A new Transparency Market Research report states that the U.S implantable medical devices market stood at US$43.1 bn in 2011 and is predicted to reach US$73.9 bn by 2018. It is predicted to expand at a CAGR of 8.0% from 2012 to 2018. The title of the report is “Implantable Medical Devices Market - U.S. Industry Analysis, Size, Share, Trends, Growth And Forecast 2012 - 2018.”
Implantable medical devices are medical implants utilized for the replacement of damaged tissues in the body of human beings. The rising utilization of these devices in spinal, cosmetic, ophthalmic, and cardiovascular surgeries has resulted in the exponential growth of the market. These devices are introduced into the human body via surgical intervention and are extensively utilized especially for geriatric patients suffering from organ degeneration. These implants are made out of numerous materials including metals, biologics, ceramics, and polymers.
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As per the report, the U.S implantable medical devices market is primarily fuelled by the rising aging population, the increasing occurrence of chronic degenerative diseases, and the rising healthcare expenditure. In addition, the dearth of alternative treatments for the treatment of numerous chronic disorders and injuries is also a chief factor propelling the U.S. implantable medical devices market. On the other hand, the soaring prices of implantable medical devices and the stringency of insurance providers in covering the cost involved in the use of these devices are amongst the prime factors that may impede the growth of the market in the coming years.
In terms of product, the market for implantable devices in the U.S. is segmented into orthopedic implants, dental implants, cardiovascular implants, breast implants, intraocular lens, and other implants. Orthopedic implants are further segmented into spinal implants and reconstructive joint replacements. Amongst these, on the basis of market value and growth opportunity, orthopedic implants will lead the market in the forecast horizon.
Amongst orthopedic implants, the segment of reconstructive joint replacements will exhibit the swiftest growth rate in the forecast horizon. This is owing to a number of demographic factors including the rising geriatric population and the rising incidence of orthopedic disorders within the U.S. Furthermore, the increasing awareness and focus on the advancement of minimally invasive surgeries in joint replacement will also augment the demand for reconstructive joint replacements in the U.S., as per this report. On the other hand, dental implants are also highly demanded within the U.S owing to the rising preference for tooth replacement, smile reconstruction, permanent denture implantation, and fixing cavities.
In terms of procedure, the U.S. implantable medical devices market is segmented into cardiovascular procedures, orthopedic procedures, and other procedures including breast augmentation and intraocular lens implant procedures.
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According to the report, the chief players operating in the U.S. implantable medical devices are Abbott Laboratories, American Medical Systems Holdings, Biomet Incorporated, Codman & Shurtleff, DePuy, Edwards Lifesciences Corporation, Ethicon, Gore (WL) & Associates Incorporated, Medtronic Incorporated, Oncura, Porex Surgical, Synthes Incorporated, and Thoratec Corporation, among others.
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