Monday, 18 April 2016
Implantable Medical Devices Market to Remain a Major Part of Healthcare Scenario in U.S.
Medical implant devices are specially manufactured to be used as a replacement to broken or missing pieces in the human body. They are also used as support devices that help bones and tissues regrow after an injury. This is unlike a medical transplant, where surgical procedure is applied to replace an organ with another, natural organ. In the case of implantable medical devices, the implanted organs are artificial and there are even cases where the implant is not intended to stay inside the body beyond a certain point.
The U.S. implantable medical devices market is on its way to reach a value of US$33.6 bn by the end of 2019, exhibiting a CAGR of 4.10% within a forecast period from 2013 to 2019. Poised at US$25.2 bn in 2012, the U.S. implantable medical devices market could reach US$33.6 bn by 2019.
Demand for Implants Increases Hand in Hand with Rising Geriatric Demographic
The primary reason one would need to avail surgical assistance and install implants would be the loss of an organ due to damage or age-related deterioration. The key drivers of the U.S. implantable medical devices market will therefore be factors that increase the number of patients that will need implant devices. The expansion of the geriatric demographic has long been a major contributor to the revenue of various healthcare-related industries, including the U.S. implantable medical devices market. The baby boomer era is slowly drawing to a close, which is increasing the percentage of elderly people around the world.
Meanwhile, the cosmetic implant devices market continues to show a rapid growth rate thanks to the improving standards of living among upper- and middle-class society; a larger percentage of the youth can now afford cosmetic implants. Another segment of the U.S. implantable medical devices market that is experiencing a major upswing is dental implants. Permanent denture implantation, cavity fixings, tooth replacements, and smile reconstruction are some of the most sought-after treatments in dental implants today.
FDA Shows Mild Concern Over Implant Devices
In a recent release by the U.S. Food and Drug Administration, the organization stated that there could be an issue caused when a patient with implant devices undergoes a CT scan. The safety alert was published on March 31, 2016, in which the FDA stated that it had registered a small list of negative effects that could be linked to the use of a CT scanner on patients that have implanted devices. These devices include electronic implantable cardiac devices, insulin pumps, and neurostimulators. The FDA suggested that the CT scan could be carried out by the operators if they knew of the implants and kept the primary X-ray beam away from the implant device. At the same time, they also stated that the chances of complications due to this are very low, as there is little chance for X-ray interference to actually create a severe impact on an implant device.
Browse Research Release:
The U.S. implantable medical devices market will continue to grow at a rapid rate over the foreseeable future, not just because of the ease of availability of medical implants, but also because there are little to no alternatives available for treating major injuries or chronic diseases.