U.S. IMPLANTABLE MEDICAL DEVICES MARKET ANALYSIS

U.S. Implantable medical devices market is estimated to be valued at US$ 19.27 Bn in 2023 and is expected to exhibit a CAGR of 6.1% during the forecast period (2023-2030).

Analysts’ Views on: U.S. Implantable Medical Devices Market

The U.S. implantable medical devices market is a thriving sector that encompasses a diverse range of devices designed to be placed inside the body for therapeutic and diagnostic purposes. With the prevalence of chronic diseases increasing, technological advancements evolving, and an aging population, the demand for these devices is rapidly growing in the U.S. Supported by favorable reimbursement policies, a shift towards minimally invasive procedures, and collaborative efforts, the market presents significant opportunities for companies. Nonetheless, regulatory challenges and high costs underscore the need for continuous innovation to drive the market forward.

Figure 1. U.S. Implantable medical devices market Share (%), By Implant Type, 2023

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U.S. Implantable medical devices market– Driver

Escalating Prevalence of Heart Diseases Propels Industry Growth

The industry is witnessing significant growth driven by the rising occurrence of various disorders in cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and neurology fields. Among these, heart diseases, including cardiovascular disease (CVD), congenital heart defects (CHDs), and stroke, emerge as the primary cause of global mortalities. According to the World Health Organization (WHO), approximately 17.9 million deaths occur each year due to these heart conditions, accounting for around 31% of all global fatalities. Notably, CHD affects around 7.4 million individuals, while stroke claims the lives of approximately 6.7 million people annually. Projections suggest that by 2030, CVDs will be responsible for an estimated 23.6 million deaths worldwide. Unhealthy dietary habits, excessive alcohol and tobacco consumption, and sedentary lifestyles are major contributing factors to the increasing incidence and prevalence of heart diseases. With the continued upward trend in these conditions, there exists a significant market opportunity for future growth.

Technical advancement in implantable devices

Manufacturers are focused on technological advances in implantable devices by adopting nanotechnology as the future of their products which expected to drive the growth of the U.S. Implantable medical devices market in near future. The advancements in this field will greatly improve the effectiveness of implantable devices. By successfully launching technologically advanced products early, manufacturers can secure a significant market share and become leaders in the market. For instance, in December 2022, Abbott, a multinational medical devices and health care company, announced the U.S. Food and Drug Administration (FDA) approval of the company's Eterna spinal cord stimulation (SCS) system– the smallest implantable device, rechargeable spinal cord stimulator currently available on the market for the treatment of chronic pain. Eterna SCS utilizes Abbott's proprietary low-dose BurstDR stimulation, the only SCS waveform technology with the highest level of clinical evidence (1A evidence), proven to reduce pain 23% more than traditional waveform technology approaches.

U.S. Implantable medical devices market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

The COVID-19 pandemic initially had a negative impact on the U.S. implantable device market due to postponed surgeries and redirected resources. However, as the healthcare system adapted and vaccinations progressed, the market gradually recovered. Increased awareness of healthcare and remote patient monitoring created new opportunities. Overall, the market demonstrated resilience and adaptability, leading to recovery and potential long-term growth.

As per an article titled “Implantation of cardiac electronic devices in active COVID-19 patients: Results from an international survey” published in February 2022, in hospitals around the world, Cardiac implantable electronic device (CIED) procedure rates for known active COVID-19 disease ranged from 0 to 16.2 per 1000 patients. High rates of complications and mortality were observed in patients with active COVID-19 infection who had CIED implantation. Before performing CIED implantation in patients with active COVID-19, operators should weigh these risks. These above mentioned factors are expected to have a significant impact on the growth of the market growth during and after the post-pandemic.

U.S. Implantable medical devices Market- Segmentation

The report is segmented into By Implant, and By End user.

By Implant Type, the U.S. implantable medical devices market is categorized Orthopedic Implants, Cardiovascular implants, Dental Implants, Intraocular Lens Implants, Breast Implants, and Others. Implantable medical devices market can be attributed to various factors such as the increasing demand for orthopedic condition treatments, advancements in implant technology, enhanced surgical techniques, and favorable reimbursement policies. Additionally, the dominance of orthopedic implants is reinforced by factors like the growing aging population and the high prevalence of orthopedic conditions.

By End User, the U.S. implantable medical devices market is segmented into hospitals, clinics, and others. Hospitals are the leading players in the U.S. implantable medical devices market due to its size, infrastructure, technology, and supplier relationships. They provide various services, including complex surgeries with implantable devices, making them the main hub for implant utilization. However, it is crucial to consult up-to-date industry reports for the latest information as market dynamics can evolve.

Figure 2. U.S. Implantable Medical Devices Market Share (%), By End User, 2023

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U.S. Implantable medical devices market- Cross Sectional Analysis

Orthopedic Implants is expected to dominate the U.S. Implantable medical devices market over the forecast period. The rising cases of accidents that leads to damage bones and joints is augmenting the growth of this segment. Further the rising cases of rheumatoid arthritis is giving rise to the elbow joint replacement surgeries. For Instance, according to the U.S. Bureau of Statistics, around 458,000 people have rheumatoid arthritis. For instance, in 2021-20, according to the Arthritis Report U.S, around 17.8 million people were living with a musculoskeletal condition in 2021. Hence, this is resulting in the increased number of orthopedic surgeries that may boost the growth of the orthopedic implants in the upcoming years.

U.S. Implantable medical devices Market: Key Developments

In February 2022, Abbott, is an U.S. based medical devices and health care company launched the patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i pivotal clinical study. The implant of Abbott's investigational aveir dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial.

In January 2021, Dentsply Sirona, a manufacturer of dental products and technologies, has acquired Datum Dental, a company based in Israel known for its innovative dental regeneration products. The acquisition includes Datum Dental's OSSIX biomaterial portfolio, featuring the clinically superior GLYMATRIX technology. This acquisition aligns with Dentsply Sirona's implant dentistry strategy and strengthens its position in the dental regeneration industry.

In August 28, 2022, Medtronic, a medical device company has announced that its investigational EV ICDSystem achieved a high defibrillation success rate of 98.7% and met safety endpoints in a global clinical trial. The system, designed to treat dangerous heart rhythms, places the lead outside the heart and veins to reduce complications. The results were presented at ESC Congress 2022 and published in The New England Journal of Medicine, showcasing its potential as a safe and effective treatment option. Regulatory approval is pending, and a Continued Access Study is underway.

In November 2022, ZimVie, is a global life sciences leader in the dental and spine markets that develops, launched Next Generation TSX implant in the U.S. These implants are designed for immediate extraction and to offer primary stability to soft and dense bones.

U.S. Implantable medical devices market- Key Trends

Rising Demand for Wearable Devices Driven by Healthcare Providers' Preference for Remote Monitoring in the U.S.

The increasing preference for remote monitoring among healthcare providers in the U.S. has fueled the growth of the wearable device industry. This is largely attributed to the growing number of adults and children engaging in sports activities and the emphasis placed by regional and national healthcare agencies on real-time patient monitoring and diagnosis. As a result, there has been a surge in demand for activity trackers and other wearable devices.

According to a survey conducted by MSI International, a scientific journal has published in June 2021, it was found that 80% of Americans showed a preference for remote patient monitoring. Among these individuals, approximately half expressed its desire to incorporate it into medical care. The survey also revealed that 88% of patients had experienced remote healthcare services within the past 12 months.

U.S. Implantable medical devices Market: Restraint

Limited Adoption in Small & Mid-sized Facilities Expected Due to High Device Costs

Over the past decade, medical devices have undergone substantial advancements through the integration of new technologies, design modifications, and updated features. However, the adoption of these devices may be hindered by the overall high costs, including acquisition and maintenance expenses. In addition to being capital-intensive, advanced healthcare devices often require periodic replacement of components, such as cameras, batteries, chips, sensors, and other accessories, further contributing to the expense.

The escalating utilization of medical devices comes with a financial burden for small and mid-sized healthcare facilities, including health clinics, Ambulatory Surgical Centers (ASCs), and imaging centers. The current costs associated with these devices pose a challenge for these facilities, particularly when compared to independent hospitals. As a result, the increasing expenses will impede the growth of the U.S. medical devices market in these sectors.

As per the American Hospital Association, there has been a notable increase in hospital supply expenses. By the end of 2021, hospital supplies costs had surged by 15.9% compared to 2019. Moreover, expenditures on ICUs and medical supplies witnessed a substantial rise of 31.5% in 2021 when compared to 2019.

U.S. Implantable medical devices market- Key Players

Major players operating in U.S. Implantable medical devices market include Abbott Laboratories, Alcon Laboratories, Biomet Incorporated, Bausch and Lomb Incorporated, Boston Scientific Corporation, Johnson and Johnson, Medtronic Plc., St. Jude Medical Incorporated, Smith and Nephew PLC, Stryker Corporation, Synthes Incorporated, and Zimmer Holdings Incorporated.

*Definition: The U.S. implantable medical devices market refers to the sector that encompasses a wide range of devices designed to be placed inside the body for therapeutic or diagnostic purposes. These devices are used to treat various medical conditions and can include implants for cardiovascular, orthopedic, ophthalmology, dental, plastic surgery, and neurology applications, among others. The market involves the manufacturing, distribution, and utilization of these implantable devices within the U.S. Healthcare system.