Increased Healthcare Expenditure for Mobility and Well-being in Old Age Boosts Uptake of Implantable Medical Devices Market, states TMR

The U.S. implantable medical devices market features a fair degree of consolidation with a handful of companies enjoying dominance in this market, says the lead author of the study. Some of these companies are Zimmer Holdings, Stryker Corporation, and Abbott Laboratories.

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A TMR analyst points out, “Making investments in emerging markets is a primary strategy adopted by key players in the U.S. implantable medical devices market.” An excellent example is Abbott Laboratories. The company is investing heavily in emerging economies to leverage the economic growth that is underway in these nations. Prior to the launch of the product, the company carries out extensive market research for a know-how of the nation’s needs and introduce the ideal product suitable for them.

Business diversification by investing in diversified fields is also what top players in this market are focused on for business growth.

Mergers, acquisitions, and takeovers are one of the key growth models that top players in the U.S. implantable medical devices are focused on for business expansion.

Increasing Incidence of Chronic Diseases Displays Demand for Implantable Devices

“The high incidence of chronic degenerative diseases is one of the primary factors driving the U.S. implantable medical devices market,” points out a TMR analyst. The increasing patient pool of individuals suffering from conditions such as blindness, deafness, orthopedic ailments, and other degenerative diseases can benefit greatly from newer technology-based implantable devices, especially for conditions wherein the pharmacological treatment is ineffective.

An increasing aging population in the U.S. is also exhibiting increased demand for implantable medical devices for age-related ailments. With the baby boomer population getting older, the demand for implantation procedures is on the rise for the treatment of age-related ailments.

Increasing purchasing power parity and growing healthcare expenditure is also augmenting the growth of the U.S. implantable medical devices market.

Implementation of Additional Taxes on Medical Devices Burdens Patients in U.S.

The high price factor of implantable devices, especially the ones that are developed based on high technology, is one of the major factors impeding the growth of the U.S. implantable medical devices market. For instance, the price of cardiac implants escalates with the increasing technical sophistication of the device. Moreover, with the implementation of the Obamacare in 2013, medical devices industry has emerged as one of the highest tax paying sectors in the U.S. This will hike the prices of implantable devices and patients will need to shell out extra money from their pockets for implantation procedures.

The U.S. implantable medical devices market is expected to be worth US$73,944.3 mn by 2018. Orthopedic implants is the leading segment in terms of type of medical implants and is expected to contribute a revenue of US$38,043.3 mn by 2018. On the basis of procedure, orthopedic implantation procedures is the leading segment in the U.S. implantable medical devices market. The increasing incidence of orthopedic procedures and an increasing pool of the elderly is fuelling demand for orthopedic implantation procedures such as spinal fusion and fixation and total keen and hip replacements will increase.

The information presented in the review is based on the Transparency Market Research report, titled “Implantable Medical Devices Market - U.S. Industry Analysis, Size, Share, Trends, Growth And Forecast 2012 - 2018.”

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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.

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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.