Implantable medical devices, which are inserted into the human body usually by a surgical procedure, have become widely popular on account of a wide base of adopters across various age groups. On account of innovative products unveiled every now and then, the rising prevalence of chronic degenerative diseases, musculoskeletal and dental health conditions, a growing geriatric population suffering from organ degeneration, and increased affordability, the global market for implantable medical devices has reported a steady growth.
Going forward too, the market is likely expand at a healthy CAGR of 4.9% from 2016 to 2024 to achieve a value of US$49.8 bn in 2024 from US$32.3 bn in 2015. The global implantable medical devices market is a consolidated one with the topmost five companies accounting for over half of the market share in 2015.
Zirconium Steals a March over other Metals in Implantable Medical Devices
Titanium is a preferred key metal in manufacture of medical implant devices such as artificial hips, pins for setting bones, etc. This is because it is light weight and does not react with the elements present in the human body. On account of the aforementioned advantages, titanium presently contributed the most to the overall revenue in the global market in 2015. However, down the line its market share maybe eroded to some extent because of the soaring popularity of titanium alloys and zirconium.
Zirconium is already fast gaining popularity in the global implantable medical devices market. It is predicted to outpace other key materials used in manufacture of medical implant devices by exhibiting a healthy CAGR of 6.4% during the period from 2016 to 2024. The one-piece zirconium medical implants steal a march over titanium on account of their ability to thwart bacterial growth and not suffering gradual degradation by electrochemical attacks. For the same reasons titanium alloys are also becoming popular.
Powered by Japan, Asia Pacific to Grow at Maximum Pace
In terms of revenue, North America dominated the global implantable medical devices market in 2015, with a share of almost 42%. In the coming years too, it is expected to hold on to its market share due to ample of healthcare facilities, a growing elderly population, proper reimbursement policies, high disposable income, and rising instances of obesity in the region. In North America again, the U.S. held the lion’s share of the market – over 92% – in 2015.
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In terms of growth rate, however, Asia Pacific, powered by Japan, is predicted to beat North America between 2016 and 2024. The factors that would drive growth in the market for implantable medical devices in the region in the coming years are the rising affluence of people, better healthcare infrastructure, rapidly growing medical tourism industry, and the rising ranks of health conscious people. In fact, Japan in Asia Pacific stands second in the country-wise market globally, due to a large number of elderly, increasing occurrence of orthopedic conditions, and the continuous rise in demand for advanced technologies.