Implantable Medical Devices Market

U.S. Implantable Medical Devices Market Outlook 2028

• The U.S. implantable medical devices market was valued at US$ 35.03 Bn in 2020
• It is estimated to expand at a CAGR of 9.5% from 2021 to 2028
• The U.S. implantable medical devices market is expected to reach the value of US$ 48.3 Bn by the end of 2028

Analysts’ Viewpoint on U.S. Implantable Medical Devices Market Scenario

Companies in the U.S. implantable medical devices market are entering into mergers and collaborations, since financial situations have been squeezed for stakeholders amid the COVID-19 pandemic. However, there is a need for low cost and less invasive implantable medical devices that prevent complications in patients. Hence, med-tech companies should join forces with think-tanks and researchers from top universities to innovate in cost-effective implantable medical devices with sophisticated designs that help to improve patient outcomes and enhance patient quality of life. Med-tech companies are unlocking growth opportunities by diversifying their design capabilities in dental implants, breast implants, and cardiovascular implants, among others. The intake of junk and unhealthy food has increased across the globe in the past few years. This has had an adverse effect on the population’s overall health and even dental health. Hence, people are opting for dental implants. Dental implants are also utilized in the fields of orthodontics and periodontics.

Minimally-invasive Implantable Medical Devices Help Increase Patient Outcomes

Patients prefer minimally invasive surgery, as it includes short recovery time, less post-surgery complications, and low side effects. Therefore, minimally-invasive nature of interventional cardiology acts as a driver for the market. The minimally-invasive nature of these surgery procedures play an instrumental role in the decision making of patients to undergo interventional cardiac treatments.

Rise in demand for minimally invasive procedures, high purchasing power of the population, aging population, and high obesity rates are anticipated to steer the growth of the U.S. implantable medical devices market during the forecast period. Well-established healthcare infrastructure, availability of reimbursements, and introduction of the Affordable Care Act in the U.S. are expected to drive the market.

Patients with Comorbidities Key Focus of Device Manufacturers During COVID-19 Pandemic

Companies in the U.S. implantable medical devices market have been working at breakneck speeds to help healthcare facilities maintain optimum devices inventory during COVID-19 pandemic. The unprecedented new wave in China and the U.K. has exposed the vulnerability of healthcare systems in these regions. Nevertheless, healthcare facilities in the U.S. are increasing efforts to be better prepared for potential outbreaks in other regions of the world.

Orthopedic, diabetic, and cardiovascular patients with high comorbidities are becoming key focus points for the U.S. implantable medical device manufacturers. Manufacturers are taking advantage of government stimulus packages to keep economies flowing during the pandemic.

Preference for Less Invasive Drug Delivery Devices by Medical Professionals

Robust innovations in vascular stents, from the preservation of blood flow to advancements made in electrostimulation devices that regulate heart rhythm, all are contributing to the growth of the U.S. implantable medical devices market. However, there is a need for less invasive devices, which modulate drug infusion safely and precisely. In many cases, it has been found that implantable drug delivery devices cause disruptions in concurrent treatments. Hence, companies in the U.S. implantable medical devices market are increasing efforts to design products that facilitate safe and comfortable administration of drugs. They are developing devices that meet the convenience of medical professionals and their patients.

Compatibility with diagnostic and therapeutic procedures is being preferred by medical professionals. Patients who use implantable drug delivery devices are usually undergoing concurrent medical attention for underlying conditions.

Sophisticated Implantable Medical Devices Hold Potentials to Lower Healthcare Costs and Complications

The U.S. implantable medical devices market is predicted to grow, owing to rise in chronic illnesses and improvements in active implanted medical devices. However, the industry is expected to be hampered by increased demand for non-invasive treatments, difficulties with implanted devices, and high cost of devices. Hence, companies in the U.S. implantable medical devices market are investing in R&D to employ design innovations in devices to lower overall healthcare costs and complications related to implanted devices.

Single-chamber, biventricular pacemakers, and dual-chamber are three main types of implanted pacemakers. The segment’s rise can be ascribed to factors including less post-surgical problems and existence of several leads to ensure normal cardiac physiology. In addition, investments to create technologically sophisticated products, along with wider applications of neuro-stimulators are likely to drive sales in the U.S. implantable medical devices market. Besides, attractive reimbursement programs for ENT surgeries in the U.S. is expected to boost market growth.

U.S. Implantable Medical Devices Market: Overview

• According to Transparency Market Research’s latest report on the implantable medical devices market in the U.S. for the historical period 2017-2019 and forecast period 2021-2028, increase in incidence of organ failures, owing to chronic disorders and accidents, boosts the growth of the implantable medical devices market

Rise in Purchasing Parity and Increase in Healthcare Expenditure: Key Driver

• The per capita income of the U.S. population is high. Moreover, availability of better and advanced healthcare facilities has resulted in people spending more on healthcare.
• The population of the U.S. is more conscious about their health and is inclined toward spending on the best care possible. This has resulted in patients preferring technically evolved implantation procedures against conventional pharmacological therapies.

Technical Innovation

• Nanotechnology is the future of implantable devices. Increase in sophistication will improve the efficacy of the devices.
• Manufacturers of implantable devices are working toward developing technologically advanced products. If they are successful in early launch of the products, they will be highly successful in tapping a large market share in their domain and become market leaders.

High Cost of Implantable Devices: Key Restraint

• Advanced implantable devices are costlier. Especially in case of cardiac implants, the price of such products goes on an upward curve with the increase in technical sophistication of the device. With the Affordable Care Act of 2010, also called as “Obamacare”, coming into effect from 2013, it is estimated that the medical devices industry will probably be one of the highest tax paying sectors in the U.S.
• This could adversely affect the prices of the implantable devices with the patients having to shell out extra money for implantation procedures. This is likely to hamper the demand for implantable devices, especially the technically advanced products.

U.S. Implantable Medical Devices Market: Competition Landscape

• This report profiles major players in the implantable medical devices market in the U.S. based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The market in the country is highly fragmented, with the presence of a number of international as well as regional players
• Leading players operating in the implantable medical devices market in the U.S. are
  • Abbott Laboratories
  • Alcon Laboratories
  • Biomet Incorporated
  • Bausch and Lomb Incorporated
  • Boston Scientific Corporation
  • Johnson & Johnson
  • Medtronic Incorporated
  • St. Jude Medical Incorporated
  • Smith and Nephew plc
  • Stryker Corporation
  • Synthes Incorporated
  • Zimmer Holdings Incorporated

U.S. Implantable Medical Devices Market: Key Developments

• Key players in the implantable medical devices market in the U.S. are expanding their market positions by adopting various strategies such as mergers & acquisitions and research collaborations with other companies to launch innovative products and consolidate their market positions across the world. A few expansion strategies adopted by players operating in the implantable medical devices market in the U.S. are:
  • In October 2019, Medtronic received breakthrough device designation from the FDA for fully implantable left ventricular assist device (LVAD) for patients with advanced heart failure. This designation will help the company to provide more effective treatment or diagnosis for life threatening disease, thereby expanding its business size.
  • In January 2018, Zimmer Biomet announced the FDA clearance of the Sidus Stem Free Shoulder System. The clearance helped the company in expanding its product portfolio, thereby strengthening its market position.
• The report on the implantable medical devices market in the U.S. discusses individual strategies, followed by company profiles of manufacturers of implantable medical devices market products. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the implantable medical devices market in the U.S.

U.S. Implantable Medical Devices Market Snapshot

U.S. Implantable Medical Devices Market - Segmentation