Experts project steady growth for the global implantable medical devices market over the next few years. The market is vastly gaining from the globally increasing incidence of musculoskeletal and dental conditions, besides a significant rise in prevalence of several chronic degenerative conditions. The rising geriatric population, increasing willingness to spend on advanced healthcare, and rising affordability are other factors aiding the market’s expansion worldwide.
Browse the full Global implantable medical devices market Report: http://www.mrrse.com/us-quick-service-restaurant-it-market
According to Transparency Market Research, the global implantable medical devices market is expected to rise at a CAGR of 4.9% between 2016 and 2024. Expanding at this pace, the market is projected to reach US$49.8 bn by the end of 2024, from a valuation of US$32.3 bn in 2015.
High Incidence of Degenerative Diseases a Major Factor Boosting Market
Diverse factors have been aiding growth of the global implantable medical devices market. The incidence of degenerative diseases such as cardiovascular ailments, dental problems, and arthritis has recorded a massive rise in the last couple of years. The unhealthy lifestyle choices of people in general are held responsible for the high prevalence of lifestyle diseases. Periodontics and orthodontic interventions often become necessary for the treatment of the aforementioned ailments.
Factors such as unhealthy diet, rising geriatric population, and lack of physical activities causing the prevalence of lifestyle diseases are widespread. Over the next couple of years, these factors are likely to emerge as high-impact drivers of the global implantable medical devices market. Besides these, the rising incidence of congenital diseases and the demand for cosmetic surgeries are underlined as primary drivers of the implantable medical devices market. The increased consciousness about body aesthetics has created considerable opportunities for the market’s growth.
North America to Lose Dominance to Asia Pacific as Regional Implantable Medical Devices Market
The global implantable medical devices market was dominated by North America with a share of nearly 42% in 2015. The region is forecast to maintain dominance over the next few years as well. North America boasts a sophisticated healthcare infrastructure. Citizens across its developed nations enjoy favorable reimbursement policies and exhibit a high purchasing powers. In addition, the considerably high incidence of obesity in the region is projected to boost the demand for implantable medical devices in North America.
However, the region is likely to lose its dominance to Asia Pacific in the coming years as the latter is expected to record a higher CAGR between 2016 and 2024. The overall consumption of implantable medical devices is expected to increase significantly in the region. The improving healthcare infrastructure, booming medical tourism industry, and the policies encouraging growth of the healthcare sector are projected to support the growth of the implantable medical devices market in Asia Pacific in the coming years.
Browse the full Press Release of Global implantable medical devices market at :http://www.mrrse.com/us-quick-service-restaurant-it-market-report
Japan is the most lucrative market for implantable medical devices in Asia Pacific. Country-wise, it holds the position of the second largest implantable medical devices market across the globe. The market in Japan is projected to rise at a significant pace between 2016 and 2024. The country’s vast geriatric population, the high demand for advanced technologies in the healthcare sector, and rising prevalence of orthopedic conditions are boosting the implantable medical devices market in the country.