Between 2022 and 2032, Microelectronic Medical Implants Market is anticipated to deepen its roots in the global market at a promising CAGR of 8.5%. The market is estimated to be worth US$ 43.4 billion in 2022 and US$ 98.5 billion in 2032. In the past, the market expanded at a slightly faster CAGR of 9.5% (2015–2021), guaranteeing a market size of US$ 39.6 billion in 2021.
The need for microelectronic medical implants is being driven by the rise in cases of epilepsy, cardiac problems, and Parkinson’s disease as well as the ageing population’s acceptance of new technologies and the introduction of new products.
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The need for microelectronic medical implants is being driven by the rise in incidence of cardiovascular diseases, epilepsy, cardiac arrest, congestive heart failure, and strokes.
New-generation technology pacemakers and defibrillators are implanted to assist cardiac patients. This contributes to the growth of the market for microelectronic medical implants.
Additionally driving demand for microelectronic medical implants is the rise in epilepsy patients. Neurostimulators, which regularly and gently deliver electrical energy pulses to the brain through the vagus nerve, are used in microelectronic medical implants to counteract the symptoms of epilepsy.
What Factors Contribute to the Growth of the Microelectronic Medical Implants Market?
Global research on the microelectronic medical implants market explains that the market drives by the growing geriatric generation, rising cardiovascular disease (CVDs), and other diseases like Parkinson’s and Epilepsy. The major source that gains traction for the microelectronic medical implants market.
Technological advancements like Artificial Intelligence and machine learning are shaping trends in the market. Neurological disorders, hearing impairments, and cardiovascular diseases and their treatment process demand for neurostimulators and pacemakers, pushing the overall sales of microelectronic medical implants.
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How is the Competition in the Microelectronic Medical Implants Market?
Emerging trends in the microelectronic medical implants market are creating a competitive landscape for the vendors that deal with new product launches and deals. Companies focus on having mergers and collaborations with the other respective companies. The market has a dynamic nature and it allows new vendors to participate in the competition. The key players are Abiomed Inc., Zimmer Biomet Inc., Envoy Medical, Medtronic Inc., and Microsemi Corporation.
Recent Developments in the Microelectronic Medical Implants Market
Zimmer Biomet has launched its ROSA Robotics segment that is integrated with microelectronics medical implants supplies, helping hospitals and healthcare institutions in structuring their spaces. This pushes the demand for microelectronic medical implants.
Abiomed Inc has its own series of research and development programs that will keep a database of the developments that later on get implemented while manufacturing these microelectronic medical implants, fueling the sales of microelectronic medical implants.
Key Segments:
By Product Type
- Pacemaker & Defibrillators
- Neurostimulators
- Implantable Drug Pumps
- Spinal Fusion Stimulators
- Cochlear Implants
- Ocular Implants
By Technology
- RF Technology
- Sensors
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- MEA
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