According to the latest report by IMARC Group, titled “Implantable Medical Devices Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global implantable medical devices market size reached US$ 97.1 Billion in 2018. Medical implants are human-made devices that are utilized for replacing or supporting damaged body organs, improving their overall functioning and treating defects in the normal body functions. They are introduced in the human body through surgical or medical methods on both permanent and temporary basis and can be removed when required. These devices are generally made using skin, bones, metals, tissues, ceramics, plastics and other materials. Over the years, the consistent growth in the lifespan of individuals has led to a rise in the prevalence of age-related disorders. As a result, there has been an increase in the demand for various life-enhancing medical devices.
Market Trends:
Currently, the demand for implantable medical devices is rising on account of the growing geriatric population and burgeoning age-related disorders in both the developed as well as the developing economies. Moreover, increasing incidents of chronic diseases like arthritis and heart failures which require different types of implants for saving the life of patients is strengthening the growth of the market. Apart from this, owing to technological innovations, cosmetics surgeries are gaining traction worldwide. These surgeries assist in enhancing the physical appearance of an individual using pectoral implants, deltoid implants, dental implants, cochlear implants, thigh augmentation and breast implants. Looking forward, the market is projected to reach a value of US$ 148.8 Billion by 2024, expanding at a CAGR of around 7% during 2019-2024.
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Market Summary:
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