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The global Implantable Medical Devices Market Size is expected to attain a market size of $111.4 billion by 2022, growing at a CAGR of 7.1% during the forecast period.
The term Implant is used for the devices that replace or support biological structure. Implantable medical devices or tissues are placed inside or on the surface of the body for the replacement of missing biological structure or are used to provide support to the biological structure. Some Implantable devices are made up of metal, plastic ceramic or other materials and some are made from skin, bones or other body tissues. These devices can be placed permanently or temporally and they help in monitoring and treating clinical disorders. The key factors driving the growth of the market are growing incidences of cardiovascular diseases, technological advancements, growing acceptance of medical implants, improvement in healthcare infrastructure, and growth in the number of geriatric population. An increase in the proportion of the aged group is associated with an increase in the prevalence of ill health. Due to increasing ill health among the older population, the need for new treatments, implantable medical devices and other medical procedures would grow. However, factors such as high cost of medical implants, reimbursement issues, and stringent regulatory policies for product approval are hampering the growth of the market. Based on the material type, the Implantable Medical Devices market is segmented into Metal, Ceramic and Others.
Based on the products, the market is segmented into Orthopaedic implants, Cardiovascular implants, Intraocular lenses, Dental implants, Breast implants and Others. Orthopaedic implants are further categorized into Reconstructive joint replacements and Knee Replacements. Based on region, Implantable Medical Devices market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in the global Implantable Medical Devices market in 2015. Asia-Pacific would witness promising CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Implantable Medical Devices market. Key companies profiled in the report include Abbott Laboratories., Boston Scientific Corporation, Conmed Corporation, Johnson & Johnson, Medtronic Plc, Smith And Nephew Plc, Stryker Corporation, C.R. Bard, Inc., Cardinal health, Inc. and Globus Medical, Inc.