The global U.S. Implantable Medical Devices Market is estimated to be valued at US$ 19.27 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
U.S. implantable medical devices are medical devices that are placed inside the body either surgically or through minimally invasive procedures to treat medical conditions and improve quality of life. Implantable medical devices include cardiac rhythm management devices, dental implants, orthopedic implants, spinal fusion devices, implantable drug delivery systems and others.
Market key trends:
One of the key trends in the U.S. implantable medical devices market is technological innovation in implantable medical devices. Manufacturers are focusing on advancements in device design and materials to enhance biocompatibility, reduce size and improve performance. For instance, the development of bioabsorbable stents and implants that dissolve gradually after implantation, eliminating the need for follow-up procedures. This helps reduce risks of fracture and long-term complications. As technology evolves with miniaturization and advanced materials, the demand for enhanced and innovative implantable medical devices is expected to increase significantly during the forecast period.
Read More @ https://www.coherentmarketinsights.com/market-insight/us-implantable-medical-devices-market-3853
Market key trends:
The U.S. implantable medical devices market is witnessing rising adoption of technologically advanced products. Growing prevalence of chronic diseases such as cardiovascular disorders, neurological disorders along with increasing elderly population prone to such conditions are the major factors fueling the demand for implantable medical devices in the country. Furthermore, ongoing technological advancements in these devices including development of miniaturized, long lasting and remotely controllable devices have further augmented their adoption. For instance, introduction of neurostimulators, drug eluting stents, implantable defibrillators etc.
SWOT Analysis
Strength: High prevalence of chronic diseases in the country creates significant demand. Growing awareness regarding advanced treatment options works in favor of market growth.
Weakness: Limited insurance coverage and high cost of some implantable devices limits their widespread adoption.
Opportunity: Increasing funding for R&D of innovative and more efficient products presents lucrative opportunities. Growing remote monitoring of implantable devices presents new avenues.
Threats: Stringent regulatory approval process and recalls of certain products poses challenges. Rising cost of treatment threatens affordability.
Key Takeaways
The U.S. implantable medical devices market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of cardiovascular and neurological disorders. The market size for 2023 is estimated to be US$ 19.27 Bn.
Regional analysis:
The North-eastern region holds majority market share owing to presence of highly developed healthcare infrastructure and high disposable incomes. California and Texas are other lucrative markets holding substantial shares driven by rising disease burden and local presence of key players.
Key players:
Key players operating in the U.S. Implantable Medical Devices are Medtronic, Boston Scientific Corporation, Abbott, Johnson & Johnson Services, Inc., BIOTRONIK.
