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Global Implantable Medical Devices Market Led by Growing Preference for Titanium Alloy and Zirconium-based Implants

Press release Description

Albany, New York, November 21, 2016: Market Research Reports Search Engine (MRRSE.com) has added a new research report to its database on medical devices, titled “Implantable Medical Devices Market (Product – Reconstructive Joint Replacement, Spinal Implants, Dental Implants, and Cardiovascular Implants; Material – Titanium, Stainless Steel, Titanium Alloy, CoCr Alloy, and Zirconium): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” The report will hold high value for manufacturers of medical devices as well as distributors looking to expand their horizons within this segment of the burgeoning medical device industry. 

According to the report, the global implantable medical devices market is expected to expand at a CAGR of 4.9% from 2016 to 2024, in terms of revenue. The market is expected to reach US$49.8 bn by the end of 2024, after being calculated at US$32.3 bn in 2015. 

Healthcare Industry Shows Higher Preference for Titanium and Zirconium Allow Medical Implants

The key materials used in the global implantable medical devices market currently include zirconium, titanium alloys, titanium, CoCr alloy, and stainless steel. Of these, the healthcare industry is showing a far greater demand for titanium than other types at the moment. However, the demand for titanium based implantable medical devices is expected to reduce over the coming years, as preference shifts to modern titanium alloys and zirconium implants. Both segments are expected to lead the global implantable medical devices market in terms of growth rate till 2024. 

Chronic Diseases Increasing in Prevalence, Stimulate Demand for Advanced Implantable Medical Devices

The primary driver affecting the global implantable medical devices market at the moment is the growing number of people being affected by chronic diseases that are degenerative in nature. The number of patients seeking treatment for these chronic diseases has been significantly high in developed economies, but is expected to increase further, while also having a booming demand added to the global market from developing economies. Arthritis and the several types of severe cardiovascular diseases are leading in the type of diseases that are increasing the demand for implantable medical devices. 

The reasons for the growing number of people with chronic diseases are many, of which two have risen to the top of the charts. The first is a growing geriatric demographic across the world, which is the primary population affected by chronic disease. At the same time, younger generations are subject to leading increasingly unhealthy lifestyles that include a predominantly sedentary routine, coupled with the growing consumption of imbalanced diets and a growing consumption of alcohol and tobacco. 

The global implantable medical devices market, however, currently needs to focus on mitigating its key restraint: the growing concerns of implant corrosion and safety of patient. Multiple studies have proved that chromium and nickel-based implants are highly susceptible to corrosion and are even capable of causing cancer. Other metals or metal alloys proven harmful to humans include cobalt based alloys, which are linked to localized tissue ruptures and bone lysis. 

The key players included in the report’s study of the global implantable medical devices market’s competitive landscape include Boston Scientific Corporation, Abbott Laboratories, Dentsply Sirona, Danaher Corporation, Johnson & Johnson, Institut Straumann AG, Smith & Nephew Plc, Medtronic Plc, Terumo Corporation, Stryker Corporation, and Zimmer Biomet Holdings. 

Browse Full Global Implantable Medical Devices Market Report with TOC http://www.mrrse.com/global-implantable-medical-devices-market

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