- Increasing demand for minimally invasive procedures, high obesity rates, aging population, and others will bring exponential growth prospects for the implantable medical devices market during 2019-2027
- The implantable medical devices market is expected to expand at a CAGR of 4.6 percent during the forecast period of 2019-2027
ALBANY, N.Y., June 10, 2021 /PRNewswire/ -- As surgical procedures become mainstream, the popularity of implantable medical devices continues to surge extensively. Numerous individuals undergo different surgeries involving the removal or fixing of implantable medical devices. Thus, all these factors will significantly impact on the growth of the implantable medical devices market across the forecast period of 2019-2027.
Implantable medical devices are utilized to replace or act as a body part or replace an entire biological structure. The use of implantable medical devices for various functions such as pacemakers, defibrillators, neural prosthetics, cardiovascular stents, and others will bring tremendous growth opportunities for the implantable medical devices market. The device can either be temporarily fixed or removed accordingly. These aspects will help in boosting the growth prospects exponentially.
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Transparency Market Research (TMR) has conducted thorough and deep research on numerous aspects related to the implantable medical devices market. TMR experts expect the implantable medical devices market to expand at a CAGR of 4.6 percent during the tenure of 2020-2030. The global implantable medical devices market is estimated to reach a valuation of US$ 56,997 mn by 2027, the end year of the forecast period.
An increase in the geriatric population and the rise in the incidence of chronic diseases will have a prominent role in the growth of the implantable medical devices market. Furthermore, the heightening awareness among a considerable chunk of the global populace will also bring tremendous growth opportunities for the implantable medical devices market. In addition, the high prevalence of chronic diseases will also help in sowing the seeds of growth.
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Key Findings of the Report
Novel Medical Regulations to Help in Enhancing Safety Measures of the Implantable Medical Devices
Many countries and regions are striving to improve healthcare quality through regulations and acts, which will help increase the growth rate of the implantable medical devices market. The Medical Devices Regulation (MDR) passed by the European Union (EU) is a classic instance. This regulation assists in the classification of devices according to the risk factor associated with them.
Such regulations help manufacturers in the implantable medical devices market design and develop the devices with more scrutiny and care. The regulations also add a sense of confidence in the minds of the individuals while purchasing the devices. All these factors bode well for the growth of the implantable medical devices market.
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Escalating Demand for Cosmetic Surgeries to Add Extra Stars of Growth
The popularity of cosmetic surgeries has skyrocketed extensively. Many individuals prefer to improve their aesthetic value through these surgeries. The American Society of Plastic Surgeons (ASPS) states that nearly 18 mn people underwent minimally invasive surgeries and cosmetic procedures in the U.S. in the year 2018. These statistics highlight the growing influence of cosmetic surgeries. As implantable medical devices are the main components in cosmetic surgeries, the market will observe profitable growth during the tenure of 2019-2027.
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High Spend on Healthcare Infrastructure to Boost the Growth Prospects of the Implantable Medical Devices Market
The government bodies of numerous countries are investing extensively in revamping the healthcare infrastructure. This factor will have a profound impact on the growth of the implantable medical devices market. Proper healthcare reforms by numerous countries will also help in increasing the growth rate of the implantable medical devices market.
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