Global Implantable Medical Devices Market is expected to expand positively through 2032 owing to the surging preference for biomaterials to accomplish better biocompatibility as well as outcomes. Moreover, a slew of technological innovations in implantable medical devices is expected to boost product performance and clinical results.
To illustrate, Coherent Corporation in early 2023, launched a fully automated laser system, AP 530 S, for marking and texturing implantable medical devices. The process is contactless, which eliminates the risk of contamination and ensures improved level of uniformity and quality for medical devices.
Prominent companies are creating high-end implantable technologies as well as data monitoring applications that offer clinical data regarding patient health and device performance. For instance, in March 2022, Johnson & Johnson revealed that its DePuy Synthes division has introduced two cutting-edge knee implants, the ATTUNE Cementless Fixed Bearing Knee as well as the ATTUNE Medial Stabilized Knee System. The novel product launch helped the firm improve its product portfolio and boost its revenue share.
The implantable medical devices market has been divided in terms of product, type, nature of devices, end-use, and region.
Based on product, the plastic surgery segment is slated to grow at more than 10.5% CAGR from 2023 to 2032. Increased awareness of physical attributes as well as the burgeoning preference for a specific beauty standard is expected to drive market expansion.
With respect to end-use, the hospitals segment is anticipated to attain sizable market expansion over the review years fueled by the deployment of cutting-edge implantable devices in hospital settings that deliver improved outcomes. Other factors favorably influencing the expansion of the hospital segment include rising illness screening programs, growing hospitalizations for chronic disorder treatments, such as heart and orthopedic conditions, as well as rising admissions for heart and orthopedic problems.
From the regional perspective, the Latin America implantable medical devices market is speculated to grow at more than 10% CAGR from 2023 to 2032. The regional expansion is expected to be driven by expanding population base throughout the region and an increase in medical tourism. The demand for technologically improved equipment for the treatment of various diseases is also expected to drive market expansion in the LATAM region.
As per reports, Mexico stands as the second most popular destination for medical tourism worldwide, with an influx of 1.4 million to 3 million people to take advantage of inexpensive treatment.