Microelectronic Medical Implants Market Forecast 2024 to 2031
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.
Micro-electronic medical implants Market Analysis
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.
Micro-electronic medical implants Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Micro-Electronic Medical Implants Market: Strategic Insights
Market Size Value in US$ 27,461.2 Million in 2018 Market Size Value by US$ 59,561.4 Million by 2027 Growth rate CAGR of 9.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Micro-Electronic Medical Implants Market: Strategic Insights
![microelectronic-medical-implants-market](https://www.theinsightpartners.com/assets/rdimages/microelectronic-medical-implants-market-img1.png)
Market Size Value in | US$ 27,461.2 Million in 2018 |
Market Size Value by | US$ 59,561.4 Million by 2027 |
Growth rate | CAGR of 9.4% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
![Analyst Image](https://www.theinsightpartners.com/assets/mrinal_kerhalkar.jpg)
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
![Analyst Image](https://www.theinsightpartners.com/assets/images/speak_analyst.gif)
Micro-electronic medical implants Market Drivers and Opportunities
Mounting Product Approvals by the Regulatory Bodies to Favor Market
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.
Advancements in Emerging Countries Brings Growth Opportunities
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.
Micro-electronic medical implants Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Micro-electronic medical implants market analysis are product, technology, application, and end user.
- The Micro-electronic medical implants market is segmented based on product into neurostimulators, cochlear implants, retinal implants, pacemakers & defibrillators, implantable drug pumps, ocular implants, and others. The pacemakers & defibrillators segment held the largest market share in 2023.
- By material, the market is segmented into RF technology, sensors, and others. The RF technology segment held the largest market share in 2023.
- By application, the market is segmented into cardiology, neurology, oncology, ophthalmology, and others. The cardiology segment held a significant share of the market in 2023.
Micro-electronic medical implants Market Share Analysis by Geography
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.
Micro-electronic medical implants Market Report Scope
Micro-Electronic Medical Implants Market News and Recent Developments
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:
- MicroPort CRM, announced the launch of the ULYS Implantable Cardioverter Defibrillator (ICDs) and INVICTA defibrillation lead in Japan. Both devices are MRI conditional at 1.5T and 3T when implanted as a system. The ULYS ICD has advanced technology with low current consumption, resulting in a longer predicted lifespan compared to other ICD devices. (Source: MicroPort CRM, Press Release, October 2023)
- Medtronic plc announced availability of its FDA-approved InterStim Micro neurostimulator for sacral neuromodulation (SNM) therapy in the US. Cleveland Clinic performed the first patient implant in the nation with the new device. (Source Medtronic plc, Press Release, 2020)
Micro-Electronic Medical Implants Market Report Coverage and Deliverables
The “Micro-Electronic Medical Implants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Micro-electronic medical implants market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Micro-electronic medical implants market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Micro-electronic medical implants market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the micro-electronic medical implants market
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Product By Technology , By Material By Application , By End User and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.