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The global Microelectronic Medical Implants Market size is predicted to value USD 57.12 billion by 2025. The market is subject to witness a substantial growth in upcoming years due to the rising occurrence of diseases like epilepsy, cardiac disorders, and Parkinson’s disease. Factors responsible for market growth are increase in the geriatric population, large number of administrative approvals for the use of latest advanced electronic devices in healthcare sector and advent of advanced technologies for healthcare. The microelectronic medical implants market is expected to grow at a CAGR of 9.8% in the years to come.
Rising occurrence of cardiac disorders are mainly responsible for high-end demand for microelectronic medical implants. Some of the cardiovascular disorders like cardiac arrest, heart failure, strokes, and ischemic heart disease (IHD) use microelectronic medical implants like pacemakers and defibrillators. Cardiovascular diseases (CVDs) and coronary heart disease are major cause of death in various regions of the globe, the critical importance of microelectronic medical implants to treat these diseases is substantially rising. Such key factors are spurring the growth of microelectronic medical implants market in forecast period.
Implantable medical devices are used for treatment a wide range of health conditions. The typical use of microelectronic medical implants occurs in monitoring as well as diagnosis purposes. Since last decades, the development of microelectronic medical implants witnessed remarkable progress with immense advancement in microelectronics & nano-electronics, electrode technology, and signal processing methodologies. The modern-day technology implemented in implantable medical devices offers wireless communication and charging.
The successful implementation of implantable medical devices consists of numerous problems faced during its operations. These problems are associated with viability, bidirectional data communication speeds, power supply and lower noise ratio. Other challenges faced during its operation are less efficient power delivery for the recording, and less safe stimulation technique in order to prevent nerve damage and electrode damage. The major emphasis is on neural recording and stimulation techniques that are appropriate for fabrication methods in advanced silicon processes and biotelemetry methods, implemented for power and data transfer, alongside substantial focus on techniques deployed for radio inductive coupling.
Numerous applications are associated with the use of microelectronics medical implants similar to orthopedics, pacemakers, CVD stents, implantable cardioverter defibrillator (ICD), neuro-prosthetics and drug delivery system. Subsequently, longer life span in humans for the current scenarios has led to increasingly occurring age-related disorders. Due to which the requirement for latest treatments methodologies, medical implants, neuro-prostheses and longer pharmaceutical usage has seen major growth over past few years. Joint diseases treatment are primes example for the varying demands for medical treatment with use of advanced electronic devices.
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A major emphasis for creating next generation of pacing devices to minimize mortality and enhance treatment outcomes has led to higher costing flexibility in a growing cost-efficient healthcare sector. It is expected that devices belonging to microelectronic medical implants such as cardiovascular stents are witnessing similar growth rate as per the pacing devices.
Though, substantial demand for structural implants due to technological advancement in heart valves, ventricular assist devices and display monitors, is attributed to the rising preference by healthcare professional in recent years. Orthopedic implant is largest consumable device segment in the supply chain. Progress of microelectronic medical implants market in near future is also associated with the increasing incidences of degenerative musculoskeletal diseases and varying lifestyle due to sports and exercise injuries.
The microelectronic medical implants Industry is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to encouraging government reforms, rising approvals from number of government agencies and increasing occurrence of cardiac diseases.
Asia-Pacific’s market is predicted to hold higher share in the microelectronic medical implant market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing healthcare facilities and generating substantial investment by multinational market players due to potential opportunities in the region. The key players in the microelectronic medical implants Industry are Zimmer Biomet Holdings, Incorporations, Cochlear Co., Ltd., Medtronic plc, Abbott Laboratories, Boston Scientific Co., and Philips N.V.
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