By 2024 , Implantable Medical Devices Market To Grow at a CAGR of 4.9%

The global implantable medical devices market features a largely consolidated competitive
landscape, with the top five companies accounting for a share of more than 50% in 2015, reports
TMR in a recent report. These companies, including Zimmer Biomet, Johnson & Johnson, Stryker
Corporation, Medtronic plc, Institut Straumann AG, hold sway owing to innovation, rapid
introduction of newer and more effective product varieties, and presence across several key regional
markets. Being a technology- and research-intensive field, governed by stringent approval
regulations, the implantable medical devices market faces a low threat of new entrants in the next
few years. However, the introduction of more promising substitutes to traditionally used materials is
expected to intensify competition.
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Transparency Market Research estimates that the global implantable medical devices market will
witness expansion at a healthy 4.9% CAGR over the period between 2016 and 2024. At this pace,
the market, which had a valuation of US$32.3 bn in 2015, is expected to rise to US$49.8 bn by
2024. Of the key materials used for manufacturing medical implants, titanium is presently the most
preferred but is expected to lose its prominence to other options such as titanium alloys and
zirconium. Over the period between 2016 and 2024, the market for titanium implants is expected to
expand at a 4.7% CAGR. The markets for titanium alloy implants and zirconium implants are
expected to expand at 5.5% and 6.4% CAGR over the same period, respectively.
Rising Prevalence of Chronic Degenerative Disease and Dental Problems to Stimulate
Demand for Implantable Medical Devices Globally
A plethora of factors are boosting the global consumption of medical implantable devices. Some of
the chief ones of these are the rising numbers of people suffering from chronic degenerative
diseases such as arthritis and cardiovascular issues and the high prevalence of dental problems,
which could require orthodontic and periodontics interventions. While busy lifestyles, unhealthy
dietary habits, lack of physical activities, and rising geriatric population are triggering chronic
health diseases, the rising intake of junk/fast food is leading to the increased incidences of dental
issues. Over the next few years, these factors are expected to arise as high-impact drivers of the
global implantable medical devices.
Along with these factors, the rising prevalence of a number of congenital diseases and the increased
awareness and consciousness regarding body’s appearance, and the alleged boost to self-esteem that
cosmetic surgeries bring, have also been underlined as the key drivers of the global implantable
medical devices market. The increased awareness regarding body aesthetics has given a huge boost
to the market for dental surgeries involving implantations, thus driving the global implantable
medical devices market.
Concerns Regarding Corrosion, Developments in Surgical Field Threaten to Hurt Demand for
Conventional Implants
Studies have demonstrated that implants made from materials such as nickel and chromium are
prone to corrosion and can trigger cancers. Implants made from cobalt alloy are known to pose risks
to human health owing to in vivo ion release; polyethylene implants could be a potential trigger for
bone lysis and localized tissue ruptures. Owing to the potential health issues that many varieties of
implants cause, patients are more prone to opt for other alternatives. Along with this, the vast
developments in the surgical field could also stimulate the consumer to prefer surgeries that promise
minimal risk to health.
Moreover, the high costs of medical implants and the concerns regarding post-implantation
infections, which may add to the overall cost of implanting a medical device in the body, are also
restraining the overall growth prospects of the global implantable medical devices market to a
certain extent.
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Growing number of geriatrics suffering from degenerative diseases, cardiovascular diseases, and other orthopedic issues are expected to be the primary growth drivers for the global implantable medical devices market. Poor lifestyle choices such as lack of exercise and unhealthy diet have been noted as the key factors addling the aforementioned issues for the overall population. Thus, global market is slated to witness a huge demand and a remarkable revenue earning as the health problems intensify.