U.S. Implantable Medical Devices Market, By implant type (Orthopedic Implants, Cardiovascular implants, Dental Implants, Intraocular Lens Implants, Breast Implants, Others), By End user (hospitals, clinics and others), is estimated to be valued at US$ 19.27 Billion in 2023 and is expected to exhibit a CAGR of 6.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The U.S. implantable medical devices market is a prominent sector within the healthcare industry, driven by technological advancements, and the increasing prevalence of chronic diseases. These surgically implanted devices provide long-term therapeutic benefits for various medical conditions. Key market players continue to innovate and launch new products, focusing on advanced technologies and improved treatment outcomes. Regulatory oversight by organizations like the U.S. FDA ensures the safety and efficacy of these devices. With a growing aging population and rising healthcare expenditure, the U.S. Implantable Medical Devices Market holds a significant position in the healthcare landscape.
U.S. Implantable Medical Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 pandemic initially caused a decline in the U.S. Implantable Medical Devices Market due to postponed surgeries and reduced healthcare capacity. However, the market later witnessed positive effects as remote patient monitoring and telehealth services increased. The focus on digital technologies and remote monitoring created opportunities for implantable devices in virtual healthcare. Although challenges like supply chain disruptions and regulatory delays were observed, the market displayed resilience and adaptability. The long-term impact is still unfolding, but the market is expected to recover and potentially grow as healthcare systems adapt to the post-pandemic era. A 2021 study by the national library of medicine about the impact of the COVID-19 pandemic reported a 17.6% decline in cardiac implantable electronic device implantation during the first quarter of 2020. However, the decline in COVID-19 cases and better usage in implantable devices are providing lucrative opportunities to the market.
U.S. Implantable Medical Devices Market: Key Developments
In January 2021, Boston Scientific Corporation, a biomedical/biotechnology engineering firm and multinational manufacturer of medical devices used in interventional medical specialties. Medical technology firm Boston Scientific has announced its acquisition of Preventice Solutions, a maker of wearable cardiac sensors for remote patient monitoring. Preventice's BodyGuardian line of devices, including patches, harnesses, and monitors, connects to its cloud-based monitoring platform, Patient Care, offering clinical insights through artificial intelligence. The acquisition will expand Boston Scientific's presence in the cardiac diagnostics and services space, complementing its existing offerings in implantable cardiac monitors.
In May 2022, Johnson & Johnson, a pharmaceutical firm, announced that its medical devices subsidiary, DePuy Synthes, received the U.S. FDA 510(k) clearance for INHANCE Shoulder Implant System. This allowed the company to efficiently enhance its market presence and obtain a competitive advantage.
In August 2021, Zimmer Biomet, a global medical technology leader, and Canary Medical, a medical data company, had announced the U.S. FDA De Novo classification grant and authorization to market the world's first and only smart knee implant, Persona IQ. The implant combines Zimmer Biomet's Persona The Personalized Knee with Canary Medical's proprietary implantable canturio te Tibial Extension Sensor Technology. Persona IQ provides real-time gait data, such as range of motion, step count, and walking speed, to monitor patients' post-operative progress.
Browse 38 Market Data Tables and 33 Figures spread through 178 Pages and in-depth TOC on “U.S. Implantable Medical Devices Market”- Forecast to 2030, U.S. Implantable Medical Devices Market, by implant Type (Orthopedic Implants, Cardiovascular implants, Dental Implants, Intraocular Lens Implants, Breast Implants, Others), By End user (hospitals, clinics and others).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/us-implantable-medical-devices-market-3853
U.S. Implantable Medical Devices Market: Key Takeaways of the Market:
- The U.S. Implantable Medical Devices Market is expected to exhibit a CAGR of 6.1% during the forecast period. The U.S. implantable medical devices market is a highly developed and competitive industry, encompassing orthopedic implants, cardiovascular implants, dental implants, intraocular lens implants, and breast implants. Traditionally, the Northeast and Midwest regions have been the most developed, hosting leading healthcare institutions and advanced manufacturing capabilities. However, the West Coast and Southeast regions are also experiencing significant growth, driven by advancements in technology and healthcare infrastructure. These regions attract key players and contribute to the overall development of the market. Overall, the U.S. implantable medical devices market is characterized by nationwide presence, with various regions playing a role in its growth and advancement.
- Among Implant type, the U.S. Implantable Medical Devices Market is categorized Orthopedic Implants, Cardiovascular implants, Dental Implants, Intraocular Lens Implants, Breast Implants, Others. The dominance of orthopedic implants in the U.S. Implantable Medical Devices Market can be attributed to several factors, including the high demand for treating orthopedic conditions, advancements in implant technology, improved surgical techniques, and favorable reimbursement policies. The sustained dominance of orthopedic implants is further driven by the aging population and the prevalence of orthopedic conditions.
- Among End User, Hospitals are the dominant segment in the U.S. Implantable Medical Devices Market, benefiting from their extensive infrastructure, advanced technologies, and strong supplier relationships. With their larger scale and ability to provide a wide range of services, hospitals are the primary hub for utilizing implantable medical devices, especially for complex surgeries. It's important to note that market dynamics can evolve, and staying updated with current industry reports is essential for the latest insights.
- Major players operating in the 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, Zimmer Holdings Incorporated.
