U.S. IMPLANTABLE MEDICAL DEVICES MARKET ANALYSIS

U.S. Implantable Medical Devices MarketSize and Trends

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).

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.

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.

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

Technical advancement in implantable devices

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

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.