Rising incidence of cardiovascular, neurological and hearing disorders is driving the market for microelectronic medical implants over the forecast period.
According to The Insight Partners market research study titled Microelectronic Medical Implants Market - Global Analysis and Forecasts by Product, Technology, Material, Application, and End User. The global microelectronic medical implants market is expected to reach US$ 59,561.4 Mn in 2027 from US$ 27,461.2 in 2018. The market is estimated to grow with a CAGR of 9.4% from 2019-2027. The report highlights the trends prevalent in the global microelectronic medical implants market and the factors driving the market along with those that act as deterrents to its growth.
The microelectronic medical implants market by product is segmented into pacemakers & defibrillators, neurostimulators, implantable drug pumps, cochlear implants, ocular implants, retinal implants, and others. In 2018, the pacemakers and defibrillators segment held a largest market share of 32.0% of the microelectronic medical implants market, by product. This segment is also expected to dominate the market in 2027 due to the increasing incidence of cardiovascular diseases and rise in cardiac-implant procedures. On the other hand, the cochlear implants segment is anticipated to witness the fastest growth rate of 10.1% during the forecast period, 2019 to 2027 owing to the rising demand of products and technological development in hearing aids and implant technology.
The increasing technological advancements have opened more opportunities of developing new and innovative medical implant devices with advanced electrical properties that can improve diagnosis and treatment of previously intractable conditions such as, cardiovascular diseases, neurological disorders, hearing disorders and others. Medical implantable devices like pacemakers, cochlear implants, ventricular assist devices, spinal cord stimulators and others, are used to treat these conditions. In 2017, according to the World health organization, the increasing prevalence of cardiovascular diseases is the major cause of death all over the world. Moreover, it was mentioned that 17.9 million people across the globe died due to cardiovascular diseases in 2016. Furthermore, rising neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy and others, drive the demand for microelectronic medical implants. According to the Alzheimer's Association in 2017, around 44 million people have Alzheimer’s or other related dementia worldwide. According the World Health Organization (WHO), nearly 466 million people have disabling hearing loss worldwide, in 2018. It also predicted that by 2050, over 900 million people will suffer from disabling hearing loss. Thus, such high prevalence of cardiovascular diseases, neurological disorders and hearing disorders globally is anticipated to lead the market growth in the coming years.
Some of the prominent players operating in microelectronic medical implants market are Medtronic, Abbott (St. Jude Medical, Inc.), Boston Scientific Corporation, Zimmer Biomet, BIOTRONIK, Inc., NeuroPace, Inc., Sonova, LivaNova PLC, Cochlear, Ltd., and ABIOMED among others. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in 2018, Medtronic received United States Food and Drug Administration (FDA) approval for its HVAD System. HVAD System is the smallest commercially available left ventricular assist device (LVAD) for patients with advanced heart failure. It is the only LVAD approved in the U.S. for implant via thoracotomy. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global microelectronic medical implants market as follows:
Global Microelectronic Medical Implants Market – By Product
- Pacemakers & Defibrillators
- Neurostimulators
- Implantable Drug Pumps
- Cochlear Implants
- Ocular Implants
- Retinal Implants
- Others
Global Microelectronic Medical Implants Market – By Technology
- Radiofrequency
- Sensors
- Others
Global Microelectronic Medical Implants Market – By Material
- Metals
- Titanium
- Stainless Steel
- Platinum
- Gold Brazed Alloys
- Other Metals
- Polymers
- Ceramics
Global Microelectronic Medical Implants Market – By Application
- Cardiology
- Neurology
- Ophthalmology
- Oncology
- Others
Global Microelectronic Medical Implants Market – By End User
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Others
Global Microelectronic Medical Implants Market – By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific (APAC)
- Japan
- China
- India
- Australia
- South Korea
- Middle East & Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- South & Central America (SCAM)
- Brazil
- Argentina
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