The Micro-electronic medical implants market size is projected to reach US$ 85.29 billion by 2031 from US$ 39.21 billion in 2023. The market is expected to register a CAGR of 9.4% during 2023–2031. The Development of novel medical devices and the demand for personalized medicine are likely to remain key trends in the market.
Implantable medical devices offer monitoring, diagnosis, and therapy for a variety of medical diseases. The development of these devices has advanced significantly over time as a result of significant advancements in electrode technology, microelectronics, and packaging. Medical implantable devices like pacemakers, cochlear implants, ventricular assist devices, spinal cord stimulators and others, are used to treat various chronic conditions The rising incidences of chronic diseases increase the demand for micro-electronic medical implants.
According to an article published by Yale Medicine ~ 3 million Americans have pacemakers, the majority of whom are elderly (about 70% of those who receive a pacemaker are at least 65 years of age). A pacemaker is a cardiac implant that contains sensors to track its rhythm, and use this data to determine when and how often to send electrical pulses. Therefore, high utilization of defibrillator and pacemakers due to incidences of heart failure increases the demand for micro-electronic medical implants.
The US Food and Drug Administration (FDA) evaluates high-risk medical devices such as cardiac implantable electronic devices (CIEDs), neurostimulators, cochlear implants, and retinal implants via the premarket approval (PMA) process, in which the company submits its clinical data ensuring safety and effectiveness. Premarket approval supplements are used to approve changes that are made in existing high-risk devices. For instance, in March 2022, FDA approved eCoin Peripheral Neurostimulator developed by Valencia Technologies Corporation to help stimulate nerves related to bladder control in patients with urgency urinary incontinence. Rising approvals by these regulatory bodies drives the micro-electronic medical implants market growth.
The shift in the focus on medical devices with innovative technologies in developing countries is increasing the demand for medical devices integrated with micro-electronics. The developing countries such as India, China and UAE are witnessing rapid healthcare infrastructure development and increased access to medical care owing to their large patient population base and increasing healthcare expenditure thus illustrating immense medical devices market potential. Additionally, presence of major market players and growth strategies adopted by them are likely to bring opportunities in the micro-electronic medical implants market.
Key segments that contributed to the derivation of the Micro-electronic medical implants market analysis are product, technology, application, and end user.
The geographic scope of the Micro-electronic medical implants market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Asia Pacific is expected to grow with the highest CAGR in the coming years.
The micro-electronic medical implants market in North America is analyzed based on the three major countries: the US, Canada, and Mexico. The US is estimated to have a larger share of the North America Micro-electronic medical implants market in 2023. The growth in this region is characterized by increasing burden of chronic disorders including cardiovascular diseases, neurological & hearing disorders, growing technological advancements, and rising large pool of geriatric population.
Additionally, product approvals by the regulating bodies are expected to augment the growth of the market significantly during the forecast period.
The regional trends and factors influencing the Micro-Electronic Medical Implants Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Micro-Electronic Medical Implants Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 39.21 Billion |
| Market Size by 2031 | US$ 85.29 Billion |
| Global CAGR (2023 - 2031) | 9.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Micro-Electronic Medical Implants Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Micro-Electronic Medical Implants Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The micro-electronic medical implants market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the Micro-electronic medical implants market are listed below:
The “Micro-Electronic Medical Implants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the micro-electronic medical implants market in 2023.
Factors Including mounting prevalence of chronic diseases and rising product approvals by regulatory bodies are driving the micro-electronic medical implants market growth.
Development of novel medical devices and the demand for personalized medicine are future trends in the market.
Sonova; NeuroPace, Inc; Abbott; Medtronic; Cochlear Ltd; LivaNova PLC; Abiomed; Boston Scientific Corporation; BIOTRONIK SE&Co. KG; and Zimmer Biomet are some leading players operating in the micro-electronic medical implants market.
The micro-electronic medical implants market is estimated to reach US$ 85.29 billion by 2031.
The micro-electronic medical implants market is anticipated to grow at a CAGR of 9.4% during 2023-2031.