The key growth drivers for the global implantable medical devices market include factors such as rising incidence of cardiovascular and neurological illnesses and aging population. In addition to that, investments to create technologically sophisticated products along with wider applications of neurostimulators are likely to drive sales in the global market. Besides, and attractive reimbursement situations for ENT surgeries in developed nations is expected to boost market growth.
The global implantable medical devices market is expected to develop owing to a rise in chronic illnesses and improvements in active implanted medical devices. However, the industry is expected to be hampered by increased demand for non-invasive treatments, difficulties with implanted devices, and the high cost of the devices.
Single-chamber, biventricular pacemakers, and dual-chamber are the three main types of implanted pacemakers. The segment’s rise can be ascribed to factors including less post-surgical problems and the existence of several leads to ensure normal cardiac physiology.
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According to the American College of Cardiology, cardiovascular disease claimed the lives of 800,000 Americans in 2017. Every 40 seconds, one person in the US dies from cardiovascular disease. The most common cause of CVD mortality is coronary heart disease (CHD), trailed by heart failure and stroke. Every year, cardiovascular disease (CVD) kills 3.9 million people in Europe and over 1.8 million people in the European Union, as per the European Heart Network (EU). The implanted pacemaker market is expanding rapidly, given the increasing spending on healthcare research and development and rising R&D trends in developing markets.
The key factors that are likely to drive expansion of the global implantable medical devices market are attractive reimbursement situations, increasing prevalence of cardiovascular illnesses, and high rate of obesity rates. Congestive heart failure affects approximately 5.7 million persons in the US, as per the American Heart Association (AHA).
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Heart failure is likely to emerge as a contributing factor in around one out of every nine fatalities. As per the Centers for Disease Control and Prevention (CDC), atrial fibrillation, the most prevalent kind of irregular cardiac rhythm, affects more than three million people in the US. In addition, as the aging population increases, the number is predicted to treble by 2050.
Rise in prevalence of coronary arterial diseases (CADs): Key Drivers
- The number of patients suffering from chronic degenerative ailments such as arthritis and chronic cardiac disease is increasing rapidly
- In many instances patients cannot be cured by pharmacological treatments. These implants can prove to be life savers. The baby boomers have increased with time. This will lead to high prevalence of chronic degenerative diseases, which in turn will increase demand for implantable devices
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Increase in Usage of Substitute Materials for Implants to Hamper Market
- Development of substitutes of traditional materials used in the manufacture of implants will lead to intense competition among companies that manufacture medical implants. Ultra-high molecular weight polyethylene (UHMWE) or high density polyethylene are popularly being used in orthopedic implants
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