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:
The U.S. implantable medical devices market consists of medical devices meant to be implanted inside the human body either temporarily or permanently to treat various medical conditions. Some key implantable devices include pacemakers, implantable cardioverter defibrillators (ICDs), stents, orthopedic implants, implantable hearing devices, neurostimulators among others. These devices offer long term treatment options for conditions including cardiovascular diseases, back pain, hearing loss and neurological disorders. Key advantages of implantable devices over non-implantable devices are convenience of usage, less discomfort, automation and continuous monitoring capabilities.
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Market key trends:
One of the major trends in the U.S. implantable medical devices market is increasing demand for minimally invasive procedures. Conventional invasive surgeries cause more pain and have longer recovery time. Minimally invasive techniques involve smaller incisions and cause less pain and scarring. This has increased acceptance of implantable devices which can be implanted using minimally invasive methods. Another key trend is technological advancements in implantable devices. Companies are investing heavily in RD to develop advanced devices with improved functionalities, miniaturized sizes, wireless capabilities and biocompatibility. This is increasing adoption of novel implantable devices.
Porter’s Analysis
Threat of new entrants: The U.S. implantable medical devices market requires huge capital investments and stringent regulatory standards which act as barriers for new companies.
Bargaining power of buyers: Large number of devices manufacturers and product differentiation gives buyers sufficient power and options to negotiate on price.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and components.
Threat of new substitutes: Although new materials and technologies are emerging, limited substitutes are available currently for implantable medical devices.
Competitive rivalry: Being a highly competitive market, companies compete on the basis of technological innovation, product quality, and customization.
Key Takeaways
The global 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 heart diseases and other chronic conditions. The market size for 2023 is US$ 19.27 Bn.
Regional analysis: The Western region dominates the U.S. implantable medical devices market owing to high adoption of advanced technologies and presence of major players in the region. Growing incidence of lifestyle diseases also supports market growth in this region.
Key players: Key players operating in the U.S. implantable medical devices market are Abbott Laboratories, Boston Scientific Corporation, Johnson Johnson, Medtronic, Smith Nephew. Technology innovation is a major factor leading to increased competitiveness in the market with companies launching novel products to gain competitive advantage.
