Active medical implants form a significant portion of the overall implants domain. The most common forms of implantable medical devices are prosthetic devices such as artificial organs, defibrillators, reconstructive joints, spinal implants, intraocular implants, breast implants and others. Implantable medical devices serve two major functions namely, application of a therapy from the inside of an organ and monitoring of the parameters and signals of the functioning of an organ for the optimization of treatment.
The U.S. Implantable Medical Devices Market is estimated to account for US$ 86,446.3 Mn in terms of value in 2020 and is expected to reach US$ 150,299.3 Mn by the end of 2027.
U.S. Implantable Medical Devices Market: Drivers
Increasing approval and launch of new products is expected to propel growth of the U.S. implantable medical devices market over the forecast period. For instance, in April 2020, Axonics Modulation Technologies, Inc. received the U.S. Food & Drug Administration approval for its next generation rechargeable implantable neurostimulator for its r-SNM System under a premarket approval supplement.
U.S. Implantable Medical Devices Market: Opportunities:
Use of additively manufactured and commercially pure biomaterials in medical implants is expected to offer lucrative growth opportunities for players in the market. For instance, in April 2020, researchers from University Medical Centre Utrecht, The Netherlands, reported that bony defects treated with additively manufactured commercially pure titanium implants demonstrated higher volumes of regenerated bone as compared to those treated with commonly used titanium alloy.
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U.S. Implantable Medical Devices Market: Restraints
Increasing recall of products is expected to hinder growth of the market. For instance, in February 2019, Medtronic Plc received FDA product recall for implanted cardiac pacemakers, which affected 13,440 devices manufactured and distributed between March 2017 and January 2019.
The U.S. implantable medical devices market was valued at US$ 79,942.0 Mn in 2019 and is forecast to reach a value of US$ 150,299.3 Mn by 2027 at a CAGR of 8.2% between 2020 and 2027. Factors such as increasing prevalence of cardiovascular and orthopaedic ailments, and developments in implantable medical devices technology
Orthopedic Implants held dominant position in the U.S. implantable medical devices market in 2019, accounting for 51.6% share in terms of value, followed by cardiovascular implants and others, respectively. Increasing prevalence of orthopaedic diseases is expected to support growth of the segment over the forecast period. Moreover, product launches in orthopaedic implants segment is further expected to propel growth of the segment.
R&D in medical implants is expected to aid in growth of the market. For instance, in December 2019, researchers from Tufts University, U.S., reported a novel thermal processing method for the direct solid-state molding of regenerated silk into bulk devices with tunable mechanical properties.
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Orthobiologics are those substances, which are used for quick healing of bone injuries. These materials are highly instrumental in repairing bone injuries and damages to tendons, muscles and ligaments. Orthobiologic products are made of certain substances already present in the human body. The U.S. is viewed as the largest market for orthobiologics, owing to increasing geriatric population
U.S. Implantable Medical Devices Market: Competitive Landscape
Major players operating in the U.S. implantable medical devices market include Abbott Laboratories, Alcon Laboratories, Biomet Incorporated, Bausch and Lomb Incorporated, Boston Scientific Corporation, Johnson and Johnson, Medtronic Incorporated, St. Jude Medical Incorporated, Smith and Nephew PLC, Stryker Corporation, Synthes Incorporated, and Zimmer Holdings Incorporated.
U.S. Implantable Medical Devices Market: Key Developments
April 2020: Exogenesis Corporation established nanoMesh LLC, a new subsidiary focused on commercialization of the Exogenesis Hernia Mesh, an innovative soft tissue repair implant
March 2020: Establishment Labs Holdings Inc. received the U.S. Patent protecting its proprietary breast implant surface technology
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