The global Microelectronic Medical Implants Market is expected to grow at a CAGR of 9.1% over the forecast period of 2018-2022, reveals a research report published by Market Research Future (MRFR). The market has observed rapid growth on account of rising prevalence of cardiac disorders such as cardiac arrest, heart failure, artery diseases, stroke. Such cardiac diseases accelerate the demand for medical implants such as Pacemakers, Defibrillators, and Neurostimulators which positively impact the market growth. Growth in incidences of other chronic diseases such as epilepsy and Parkinson’s disease also add to market growth. The rise in the geriatric population who are more likely to acquire such diseases also propel the growth of the market. Increasing health awareness among people and willingness to spend on healthcare due rising disposable income has favored the growth of the market. Furthermore, approval of various medical devices by the FDA coupled with the innovation of microelectronic medical implants has also been a major driver of the market. Technological advancements in the manufacturing process of medical implants such as the use of nanotechnology and increasing innovation in capsule endoscopy have also augmented the growth of the market. Improvements have led to the development of novel smart implants which have the ability to transmit and capture data and can be equipped with sensors and cameras. Other driving factors include increased expenditure on medical facilities, rising government support and investment from crucial players on R&D activities which leads to innovation of novel products. Medical implants have brought about significant changes in the medical industry and have extended the ability of physicians to treat diseases. However, they are subject to scrutinization by the FDA. FDA imposes stringent regulations on approval of such devices which makes clearance a tedious and lengthy process and is a key hindrance to the growth of the market. Other restraining factors include high costs associated with them and failure of such medical implants.
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The global microelectronic medical implants market has been segmented based on product and application. By product, the market has been segmented into neurostimulators, drug infusion pumps, and others. By application, the market has been segmented into pacemakers, defibrillators, neurostimulators, spinal fusion stimulators, implantable drug pumps, hearing implants, eye implants, ocular implants and others.
The key markets of the global microelectronic medical implants market include North America, Europe, Asia Pacific and the Middle East & Africa. North America accounts for the largest share of the market owing to favorable government policies and growing incidences of cardiac diseases in the region and is expected to grow at a CAGR of 8.7% over the forecast period. Europe follows North America closely and is expected to grow at a CAGR of 8.9% over the forecast period. Asia Pacific is slated to emerge as the fastest growing market owing to the growing healthcare sector and increased medical expenditure in the region. Moreover, the region has a large patient pool which provides growth opportunities in the future.
The global microelectronic medical implants market is highly competitive and is characterized by the presence of many established players. The key players functioning in the market include Abiomed Inc, Cyberonics Inc., Medtronic Inc., Neuropace Inc., St. Jude Medical Inc., Biomet Inc., Envoy Medical, Microsemi Corporation., Retina Implant AG, Worldheart Corporation and others. The key players are implementing various strategies such as partnership, mergers, acquisition, product launches to sustain their position in the market.