At 7.1% CAGR, the North America Implantable Medical Devices Market is Projected to be Worth US$ 52,330.44 million by 2030, Says Business Market Insights

According to Business Market Insights research, the North America implantable medical devices market was valued at US$ 30,170.24 million in 2022 and is expected to reach US$ 52,330.44 million by 2030, registering a CAGR of 7.1% from 2022 to 2030. Growing areas of application of implantable medical devices and rising cases of spinal cord injury attributed to the North America implantable medical devices market expansion.

Medical implants are devices positioned inside the body. The implantable medical devices are used to replace missing body parts, deliver medication, monitor body functions, or support organs and tissues. Implantable medical devices are important to healthcare as they completely increase patients' safety and quality of life. Many implantable medical devices monitor blood pressure and irregular heartbeat, which help alert medical specialists for signs of criticality and direct individuals toward appropriate care. A few widely used implants are pacemakers, defibrillators, cardiovascular stents, neural prosthetics, and drug delivery systems. According to an article titled "Bone Health 2022," osteoporosis causes over 8.9 million fractures every year, leading to an osteoporotic fracture every 3 seconds worldwide. Patients suffering bone fractures in different body parts require implants that will enable a function like that of the natural bone they are replacing. Joint diseases (rheumatoid arthritis and osteoarthritis) also require surgical intervention with hip and knee replacement implants. Biomaterial implants are used to fix fractures or replace parts of the body. For most of these implant cases, either metal or polymer biomaterials are preferred for their similar functional capacity to the original bone material. Moreover, according to the WHO, nervous disorders contribute to ~ 6.3% of the global disease burden. Also, according to the same source, nervous disorders are one of the leading causes of death worldwide. They cause 13.2% of deaths in developed countries and 16.8% in low- and middle-income countries. High mortality and disease burden necessitate the clinical urgency for integrating long-term solutions. Furthermore, growing awareness regarding the tremendous burden of neurological disorders has increased the demand for neurostimulators. As per World Cancer Research Fund International, breast cancer is the most common cancer in women in developed and developing countries. In 2020, there were more than 2.2 million new breast cancer cases in women. As per the Breast Cancer Research Foundation, it is projected that in 2023, in the US, ~297,000 women are likely to be diagnosed with breast cancer, making it the most common type of cancer in American women. Breast implants are medical devices that are implanted under the breast tissue or chest muscle to boost breast size (augmentation) or replace breast tissue removed due to cancer. Therefore, the rising application of medical implant devices in breast cancer, neurological disorders, and osteoporosis drives the growth of the implantable medical device market.

On the contrary, post-surgical complications hampers the North America implantable medical devices market.

Based on implant type, the North America implantable medical devices market is bifurcated into active implant & passive implant. The passive implant segment held 56.2% share of North America implantable medical devices market in 2022, amassing US$ 16,964.2 million. It is projected to garner US$ 28,606.9 million by 2030 to expand at 6.7% CAGR during 2022-2030.

Based on treatment, the North America implantable medical devices market is bifurcated into diagnostic & treatment. The treatment segment held 82.2% share of North America implantable medical devices market in 2022, amassing US$ 24,802.5 million. It is projected to garner US$ 43,882.4 million by 2030 to expand at 7.4% CAGR during 2022-2030.

Based on material type, the North America implantable medical devices market is segmented into metallic, ceramic, and polymers. The metallic segment held 55.6% share of North America implantable medical devices market in 2022, amassing US$ 16,770.6 million. It is projected to garner US$ 29,131.0 million by 2030 to expand at 7.1% CAGR during 2022-2030.

Based on application, the North America implantable medical devices market is segmented into dental implants, orthopedic implants, cardiovascular implants, breast implants, brain implants, and others. The orthopedic implants segment held 45.4% share of North America implantable medical devices market in 2022, amassing US$ 13,688.3 million. It is projected to garner US$ 24,031.3 million by 2030 to expand at 7.3% CAGR during 2022-2030.

Based on end user, the North America implantable medical devices market is segmented into hospitals, specialty clinics, ASCs, and others. The hospitals segment held 55.6% share of North America implantable medical devices market in 2022, amassing US$ 16769.27 million. It is projected to garner US$ 29181.36 million by 2030 to expand at 7.2% CAGR during 2022-2030.

Based on country, the North America implantable medical devices market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.2% share of North America implantable medical devices market in 2022. It was assessed at US$ 24,788.22 million in 2022 and is likely to hit US$ 43,146.1 million by 2030, exhibiting a CAGR of 7.2% during 2022-2030.

Key players operating in the North America implantable medical devices market Abbott Laboratories, Boston Scientific Corp, Dentsply Sirona Inc, Johnson & Johnson, Medtronic Plc, Institut Straumann AG, Smith & Nephew Plc, Biotronik SE & Co KG, LivaNova Plc, and MED-EL Elektromedizin Gerate Gesellschaft mbH, among others.

• In Aug-2021, Johnson & Johnson Medical Devices Companies announced that DePuy Synthes, The Orthopaedics Company of Johnson & Johnson, introduced the INHANCE Shoulder System, a first-to-market, fully integrated shoulder arthroplasty system. The system is designed with an intuitive stemless-first surgical approach that aligns with how surgeons approach patient care. The INHANCE Shoulder System is the first shoulder system to offer surgeons the ability to seamlessly transition from stemless to stemmed implants during surgical procedures.
  
  
  
  
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