The global microelectronics medical implants market will be worth $57.12 billion by 2025, with a compound annual growth rate (CAGR) of 9.8% during the forecast period, according to a report by Grand View Research.
Grand View Research last valued the market to be worth $24.80 billion in 2016. Key factors driving the current market growth include the increasing prevalence of cardiac disorders, epilepsy and Parkinson’s disease. These diseases are driving the sales of microelectronic electronic implants such as defibrillators, pacemakers, and neurostimulators.
The World Health Organisation estimates that around 50 million people worldwide have epilepsy, making it one of the most common neurological disorders. As the global population increases so does the likelihood of additional people being born with the condition. The illness is often treated with the use of neurostimulators that prevent seizures.
By product, pacemakers and defibrillators accounted for the largest share in 2016 owing to increasing prevalence of cardiovascular diseases and a growing elderly population.
An increase in regulatory approvals for new devices and equipment, an aging population and the introduction of new products are all playing a role in the current market growth.
Regulatory authorities such as the FDA have approved several new products and devices aimed at end users. Most of these new technologies cater to varied consumer demands and increase the ease of use of medical devices. For example, in July 2017, the company Cochlear introduced to the market a cochlear implant sound processor for iPhone which had been FDA approved in June that year.
North America commanded the largest share in the microelectronic medical implants market in 2016 and is expected to maintain its position over the forecast period. This is owing to favourable government policies, increasing FDA approvals for various medical devices in the US, as well as a high incidence of cardiac diseases.
According to Grand View Research has identified the medical devices companies acting as the key market players are Zimmer Biomet Holdings, Cochlear, Medtronic, Abbott Laboratories, Zoll Medical, Boston Scientific Corporation, LivaNova, BIOTRONIK, Schiller and Philips.