Implantable Medical Devices Market is expected to rise to US$49.8 bn in 2024

Transparency Market Research estimates that the global implantable medical devices market will witness expansion at a healthy 4.9% CAGR over the period between 2016 and 2024. At this pace, the market, which had a valuation of US$32.3 bn in 2015, is expected to rise to US$49.8 bn by 2024. Of the key materials used for manufacturing medical implants, titanium is presently the most preferred but is expected to lose its prominence to other options such as titanium alloys and zirconium. Over the period between 2016 and 2024, the market for titanium implants is expected to expand at a 4.7% CAGR. The markets for titanium alloy implants and zirconium implants are expected to expand at 5.5% and 6.4% CAGR over the same period, respectively.

The global implantable medical devices market features a largely consolidated competitive landscape, with the top five companies accounting for a share of more than 50% in 2015, reports TMR in a recent report. These companies, including Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Medtronic plc, Institut Straumann AG, hold sway owing to innovation, rapid introduction of newer and more effective product varieties, and presence across several key regional markets. Being a technology- and research-intensive field, governed by stringent approval regulations, the implantable medical devices market faces a low threat of new entrants in the next few years. However, the introduction of more promising substitutes to traditionally used materials is expected to intensify competition.

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Rising Prevalence of Chronic Degenerative Disease and Dental Problems to Stimulate Demand for Implantable Medical Devices Globally

A plethora of factors are boosting the global consumption of medical implantable devices. Some of the chief ones of these are the rising numbers of people suffering from chronic degenerative diseases such as arthritis and cardiovascular issues and the high prevalence of dental problems, which could require orthodontic and periodontics interventions. While busy lifestyles, unhealthy dietary habits, lack of physical activities, and rising geriatric population are triggering chronic health diseases, the rising intake of junk/fast food is leading to the increased incidences of dental issues. Over the next few years, these factors are expected to arise as high-impact drivers of the global implantable medical devices.

Along with these factors, the rising prevalence of a number of congenital diseases and the increased awareness and consciousness regarding body’s appearance, and the alleged boost to self-esteem that cosmetic surgeries bring, have also been underlined as the key drivers of the global implantable medical devices market. The increased awareness regarding body aesthetics has given a huge boost to the market for dental surgeries involving implantations, thus driving the global implantable medical devices market.

Concerns Regarding Corrosion, Developments in Surgical Field Threaten to Hurt Demand for Conventional Implants

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Studies have demonstrated that implants made from materials such as nickel and chromium are prone to corrosion and can trigger cancers. Implants made from cobalt alloy are known to pose risks to human health owing to in vivo ion release; polyethylene implants could be a potential trigger for bone lysis and localized tissue ruptures. Owing to the potential health issues that many varieties of implants cause, patients are more prone to opt for other alternatives. Along with this, the vast developments in the surgical field could also stimulate the consumer to prefer surgeries that promise minimal risk to health.

Moreover, the high costs of medical implants and the concerns regarding post-implantation infections, which may add to the overall cost of implanting a medical device in the body, are also restraining the overall growth prospects of the global implantable medical devices market to a certain extent.

This review is based on a recent report by Transparency Market Research, titled “Implantable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”

Implantable Medical Devices Market: Advanced technologies & growth opportunities in global Industry by 2024

The global market for implantable medical devices is expected to witness steady growth, in terms of both volume and revenue, in the next few years. The vast rise in incidence of musculoskeletal, dental, and a vast number of chronic degenerative health conditions are boosting the overall global demand for a variety of implantable medical devices globally. The rising geriatric population, increased affordability, and the trend of increasing expenditures aimed at maintaining health and longevity are also boosting the growth of the global implantable medical devices market globally.

Transparency Market Research estimates that the global implantable medical devices market will expand at a healthy CAGR of 4.9% over the period between 2016 and 2024. At this pace, the market is expected to rise to US$49.8 bn in 2024 from a valuation of US$32.3 bn in 2015.

Titanium Implants to Lose Ground to Titanium Alloys and Zirconium Implants

Of the key materials used for manufacturing implantable medical devices, titanium is presently the largest contributor to the global market’s overall revenues, accounting for a share of 42% in 2015. However, the segment is projected to witness a slight decline in its share in the global market to the segment of titanium alloys over the said period. The segment of titanium implants is expected to exhibit a 4.7% CAGR while the segment of titanium alloy implants is expected to expand at a 5.5% CAGR over the period between 2016 and 2024.

The segment of zirconium implants is expected to emerge as the one with the most promising growth opportunities over the said period. The segment is expected to expand at the fastest CAGR of 6.4% from 2016 to 2024 as compared to other prominently used materials for manufacturing implantable medical devices. The advantage of one-piece zirconium implants that they don’t catch bacterial growth or do not suffer gradual degradation by electrochemical attacks, owing to the absence of any prosthetic connections, is expected to work in their favor and reduce the reliance on titanium implants, which mostly have these disadvantages. The same factor is also expected to work in the favor of titanium alloys and bring a decline in the overall use of titanium for the manufacture of medical implants.

Asia Pacific Implantable Medical Devices Market to Post Considerable Gains

North America is presently the leading contributor to the global implantable medical devices market’s revenues in 2015, accounting for a share of nearly 42%. The region is also expected to retain its dominance in the global market over the forecasting horizon. Factors such as the well-established healthcare facilities, rising geriatric population, effective reimbursement policies, high purchasing power, and rising numbers of obese people will play a key role in bringing this estimate into effect. The U.S. is the most eminent national market for implantable medical devices in the region, accounting for over 92% of the North America IMD market in 2015.

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However, the North America market is expected to lose prominence to the Asia Pacific IMD, which is expected to expand at the fastest pace over the period between 2016 and 2024. The factors that are expected to boost the overall consumption of implantable medical devices in Asia Pacific in the next few years include the rising population of affluent consumers, improving healthcare infrastructure, booming medical tourism industry, and rising focus and expenditure on healthcare and wellness.

Japan is the most prominent country for implantable medical devices in Asia Pacific and the second-largest country-wise market across the globe. Japan’s market for implantable medical devices is expected to expand at a favorable pace over the period between 2016 and 2024 as well. Factors such as the country’s vast geriatric population, rising prevalence of orthopedic conditions, and the continuous rise in demand for advanced technologies in the healthcare industry will contribute to the increased demand for implantable medical devices in the country.

The market features a largely consolidated competitive landscape, with the top five companies, including Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Medtronic plc, and Institut

Straumann AG, commanding a more than 50% share of the global market in 2015. Other key vendors in the market include Smith & Nephew plc, Danaher Corporation, Abbott Laboratories, Dentsply Sirona, and Boston Scientific Corporation.

Neurorehabilitation Devices Market - Applications and Global Markets

Players in the healthcare and medical devices industry have recognized the growing need for neurorehabilitation devices owing to the surging rise in the incidence of various neurological disorders. As a result, manufacturers of neurorehabilitation devices such as St. Jude Medical, Inc., Ekso Bionics Holding, Inc., Medtronic plc, Hocoma AG, Bioness, Inc., and AlterG, Inc. have begun offering a wide variety of technologically advanced and more effective devices, including brain-computer interfaces, wearable devices, neurorobotic systems, and non-invasive brain stimulators. Among the aforementioned companies, Transparency Market Research has found that Medtronic, St. Jude Medical, and Hocoma – the top three vendors catering to the demand for neurorehabilitation devices – together accounted for a 50% share in the global market.

“Over the past century, brain research has made tremendous progress and has almost been keeping up with the pace at which neurodevelopmental disorders are growing,” a TMR analyst states.

Technological as well as scientific research is being carried out in various disciplines and sectors, demonstrating the potential of the neurorehabilitation devices market.

The goal of neurorehabilitation device manufacturers is to lessen the long-term disability of the patient, maximize their quality of life, and improve their overall psychosocial outcomes. Innovative strategies for various neurological disorders are being developed by integrating wearable technology, nanotechnology, robotics, Internet of Things, and non-invasive medical technologies with the neurorehabilitation. A case in point would be St. Jude Medical’s Proclaim ELITE. This is the first and only non-rechargeable and upgradeable spinal cord stimulation system that has received approval for the delivery of burst stimulation to relieve chronic pain that can be treated with neurorehabilitation.

“Strategic collaborations for business expansion is another crucial move manufacturers of neurorehabilitation devices have been making to tighten their hold on the global market,” the author of the study claims. Medtronic’s purchase of Sapiens Steering Brain Stimulation in August 2014 and its acquisition of Covidien plc in June 2014 has not only expanded Medtronic’s portfolio but also accelerated the company’s growth.

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Dearth of Neurological Services a Deterrent in Low-income Countries

The surging incidence of neurological disorders, coupled by the rise in funding by private and government organizations have fueled the demand for neurorehabilitation devices, TMR states. These factors are anticipated to drive the opportunity in this market to rise at a 15.5% CAGR from 2016 to 2024. The value of the neurorehabilitation devices market is poised to increase from US$894.9 mn in 2015 to US$3.2 bn by the end of the forecast period.

“The fact that neurological resources and services are disproportionately scarce, especially in developing and low-income countries, acts as a major impediment to the growth of the neurorehabilitation devices market,” the analyst states. “Moreover, there is a high disparity in the number of trained and skilled professionals in comparison to the target population in emerging economies.” This, along with the high cost of rehabilitation therapy, gives rise to considerable challenges in the large-scale adoption of neurorehabilitation devices.

High Cost of Treatment is Likely to Restrict Wide-scale Adoption in APAC

North America and Europe are the largest revenue generators and dominated the global market in 2015. This can be primarily attributed to the growing prevalence of neurological conditions, improvement in technology, the rising awareness regarding neurorehabilitation devices and centers, and the presence of a well-established healthcare infrastructure. Although Asia Pacific is an immensely promising market for neurorehabilitation devices and is projected to emerge as the fastest developing regional market by 2024, it is the high cost of treatment that creates a barrier in the seamless adoption of these devices in Asia Pacific, leading to a major deterrent in the neurorehabilitation devices market.

This review is based on the findings of a TMR report titled “Neurorehabilitation Devices: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”

Wound Care Market Witnesses Rising Demand and Investment from R&D Activities

Transparency Market Research presents a new market study on the global wound care market for the 2014-2020 period. The report, titled “Wound Care Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth And Forecast 2014 – 2020,” studies the global wound care market as a whole with a focus on the China market for the same. The report covers vital market indicators such as growth drivers, growth restraints, consumer trends, product portfolio, and size projections of this market for the forecast period.

Using validated analytical tools such as Porter’s five forces analysis, the report anticipates the future outlook of the global as well as China market. The bargaining power of suppliers and buyers, degree of competition in the future, threat from alternative products, and threat from new entrants are examined via the Porter’s five forces model. In the company profile section of the report, insights into the leading players in the wound care market are provided with respect to pipeline products, new initiatives, financial status, breakthroughs, mergers and acquisitions, etc.

The wound care market is progressing expeditiously, says the report. This is because product manufacturers are consistently introducing innovative products for healing of injuries and to prevent infections in wounds and abrasions. These initiatives are also supported by government initiatives in the form of expert guidance for innovative products and funding of projects partially. In addition, the rising incidence of hospital-acquired infections, advances in chemical and biological sciences, and the use of innovative materials for wound care products are favoring the market’s growth.

On the contrary, the growth of this market is impeded due to certain factors. The high cost of design and manufacture of advanced wound care products and the increasing degree of competition are conspicuous impediments to this market. With the presence of new entrants in the global and China market for wound care, existing market participants need to develop cutting-edge products to survive the competition in this market.

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The global wound care market is categorized on the basis of product type and geography. The product type segments of the market are basic, bioactive, therapy, advanced, and traditional. The components of the advanced wound care market are moist wound care, foam wound care, hydrogels, alginates, and hydrocolloid. Amongst all, the bioactive product segment will display the highest growth rate in the global and China market during the forecast period.

Region-wise, North America, Europe, Asia Pacific, and Rest of the World are the segments of the global wound care market. Whilst, currently, North America is the clear leader in the global wound care market, Asia Pacific will register the highest growth rate in this market in the coming years.

Top companies operating in the global wound care market mentioned in this report are Baxter International Inc., Smith & Nephew, Coloplast AS, Hollister Inc., Covidien PLC, 3M Company, Derma Sciences Inc., and others.

mHealth Monitoring And Diagnostic Medical Devices Market witnesses a year of significant changes

Transparency Market Research recently announced the publication of a new market research report, titled “mHealth Monitoring And Diagnostic Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019,” which provides a comprehensive market overview, including the market drivers and barriers, product segmentation, current market trends, geographical segmentation, and competitive landscape of the market.According to the research study, in 2012, the global mHealth monitoring and diagnostic medical devices market for was valued at US$0.6 bn and is estimated to reach a value of US$8 bn by the end of 2019, exhibiting an enormous 43.30% CAGR between 2013 and 2019.

mHealth monitoring and diagnostic medical devices are used to deliver healthcare facilities with the help of communication devices, including tablet computers, mobile phones, and PDAs. The global market for mHealth monitoring and diagnostic medical devices is an emerging market and the demand has been growing at a fast pace due to the rising prevalence of chronic diseases.

The global market for mHealth monitoring and diagnostic medical devices has been segmented on the basis of product type into sleep apnea monitors, blood pressure monitors, multi-parameter monitors, pulse oximeters, cardiac monitors, glucose monitors, and others. Among these, the glucose monitors segment is projected to exhibit an explosive 49.40% CAGR between 2013 and 2019. The increasing incidence of diabetes across the globe, along with the increasing demand for minimally invasive glucose monitoring devices, is estimated to fuel the growth of the glucose monitors segment in the next few years.

Moreover, the tremendous rise in the number of smartphones and innovations in mHealth devices due to technological advancements are other factors that are driving the overall market. Furthermore, the multi-parameter monitors segment is anticipated to witness rapid growth owing to rising awareness regarding healthy lifestyles and fitness in several developed economies.

The global market for mHealth monitoring and diagnostic medical devices has been divided on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. Currently, the North America market accounts for the largest share in the overall market, thanks to the presence of several manufacturers in the region, the growing population owning a smart consumer electronic device such as tablets or smartphones, technological developments, and rising awareness regarding new technology and devices.

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On the other hand, the Asia Pacific market for mHealth monitoring and diagnostic medical devices is considered as one of the most favorable markets throughout the forecast period. This region is estimated to register a high growth rate, owing to the increasing geriatric population, growing prevalence of chronic diseases, rising awareness regarding the benefits of diagnostic devices, and increasing demand for home care monitoring devices. In addition, the growing use of smartphones in several countries such as Singapore, India, China, Australia, New Zealand, and Japan is further driving the global market for mHealth monitoring and diagnostic medical devices.

Furthermore, the study talks about the competitive landscape of the market, including detailed profiles of the major players. Some of the prominent players operating in the global market for mHealth monitoring and diagnostic medical devices are BioTelemetry Inc., F. Hoffmann La-Roche Ltd., AT&T, Inc., Johnson & Johnson, DexCom, Inc., Bayer HealthCare AG, Medtronic Inc., Boston Scientific Corporation, Masimo Corporation, Omron Healthcare, LifeWatch AG, and Dräger AG.