for a period of 30 days or more.” In recent past, the global market for implantable medical devices has undergone rapid growth, and the expansion is expected to continue in the near future. The expansion of the market is attributed to the technical innovations in the field of implants, which is motivating implantable device manufacturers to infuse more capital in the research and development of their products. However, high price of sophisticated implantable devices often demotivates the end-users and in turn is hindering the growth rate of the market.
The opportunity in the global market for implantable medical devices was valued at US$32.3 bn in 2015. Rising at a healthy CAGR of 4.9% during the forecast period of 2016–2024, the valuation is estimated to reach US$49.8 bn by the end of 2024. This substantiality and sustainability of the market is also attributed to factors such as rising geriatric population, and the rise in the incidences of musculoskeletal, dental, and other chronic degenerative health conditions.
Rising Geriatric Population Driving Reconstructive Joint Replacement Sub-segment
Damage to the joint is highly painful and results in loss of agility and hampers the normal activity of an individual. Such damage can be treated through pharmacological therapies and arthroscopy. But depending upon the severity of the damage to the joint, physicians often prescribe joint replacement, which is the most in-demand sub-segment of the orthopedic implants segment [...]