(Health-NewsWire.Net, May 10, 2019 ) The increasing technological advancements have opened more opportunities of developing new and innovative medical implant devices with advanced electrical properties that can improve diagnosis and treatment of previously intractable conditions such as, cardiovascular diseases, neurological disorders, hearing disorders and others. Medical implantable devices like pacemakers, cochlear implants, ventricular assist devices, spinal cord stimulators and others, are used to treat these conditions. In 2017, according to the World health organization, the increasing prevalence of cardiovascular diseases is the major cause of death all over the world.
Moreover, it was mentioned that 17.9 million people across the globe died due to cardiovascular diseases in 2016. Furthermore, rising neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy and others, drive the demand for microelectronic medical implants. According to the Alzheimer's Association in 2017, around 44 million people have Alzheimer’s or other related dementia worldwide. According the World Health Organization (WHO), nearly 466 million people have disabling hearing loss worldwide, in 2018. It also predicted that by 2050, over 900 million people will suffer from disabling hearing loss. Thus, such high prevalence of cardiovascular diseases, neurological disorders and hearing disorders globally is anticipated to lead the market growth in the coming years.
In an aging society where chronic diseases is a leading factor in the health system, technical advancements are necessary to preserve the quality of life through keeping the affordable prices. Microelectronic implants are playing a pioneering role that help to detect specific medical parameters. Additionally, these implants are able to take immediately autonomous therapeutic measures, combining diagnosis and treatment in a single system.
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Abbott (St. Jude Medical, Inc.)
Boston Scientific Corporation
The micro-electronic medical implants market by product is segmented into pacemakers & defibrillators, neurostimulators, implantable drug pumps, cochlear implants, ocular implants, retinal implants, and others. In 2018, the pacemakers and defibrillators segment held a largest market share of 32.0% of the micro-electronic medical implants market, by product.
This segment is also expected to dominate the market in 2027 due to the increasing incidence of cardiovascular diseases and rise in cardiac-implant procedures. On the other hand, the cochlear implants segment is anticipated to witness the fastest growth rate of 10.1% during the forecast period, 2019 to 2027 owing to the rising demand of products and technological development in hearing aids and implant technology.
The global micro-electronic medical implants market on the basis of technology is segmented into radiofrequency, sensors and others. The radiofrequency segment is expected to dominate the market as this technology is primarily used in majority of the wireless implants to transmit signals to and fro outside the body.
Moreover, the RF technology also helps researchers and clinicians to easily monitor the abnormalities in body as well as capture physiological data. Additionally, the similar segment is also expected to witness the fastest growth in the global micro-electronic medical implants market witnessing a CAGR of 9.8% from 2019-2027 over the forecast years.
The global micro-electronic medical implants market based on material is segmented into metals, polymers and ceramics. In 2018, the metals segment held a largest market share of 64.3% of the micro-electronic medical implants market, by material.
This segment is also expected to dominate the market in 2027 as metals and metal alloys are the most preferred material used to construct micro-electronic medical implants due to their properties corrosion resistance, radiopacity, and several other electrical properties. The segment is also likely to witness the fast growth exhibiting a robust CAGR of 9.7% in the coming years.
In 2018, the cardiology segment held a largest market share of 41.1% of the micro-electronic medical implants market, by application. This segment is also expected to dominate the market in 2027 due to the increasing adoption of pacemakers, implantable heart pumps, cardioverter defibrillators. Moreover, the increasing incidence of cardiovascular diseases are also expected to be responsible for the dominant share of the market in the coming years.
End User Insights
The micro-electronic medical implants market based on end user is segmented into hospitals, ambulatory surgical centers and others. In 2018, the hospitals segment held a largest market share of 44.7% of the micro-electronic medical implants market, by end user. This segment is also expected to dominate the market in 2027 due to the increasing number of cardiac surgeries done in the hospitals as the primary healthcare system and increasing adoption of new technology devices in the hospitals.
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